Andy Cohen and Jeff Goldberger’s Atlas Capital Group has entered into a contract to acquire 110 Leroy Street from Arthur Leeds Associates for $79.5 million, according to TRD. The commercial building spans 67,500 square feet, and is zoned M1-5.
Worth Noting: The nine-story building is overbuilt, and therefore has no available development rights. Interestingly, the brokers who marketed the property listed the square footage more generously at 80,000 square feet.
Location: The property benefits from its proximity to St. John’s Terminal (AKA 550 Washington Street), which will be the centerpiece of Google’s new 1.7 million square-foot Hudson Square Campus.
How to grow a building — NYC style: REBNY instructs its members to measure office buildings very generously. This results in a “loss factor” of 27 percent, which means the tenant has 27 percent less usable space than advertised.
Heard at the water cooler: While many architects and brokers use updated CAD drawings to grow each individual floor, many joke that measurements are reaching the middle of the street.
REBNY vs. BOMA: The REBNY method (used in New York City) includes the measurements of the outer walls of the building, while ‘BOMA method A’ only measures the interior. This is one of the distinctions used that “allows” for magical growth of NYC buildings.