Plaza Owner Elad Sells 250 West Street for $205 M.

Eliot Brown — Wed, 21 Nov 2007 00:27:53 -0400

Elad Properties is in contract to sell its office building at 250 West Street for about $205 million to a Russian group of investors, according to a source familiar with the deal.

The building sold for about 30 percent more than what Elad paid for it in June 2006, when they bought the building from Citigroup for $142 million.

The sale comes as cash floods in from the company’s condo sales at The Plaza, which is also soon to open its hotel portion.

Located a few blocks past the northern end of Battery Park City, 250 West Street, an 11-story brick building of more than 300,000 square feet, will likely be converted to residential use, the source said.

The investment sales team of Scott Latham, Richard Baxter, Jon Caplan and Ron Cohen at Cushman & Wakefield represented the sellers.

A spokesman for Elad and a representative from Cushman & Wakefield did not immediately return calls.

Observer » Plaza Owner Elad Sells 250 West Street for $205 M.

Plaza Owner Elad Sells 250 West Street for $205 M.