CSC Real Estate has acquired a property assemblage in Lower Manhattan, purchasing 75 Maiden Lane and 13 Gold Street from A.M. Property Holding for $45.2 million, according to the Commercial Observer. The deal covers approximately 178,000 square feet at a price of $254 per square foot.
The majority of the acquisition was for the Maiden Lane property at $40.2 million, while the Gold Street site was added for $5 million. In 2015, A.M. Property refinanced the Maiden Lane building with a $46.5 million loan.
Genesis Credit provided $28.9 million in acquisition and pre-development financing for the transaction. Colliers arranged both the sale and financing, with a team including Zach Redding, Dylan Kane, and Jared King.
A spokesperson for CSC did not specify future plans for the site but indicated that both maintaining office space or converting it to multifamily use are under consideration. “A spokesperson for CSC didn’t reveal any plans for the assemblage, but raised the possibility of either keeping the office space or converting it to multifamily use.”
CSC is already engaged in a similar project in Midtown East at 300 East 42nd Street, where it plans to convert an office property into 135 rental units while retaining existing office tenants. The company acquired that site from David Werner for $52 million earlier this year.
Additionally, CSC is working on converting the Hudson Hotel at 353 West 57th Street into apartments. Parkview Financial, which lent $207 million for the purchase and redevelopment of the hotel, filed a lawsuit against CSC’s co-founders Alberto and Salomon Smeke Saba over unresolved issues with city approvals needed for construction to proceed.
