Two Rector Street sold

Real Estate Weekly, Oct 15, 1997

Ezratry and Rogovin also procured the purchaser, Larry Gluck of Stellar Management.

Two Rector Street is a 410,000 square-foot Class A office building situated in the heart of Downtown Manhattan's Financial District. Occupying the full blockfront on Rector Street between Greenwich Street and Trinity Place, this 26-story office building towers above the land marked Trinity Church and offers tenants tremendous views, light and air.

The recent success of 2 Rector Street in attracting prominent tenants can be directly attributed to an extensive capital improvement program which has been underway over the past two years. The building has been able to attract an impressive roster of tenants, from financial service firms such as Bear Sterns to banking institutions like Bank of Tokyo Mitsubishi, among others.

The property is located within the area designated for the downtown revitalization plan, making it eligible for significant tax benefits.

Two Rector Street was an interesting investment opportunity. There is excellent upside in the property, with 84,000 square feet currently vacant, 4,500 square feet of which is retail space. Further, the current upswing in sales in the Downtown market, combined with the significantly reduced supply of office space Downtown, has had a positive effect on remaining office properties.

Stanley B. Blumberg of Strook, Strook & Levin represented the sellers in this transaction. The purchaser was represented by Stephen L. Rabinowitz of Greenberg & Traurig.