Clarion Partners sells former American Stock Exchange Building to Yucaipa

By Varvara Budetti

Ron Burkle’s Yucaipa Companies has purchased from Clarion Partners 86 Trinity Place, the former American Stock Exchange Building that has an alternate address of 123 Greenwich Street, for $155 million, city records show.

The deal closed on October 18, 2021 and was recorded on October 25, 2021. IBorrow financed the purchase with a $97.1 million acquisition loan.

Managing Director Katie Vaz was the signatory for Clarion Partners through entity 123 Greenwich St, LLC. Daniel A. Larsen signed for the Yucaipa Companies through entity GH123Greenich, LLC.

The property was owned by a joint venture of Clarion Partners with a 70 percent stake and hotel operator Allen Fried through his GHC Development, with a 30 percent stake. Clarion bought its majority stake in the building in 2015 for $105 million. Clarion had partnered with Fried with plans to turn the historic Financial District building into a hotel as well as retail space.

Fried pitched his plan, a $65 million investment into the property, in 2018 after a successful two-month Louis Vuitton exhibition at the American Stock Exchange building. Even then, before the coronavirus pandemic, the Wall Street Journal reported that a new hotel would “face stiff headwinds.”

In recent weeks, several hotels have traded hands in the city. Sam Chang’s McSam Group sold at least three properties, including a Fidi hotel at 100 Greenwich Street. That hotel was bought by Concord Hotels which sold off their Midtown location.

Clarion and Fried did not immediately respond to requests for comment.

The property has 14 floors, 181,725 square feet of built space, and 86,296 square feet of additional air rights for a total buildable of 268,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $852 and the price per buildable square foot is $578 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

Direct link to Acris document. <a href=”https://a836-acris.nyc.gov/bblsearch/bblsearch.asp?borough=1&block=00051&lot=0013″ target=”_blank”>link</a>