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Partnership Acquires Tribeca Development Site for $223M

Price Paid for 101 Murray Is Among Highest Every for Lower Manhattan Land
July 22, 2013
A partnership of Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for development of a mixed-use residential and commercial project.

The transaction represents the largest sale of a development site in Lower Manhattan and a record price for the area, according to Cushman & Wakefield, which represented St. John's in the transaction.

The parcel on the northeast corner of Murray and West Streets in the Tribeca district allows for the development of a residential building tower totaling 310,028 square feet, with the potential to increase the area to 372,336 square feet through available floor area bonuses.

The site provides a 31,028-square-foot footprint and current zoning calls for no height restriction.

A Cushman & Wakefield New York Capital Markets team of Helen Hwang, Nat Rockett, Karen Wiedenmann, Steve Kohn, and Michael Rotchford, represented St. John’s in the transaction.

The current structure at 101 Murray will be demolished and the site will be developed into a new mixed-use building incorporating residential and commercial spaces. Design plans have not been announced.

The 10-story property currently serves as a "vertical campus" for the university’s School of Risk Management, a division of the Peter J. Tobin College of Business. The university will continue occupancy of the Manhattan campus until mid-2014 and has plans to identify another centrally-located space in Manhattan in time for the start of the 2014-15 academic year.

Please see CoStar COMPS #2795686 for more information.
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