New York & Tri-State + Downtown New York + Apartments | January 12, 2023

Avison Young has listed the Historic Front Street portfolio, owned by a joint venture of The Durst Organization and Zuberry Associates, for $87 million

Avison Young Lists Historic Front Street Portfolio

Avison Young has been retained to sell the Historic Front Street portfolio for $87 million. Owned by a joint venture of The Durst Organization and Zuberry Associates, the portfolio spans 143,177 square feet consists of seven mixed-use elevator properties on Front Street between Peck Slip and Beekman Street in Lower Manhattan’s South Street Seaport neighborhood.

The JV is represented by Avison Young’s James Nelson and Alexandra Marolda, with support from Brandon Polakoff, David Shalom, and Ryan McGuirl. Scott Singer, co-lead of Avison Young Tri-State Debt & Equity Finance, is handling buyer financing needs.

“The Historic Front Street portfolio is a perfect opportunity to benefit from the strong in-place cash-flow and future rental growth through light cosmetic upgrades as investment continues to flow into the area,” said Marolda.

Nelson added, “The owners have completed a comprehensive capital improvement plan following Hurricane Sandy, including components designed to weather future storms.”

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Avison Young's Tri-State Investment Sales Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).