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111 Fulton St / 151 William St

Address

111 Fulton Street, New York, NY

Square Feet

225,000 SF/ 12 Stories

Date Sold

Fall 2005

Submarket

South Street Sea Port, Manhattan

Acquired

2001

Property Overview

111 Fulton Street is a 225,000 SF, 12-Story, Class B office building located near Manhattan’s South Street Sea Port. This investment represented the first Manhattan downtown real estate transaction completed by anyone after September 11, 2001.

Investment Strategy

In another characteristic example of seeing value where others did not, C&K purchased 111 Fulton Street when many where questioning the long term viability of downtown Manhattan following the September 11th terrorist attacks. As a result, C&K was able to acquire the building at highly attractive pricing and at a significant discount to replacement cost. Although the building was an office investment, it was clear that the long-term value of the property was for residential redevelopment. In 2005, when real estate prices were rising to historic levels, C&K sold the asset to a group that converted the building to condominiums. Because of this pioneering investment C&K garnered excellent profits and highly attractive risk adjusted returns.

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