During the summer of 2015, Kushner Companies and CIM Group filed plans with the Department of City Planning to convert the 26-story, 466,000-square-foot office building at 2 Rector Street, in the Financial District, into 452 rental apartments. The developers are now abandoning those plans and are in contract to sell the office building to Cove Property Group for roughly $225 million, according to the New York Post. The sale comes three years after Kushner and CIM acquired the property for $140 million. The new owners plan to continue leasing the property to commercial tenants. It was 84 percent occupied in 2015, by multiple tenants.
2 Rector Street
Kushner Companies and CIM Group plan to convert the 26-story, 470,000 square-foot office building at 2 Rector Street, in the Financial District, into 452 rental units. The property is currently 84 percent occupied, with the building’s largest lease running until 2022. The team acquired the building for $140 million in 2013.