Colonnade Properties has narrowed the field of bidders for the 144,000-sf building at 20 Cooper Square in New York to a handful of finalists

Real Estate Alert, Feb 25, 2004

Colonnade Properties has narrowed the field of bidders for the 144,000-sf building at 20 Cooper Square in New York to a handful of finalists. The property, between East Fourth Street and Astor Place, has drawn interest from value-added and opportunistic investors. It's likely to attract bids of around $38 million, or $265/sf.

The buyer could increase the building's value by filling 32,000 sf of vacant office space, as well as 6,000 sf of retail and storage space. But the bigger opportunity would come in about five years, when the bulk of the building's leases are scheduled to expire--making the property a candidate for conversion into residential space. CB Richard Ellis has the listing.