GlobeSt.com | 01.22.18
By Betsy Kim — January 22, 2018
NEW YORK CITY—GHC Development with its joint venture partner Clarion Partners, is converting the original home of the American Stock Exchange, located at 123 Greenwich St., to retail and commercial space, with a hotel tower. It will be the first time the building is leased in its nearly century-long history.
A source close to the transaction tells GlobeSt.com that GHC Development and Clarion Partners have invested $65 million into the development.
Built in 1921, the structure is approximately 80,000 square feet of space, spanning three different floors, including 60-foot ceiling heights and two 25,000 square-foot, column-free floor plates. These spaces have distinct ground-floor identity and unique entrances on Greenwich Street and Trinity Place.
Starrett and Van Vleck, the architecture firm which created luxury department store flagship buildings for Saks Fifth Avenue, Bloomingdale’s and Lord & Taylor, designed the building.
GHC Development focuses on investing and developing retail, office, and residential properties, and parking facilities. It was founded in 2007 by Allan Fried and Michael Steinhardt. After working in the hedge fund industry, Steinhardt became the founding chairman of Birthright Israel, a non-profit organization that offers free 10-day trips to Israel, to Jewish adults between the ages of 18 and 26.
An entity called the Steinhardt Group purchased the adjacent 22 Thames St. development site from the American Stock Exchange for $48 million, and 86 Trinity Place (an alternate address for 123 Greenwich St.) from the American Stock Exchange for $17 million, according to Real Capital Analytics.
With the Landmarks Preservation Commission, the developer then separated the assets, transferred air rights to the development site, secured approvals for adaptive reuse and increased the size and number of windows in the American Stock Exchange Building to ensure the building could accommodate many types of retailers.
In 2012, the Steinhardt Group sold the development site at 22 Thames Street to the Fisher Brothers joint venture with Witkoff for $84.8 million, recorded in Real Capital Analytics data. Today, the site is being built as 125 Greenwich Street.
GHC Development is now focusing on the historic Stock Exchange building, developing it into retail and entertainment property on the ground floor and a hotel in the tower that rises on the Trinity Place frontage.
“We have experienced the most precipitous and transformative renaissance in New York history, the redevelopment of Lower Manhattan, and we are now ready to offer 123 Greenwich St. to again serve as a beacon for industry and excitement in the heart of the action,” says Allan Fried, CEO of GHC Development.
Immediately prior to putting the property on the leasing market, with a short-term lease, GHC Development opened the Stock Exchange building to showcase the luxury goods company LVMH exhibition “Volez, Voguez, Voygez—Louis Vuitton,” which closed on Jan. 7.
Dan Harroch, Matthew Seigel and Payal Doshi of Thor Retail Advisors are the exclusive leasing agents for the property.