Developers To Pay $250M For NYC Office Buildings

Law360, New York (March 6, 2013, 5:47 PM EST) -- New York City plans to sell two buildings for about $250 million to the Chetrit Group and the Peebles Corp. as part of its effort to dispose of 1.2 million square feet of office space, Mayor Michael Bloomberg's administration announced Tuesday.

Chetrit will purchase 49-51 Chambers St. for $89 million and convert it into a mixed-use residential and retail development, and Peebles will buy 346 Broadway for $160 million and turn it into a mixed-use building with residential, hotel, retail and community facility aspects, according to...
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