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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