CSC Real Estate has acquired two properties in Lower Manhattan for $45.2 million, according to a report by the Commercial Observer. The purchase includes 75 Maiden Lane and 13 Gold Street, totaling 178,000 square feet. The deal breaks down to $254 per square foot, with the Maiden Lane property accounting for $40.2 million of the total price. A.M. Property Holding previously refinanced this building with a $46.5 million loan in 2015, while the Gold Street property was acquired for $5 million.
Genesis Credit provided $28.9 million in acquisition and pre-development financing for the transaction. The sale and financing were arranged by a Colliers team consisting of Zach Redding, Dylan Kane, and Jared King.
A spokesperson for CSC did not disclose specific plans for the newly acquired assemblage but indicated that the company is considering either maintaining the properties as office space or converting them for multifamily residential use.
CSC has experience with similar projects in New York City. In Midtown East, the developer recently bought 300 East 42nd Street from David Werner for $52 million—the same amount Werner paid for the office floors in a previous transaction with Fortress Investment Group. CSC intends to convert that site into 135 rental units, utilizing the 467m program for redevelopment while allowing current office tenants to remain.
Additionally, CSC is pursuing a hotel-to-apartment conversion at the Hudson Hotel at 353 West 57th Street. The project has faced challenges, including a lawsuit filed by lender Parkview Financial after narrowly avoiding foreclosure in April. Parkview Financial alleges that CSC co-founders Alberto and Salomon Smeke Saba failed to resolve city issues necessary for work on the site to proceed. Parkview lent $207 million for the purchase and redevelopment of the hotel.
A spokesperson for CSC stated: “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.”
The Commercial Observer first reported on these transactions.
