Normandy, Columbia Property Trust pay $206M to Philip Pilevsky’s Philips International and Norvin Properties for office property in Tribeca

Normandy Real Estate Partners and Columbia Property Trust through the entity Maple C 250 Church Owner, LLC paid Philip Pilevsky’s Philips International and Norvin Properties’s Paj Associates LLC $205.5 million for 250 Church Street in Tribeca. The deal closed on December 2, 2019, and was recorded on December 5, 2019. The transaction consists of 1 parcel, including the tax class office building with seven to 19 stories (O3). The property is 202,000 square feet. The parcel(s) have total development potential of 202,000 square feet.
The average sale price per square foot is $1,017.
The estimated cap rate is 1.7%
The brokers were Avison Young‘s James Nelson, Charles Kingsley, Vincent Carrega and Neil Helman.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $29,380,000. Those filings sought to increase the number of residential units by 104 to 105 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $205,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link