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LCOR eyes $400M sellout for condo conversion of 25 Broad

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LCOR eyes $400M sellout for condo conversion of 25 Broad
Pricing would range from $800 to $2,000 psf
New York /
25 Broad Street
LCOR is planning a nearly $400 million sellout for its condominium conversion of the 308-unit rental building at 25 Broad Street in the Financial District.
The development firm, which is majority owned by the California State Teachers Retirement System, filed an offering plan with the New York state Attorney General’s office indicating a $395 million projected sellout for the project.
David Sigman
LCOR principal David Sigman told The Real Deal that pricing is forecasted to range from about $800 per square foot at the base of the building to $2,000 per square foot for the top floors.
“We’re really just trying to decide if this is the best route to go,” he said. “We’ll start reaching out to see what kind of interest there is from current tenants and see where the condo market goes over time.”
LCOR filed a “test the market” application with the AG’s office in November to gauge interest for a potential offering. The average condo price in Manhattan during the first quarter was $2.68 million, according to Douglas Elliman. That checked in at $1,989 per square foot.
The developer bought the 21-story building at a foreclosure auction in 2012 from Kent Swig, who had previously worked on converting the former office building t[……]

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How to party without going to the party: Why some don’t even bother with the REBNY banquet

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How to party without going to the party: Why some don t even bother with the REBNY banquet
There’s more action outside the dinner, some say
New York /
A crowd at the cocktail hour before the REBNY gala (Credit: Adam Pincus for The Real Deal)
To be on the outside looking in isn’t a bad place to be at the REBNY gala.
Lingering in the lobby might mean a brush with Gary Barnett, a quick chat with John Banks, a laugh with Paul Massey. To get to the main event from the cocktail hour, industry bigwigs need to pass through a long open space on the third floor of the New York Hilton Midtown. And many of them aren’t eager to retire to the more confining Grand Ballroom, where assigned seats and instructions to stop talking through the awards ceremony interfere with primo schmoozing.
It’s like the game British Bulldog, but the gala attendees aren’t trying very hard to avoid being tagged. And some savvy attendees use the opportunity to get in the ticketed guests’ paths, networking without having to actually pay for a ticket, which goes for $1,200 a pop.
This is where all the action is, one real estate attorney, who asked not to be named, said shortly after the banquet began.
There were heaps of not-so-subtle signs that the event s organizers wanted to clear the area on Thursday night. A somewhat-perturbed voice rang over the loudspeaker, repeatedly urging[……]

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