What's New on the FiDi Market?

Capstone Equities, a private NYC investment firm, is looking for a profit from a prime Wall Street property it bought five years ago.

It announced today that it has listed for sale 156 William St., a 250,000-square-foot office building which Commercial Real Estate Direct reports "will soon see a substantial vacancy."

Capstone bought the 58-year-old 12 story building just five years ago. CREnews.com says it bought the property for about $60 million, and Eastdil Secured, which will broker the deal for Capstone, could try to sell it for "for some $65 million, or $260/sf."

Capstone's web page for the building is available here.

The report says the building "is just about fully leased," but the largest tenant, the New York City Department of Youth and Community Development," is expected to vacate 100,000 square feet next June.

"That's widely viewed as an opportunity," says the report, noting that 156 William is opposite the New York Downtown Hospital, which already leases about 50,000 square feet in the building. The report speculates that the open space could serve medical business or even a hospital extension.

Other tenants, according to the web report, include Pace University, and software firm Riverside Research Institute.

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