Deal Closed For One Of Lower Manhattan’s Most Expensive Sites

23/07/2013 2:07 pm

A partnership of Fisher Brothers and The Witkoff Group has acquired 101 Murray Street from St. John’s University for development of a mixed-use residential and commercial project.

The trio acquired the 10-story building at Murray St. for $223 million from St. John's University, which uses the property for its school of risk management, a division of its Peter J. Tobin College of Business.

The transaction represents the largest sale of a development site in Lower Manhattan and a record price for the area, according to Cushman & Wakefield, which represented St. John's in the transaction.

The parcel on the northeast corner of Murray and West Streets in the Tribeca district allows for the development of a residential building tower totaling 310,028 square feet, with the potential to increase the area to 372,336 square feet through available floor area bonuses.

The site provides a 31,028-square-foot footprint and current zoning calls for no height restriction.

Cushman & Wakefield brokers Helen Hwang and Nat Rockett arranged the sale of 101 Murray St. on behalf of St. John's University.