New York, NY –June 25, 2018 – Cushman & Wakefield today announced that the real estate services firm has finalized a sales transaction for 102 Greenwich Street, a 17,000-square-foot building in New York’s Financial District. The building was developed for The Riff Downtown Hotel. The building was acquired by The King’s College for $19,200,000 equating to approximately $1,129 per square foot.
A Cushman & Wakefield team of Senior Director Will Suarez, Directors Maurice Suede and Andy Posil, and Senior Associate Sean Rucker represented the sellers, Sal Smeke and Michael Wahba of Salt Equities. The sellers originally purchased the property in 2012 for $6 million.
“As a result of shrewd asset management and leveraging favorable market dynamics, our client is able to achieve a strong return on investment following this transaction,” said Will Suarez of Cushman & Wakefield. “The property is surrounded by a wide-range of world-class attractions, including Battery Park, the ferries to Ellis Island and Statue of Liberty, Museum of American Finance and the new World Trade Center and Transportation Center, which will serve the buyer well.”
102 Greenwich Street is located a block south of the World Trade Center. The hotel consisted of 36 rooms over four floors, with additional retail space of approximately 3,200 square feet on the ground floor and 2,500 square feet on the lower level. Each guestroom features concrete slab floors, exposed brick walls and queen beds, along with other high end amenities. The building will be repositioned into a dormitory.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.