Volume 19 | Issue 26 | November 10 - 16, 2006

Beck Street Capital bought 527 Greenwich St. and its unused air rights for a

New Hudson Sq. owner mulls hotel with $20-million buy

A five-story commercial loft building at 527 Greenwich St. was recently sold to Beck Street Capital for $20.5 million.

The developers, who own many Downtown properties, including other buildings in the area and along Bleecker, also own 625 Broadway, said Marcia Roseyawitz, senior director at Eastern Consolidated, the brokerage company. The office building contains an ad agency and a hotel management company.

While the press release said the building at the corner of Vandam St. has unused air rights and Beck Street was considering building a hotel in the future, Roseyawitz said that was just a long term possibility. She said that as of now, the building would remain as it is and the current leases will be renewed. She did not say how much higher the owner could build with the unused air rights.

“They do plan to utilize the basement,” Roseyawitz said, stating that the ceilings in the basement were about 20 feet high and it would make a nice restaurant space.

While built sometime around 1910, the building is not a designated landmark.

– Lori Haught

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