550-570 Washington Street
Updated: Jul 30, 2018
New York, NY
550-570 Washington Street (St. Johns Terminal)
Built in 1934 as the southern terminus building for the West Side Line of the New York Central Railroad Company, St. John’s Center is a sleeping giant on the shores of the Hudson River. Offering the largest floor plates of any building in Manhattan, the 1.2 million-square-foot office building provides soaring ceiling heights, unmatched floor loads, and spectacular unobstructed views of the Hudson River and beyond.
The site encompasses three entire city blocks and presents 850 linear feet of high-exposure frontage along the Hudson River Park, one of the City’s most popular recreational amenities. The Property is so large that it actually straddles two neighborhoods, including world-famous Greenwich Village and ultra-trendy SoHo. The Property’s unique synergy of robust physical infrastructure, high-profile location, and strategic availabilities establishes St. John’s Center as the most compelling repositioning opportunity in the market today.
Atelier Consulting LLC was the prospective Purchaser’s underwriting team that sourced MGM Mirage for a potential partnership to construct a new 500 room hotel on top of existing four story office building on the north end of the property. Lease structure allows for an approximate five-acre private rooftop back yard for the hotel with unobstructed views of the Hudson River and surrounding neighborhood. Project size: $440m.