MEPT, Cove finish $11M interior rehab of FiDi office building

Multi-Employer Property Trust (MEPT) and Cove Property Group, on March 31, formally completed an $11 million rehabilitation of several floors of the 400,294-square-foot building at 2 Rector Street in the Financial District.

The plans, pre-filed on December 7, 2016, call for a rehab of the cellar, basement, and all floors of the 266-foot tall, 26-story building.

The project is described in the filings as: interior renovation of office building as shown on drawings filed herewith. No change in use, egress or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $11,000,000.

Montroy Andersen DeMarco was the architect.

The project is part of plans from the joint venture to renovate and reposition the asset as Class A offices.

The property was acquired for $221 million in March of 2016. According to a report from the New York Post, pension fund investment manager Bentall Kennedy was also part of the acquisition team.

The building was purchased from CIM Group and Kushner Companies, which had acquired it three years earlier for $140 million. The partners had originally planned to convert it to a residential building with 452 apartments, according to The Real Deal. However, those plans dissolved when they opted to sell.

Direct link to Acris document. LINK

Direct link to DOB document. LINK