111 Washington Street is located at the corner of Washington and Carlisle Streets in NYC’s Financial District, just two blocks south of the World Trade Center.
Pink Stone sourced the potential opportunity and leveraged its long-standing relationship with NYCB to purchase the ~$50 million note at the property, which previously housed a small parking garage. Pink Stone eventually acquired ownership of the property via navigating a deed-in-lieu of foreclosure transaction with the previous owner and NYCB.
In connection with the acquisition, Pink Stone also negotiated and executed a Zoning Lot Development Agreement with the owners’ lots adjacent to the property. Paving the way for an as-of-right development opportunity encompassing a maximum buildable zoning floor area (“ZFA”) of 340,526 for a Commercial/Mixed-Use building or 320,472 ZFA for an entirely residential building.
Pink Stone subsequently retained a best-in-class team of development professionals – including Handel Architects, Nancy Packes Inc., Cosentini Associates, JAMS, and others – to assist in successfully preparing plans, liaising with government officials, and secure approvals for a tax abatement under NYC’s 421-a program.
In August of 2021, Pink Stone contributed the property at an all-in purchase price of more than $90 million to a joint venture between Pink Stone and Grubb Properties. The Grubb Properties / Pink Stone venture is currently preparing to break ground on a 60+ story rental tower, which will re-shape the downtown skyline and help revitalize NYC’s Financial District to deliver desperately needed affordable rental units.