Elad pays $140m for 250 West.
250 West Street, the 370,000 s/f Tribeca office building put up for sale in recent months by owner Citibank, who is also the building's sole occupant, sold last week to Elad Properties for roughly $140 million.
Cushman & Wakefield's New York City capital markets team, led by Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham, handled the deal for the bank, whose last sizeable office disposition was the nearly $500 million sale of its landmark Long Island City tower last year.
Elad Properties plans to convert the building, which has a corner location and Hudson River views, into residential condominiums. Those plans will have to wait for at least two years however; the length of time Citibank plans to remain as an office tenant after the building trades hands.
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