Historic 4½-story, mixed-use property sells to Tribeca Pediatrics for $6M
October 29, 2019
NEW YORK, October 29, 2019 — JLL Capital Markets experts completed the sale of the historic 107 South Street, located in the heart of New York’s revitalized Seaport District, for an unnamed seller. The buyer, Dr. Michel Cohen, founder of Tribeca Pediatrics, a New York-based medical practice, acquired the 8,283-square-foot, mixed-use property for $6 million.
The four-and-a-half-story 107 South Street was constructed in 1900 and totals 8,283 square feet of space, with 3,823 square feet of additional air rights. The property is located between Fulton Street and Peck Slip, directly across from developer Howard Hughes’ repositioned Pier 17 development. The new Pier 17 space serves as a revitalized anchor for the neighborhood with restaurants from acclaimed chefs Jean-Georges Vongerichten and David Chang, multiple bars, art installations and an open-air music venue.
The historic Seaport District is a premier cultural, dining and retail destination in Lower Manhattan with its iconic waterfront location and views of Brooklyn. The neighborhood also offers convenient transportation options to the rest of Manhattan and Brooklyn, with easy access to Franklin D. Roosevelt East River Drive, the J, Z, 2, 3, 4, 5, R and W subway lines, as well as the Pier 11 stop for the NYC Ferry Service on the East River.
Will Suarez, Managing Director, and Patrick Mullen and Harry Hochman, Associates, led the JLL Capital Markets team handling the property sale.
“New York City was born in The Seaport District almost 400 years ago, and the area served as the city’s original commercial center,” said Suarez. “Selling a property on South Street itself, which was originally known as the ‘Street of Ships,’ is particularly gratifying given the neighborhood’s history. 107 South Street is among the few remaining buildings left to be redeveloped in the Seaport, which has been transformed into the preeminent waterfront neighborhood in Manhattan attracting people from virtually all walks of life.”
“Tribeca Pediatrics is excited to announce that 107 South Street will be the future home of the Tribeca Pediatrics’ corporate headquarters.” added Cohen. “We are excited to restore this unique property and to contribute to this vibrant and historic neighborhood just steps away from our flagship offices in Tribeca.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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