340,000 s/f FiDi development site hits the market

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The Ohebshalom family has tapped Eric Anton at Marcus &
Millichap to sell a 340,000 s/f FiDi development site.

Anton is looking for bids on the site at 111 Washington
Street, aka 8 Carlisle Street, a 11,208 s/f lot two blocks south of the World
Trade Center.

“This is a once-in-a-generation, shovel-ready opportunity
with construction plans for a 50-story tower that will have panoramic city and
harbor views,” said Anton. “It is being offered during a temporary COVID-19
building slowdown that provides a window to lock in a favorable guaranteed
maximum price on construction costs.”

 “This large-scale site is one of the few as-of-right projects in a prime Manhattan location with no problematic tenancy issues,” added Anton. “Flexible zoning allows a developer to implement a strategic business plan that will capitalize on the property’s highest and best use.” Anton is leading the marketing effort on behalf of the seller, a private long-term ownership group.

111 Washington Street

The site is currently owned by an LLC connected to Pink
Stone Capital, a development and investment firm run by Richard Ohebshalom.  Public records show it was purchased
Frederick Ohebshalom, as manager of Fred Rich LLC, for $57.5 million in 2011.

And Iranian immigrant to the US, Fred grew his family’s
holdings from a single Rego Park apartment building he bought in 1975 to a
portfolio of over 100 buildings in Manhattan. The Washington Street site was his
biggest deal when he bought the property out of foreclosure and planned his own
54-story tower.

However, the father-and-son, Fred and Richard Ohebshalom, reportedly had a fall-out over the plans and the space and associated development rights were offered for sale at $260 million in January 2020.

Rendering top via Marcus & Millichap

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