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Real EstateUpdate
VOLUME 235—NO. 60
WEDNESDAY, MARCH 29, 2006
R EAL E STATE M ARKETPLACE
WNYC Radio, a public New York City radio
station, is relocating from the municipal office
building at 1 Centre Street, its headquarters for 82
years, to the Trinity Real Estate-owned 160/170
Varick Street.
The station has signed a 20-year lease for 75,000
square feet, including the entire eighth and ninth
floors, most of the seventh, and 3,700 square feet
of ground floor space for performances and cultural events. All of the roughly 160 staff members are
scheduled to move within 12 to 18 months.
WNYC has broadcast local AM programs since
1924 and FM programs since 1943. It was originally
owned by the city but was sold to a private
non-profit group in 1997. However, it has continued to rent 51,400 square feet at the city-owned 1
WWW.NYC.GOV
Centre Street.
1 Centre Street
“We’re very fortunate to have been able to stay
in the city’s building even after we became independent, but our technology is very antiquated,”
said Laura Walker, president and CEO at WNYC.
“We are still using analog. The new location will
provide digital programming and other more up-to-date services.”
New offices, conference rooms and
broadcasting studios will be installed and
a plaque bearing the WNYC name and
logo will be placed outside the Varick
Street building. A Lower Manhattan
Development Corporation grant of $1.5
NYLJ PHOTO/RICK KOPSTEIN
million will finance the construction of the
160/170 Varick Street
ground floor facilities.
The building’s lobby, windows, elevator
banks, wiring systems and generators have recently been upgraded. Other tenants include The Princeton Review, Asymptote Architects and the advertising firm Kirschenbaum Bond + Partners.
Stroock & Stroock & Lavan partners Jacob Bart and Ross Moskowitz and associate Diana
Brummer represented WNYC, along with in-house counsel Ivan D. Zimmerman. Vincent MonteSano, a partner at Carter Ledyard & Milburn, and counsel Barbara B. Brown, represented Trinity.
Cushman and Wakefield’s John Moxley and Franklin Speyer brokered the tenant while Trinity’s Jason
Pizer brokered the landlord in-house. Asking prices on the leased floors are $39 per square foot.
8-10 Rivington Street, a six-story, 26-unit, 16,000 square-foot walk-up apartment building just east
of the Bowery, was sold by the Paz family to 8-10 Rivington Realty, LLC. for $8.45 million. The Pazes
purchased the property four and one-half years ago for $3.8 million. The family is moving back to Israel.
The building is the new owners’ second Lower East Side residential property purchase. The
property also contains a housewares store, Noi, and a restaurant is being constructed. Both are on the
ground floor.
Stuart I. Rich, a partner at Meister Seelig & Fein, represented the Paz family.
Marc Gurell, a partner at Seyfarth Shaw and Jane Waldman, of counsel, represented the buyers.
NYLJ PHOTO/RICK KOPSTEIN
Eastern Consolidated Inc. directors Alan P. Miller and Aliza Avital brokered the sellers, while Ronda
8-10 Rivington Street
Rogovin, senior director, acted as broker for the buyer.
This article is reprinted with permission from the March 29, 2006 edition of the NEW YORK LAW JOURNAL. © 2006 ALM Properties, Inc. All rights reserved. Further
duplication without permission is prohibited. For information, contact American Lawyer Media, Reprint Department at 800-888-8300 x6111. #070-04-06-0008