Part of 490 Fulton Streets Sells
Apparently, a number of buildings on Fulton Street have complicated, multi-party ownership structures. What’s more, when the stakes trade, perhaps in an effort to clarify the complicated ownership structures, they tend to be recorded by deed. One such transaction just occurred at 490 Fulton Street, where a 14.3% stake in the 270,000-square-foot commercial building just…
Apparently, a number of buildings on Fulton Street have complicated, multi-party ownership structures. What’s more, when the stakes trade, perhaps in an effort to clarify the complicated ownership structures, they tend to be recorded by deed. One such transaction just occurred at 490 Fulton Street, where a 14.3% stake in the 270,000-square-foot commercial building just traded for just under $6,500,000. If our calculations are correct, the price comes out to $167 per square foot. Now if they could just get some ground-floor retail tenants in there, they’d be all set! GMAP
That’s the old Loesser’s building. It had a new “modern” facade put on it in the 1950’s, after Loesser’s went out of business. You can see the original arched windows on the side. McCrory’s used to be here, after that. When they went out, the place was subdivided into smaller stores, back in the late 80’s, early 90’s. I did a Walkabout piece on it in January:
http://bk.ly/bgS