WHO’S BUYING THE MUNSEY?
|A newspaper icon built the Munsey Building, so we don't feel cheesy calling its sale to Federal Capital Partners from receiver Gray & Associates for $13.7M yesterday a big story. (We just won't call it above-the-fold, as print pubs used to do. Perhaps before the scroll?)|
|FCP managing partner Alex Marshall says he likes downtown?s high occupancy levels and strong rent growth, as well as the property's proximity to the waterfront. Wells Fargo provided $10M in financing for the 18-story building, which was converted to apartments in 2003. It has 146 rooms and 4,000 SF of retail space and will get upgrades to its lobby, corridors, and elevator landings. Can we have a room?|