Leviev Boymelgreen has closed on the sale of 14 Wall Street, the 37-story, 956,000-square-foot tower in the heart of New York’s financial district.
The historic Downtown building was sold to a joint venture of investor John Zamir and Carlyle Associates for $325 million - a $115 million profit - with $41 million going to the Boymelgreen Group.
“Given the strength of the market and the quality of this landmark building, we knew the timing was right to seek a positive return on our investment,” said Shaya Boymelgreen.
Boymelgreen chose not to convert 14 Wall Street to residential units after purchasing the building in the fall of 2005 because he foresaw the re-emergence of the Downtown office market.
Designed in 1912 by Trowbridge & Livingston, architects of the New York Stock Exchange, 14 Wall Street was originally known as the Bankers Trust Company Building. In 1932 a 25-story addition was added by the architectural firm of Shreve, Lamb & Harmon. The 31st floor of the building was once an apartment for legendary financier JP Morgan.
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