Massey Knakal Realty Services and Helmsley Spear are pleased to announce the sale of 138-140 William Street, a 42,295 rentable square foot office building superbly located in the heart of Downtown Manhattan's Fulton Street Corridor.
The Property boasts a corner location with over 155 feet of frontage on Fulton and William Streets surrounded by the redevelopment activity taking place along Fulton Street from the new PATH Station by Santiago Calatrava at Church Street, to the Fulton Street Transit Center, all the way east to the South Street Seaport and new riverside park. 138-140 William Street represents a rare opportunity to acquire an irreplaceably located asset with future redevelopment potential which will allow the owner to capitalize on the tremendous public and private sector investments being made in the area.
Fulton Street has emerged as the core east/west corridor linking the World Trade Center redevelopment to the established commercial and residential districts east of Broadway. The multi billion dollar transportation hubs, the new Calatrava PATH station and Fulton Street Transit Center, will solidify Fulton Street as the center of Downtown's transportation nexus.
138-140 William Street represents an excellent opportunity to acquire a unique asset which will easily attract single tenant users seeking 40,000+ square feet with full floor retail at grade. The double height ground floor has multiple entrances, a soaring vaulted ceiling, full height windows, mezzanine space, and a full floor usable basement for storage or back office use. The ground floor is ideal for almost any retail or office use. Five full office floors above allow efficient layouts with oversized windows. There is also a penthouse floor which can be easily reconfigured as executive suites and/or conference rooms with the potential to create a stunning outdoor terrace area.
Over the long term, this Property's core location in a rapidly changing neighborhood makes it an ideal redevelopment opportunity over the long term. To wit, the existing building, currently built out to an FAR of 6.4, is undersized for the site which allows a 10X floor area ratio as of right or an additional 20,000 square feet. In addition, several neighboring properties may be available for either outright acquisition or a transfer of development rights making possible for future development.
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