This 65,000 square foot office building located in the SoHo neighborhood was repositioned and re-leased in a joint venture with the long time owner.
148 & 150 Spring Street
New York, NY
In 2006 and 2007, Cape Advisors acquired the buildings at 148 and 150 Spring Street in SoHo. A renovation and historic restoration of the buildings, with the approval of the New York City landmarks commission, was completed in 2008. The buildings’ design and character enabled Cape Advisors to lease to retail and office tenants at a 26% premium in rents to the local submarket. The buildings were sold to a REIT in 2008.
One Washington Center
This 87,000 square foot property was acquired prior to completion in 1992 by a partnership led by Cape Advisors' principal Craig Wood. The project was completed and leased up by Cape Advisors. This brick and green glass clad building situated on a hilltop offers sweeping views of the Hudson River south to West Point and north to the Newburgh Beacon Bridge. The building was sold in 2008 to Orange County.
Size: 87,000 square feet Major Tenants: Key Bank, Orange County Community College
Three Washington Center
This 57,000 square foot building was acquired in late 1992 by a partnership led by Craig Wood. The building development and lease up was completed by Cape Advisors over the following two years. This brick and glass building has sweeping views up and down the Hudson River. The building was sold in 2008 to Orange County.
Size: 57,000 square feet Major Tenants: Social Security Administration, New York State Department of Labor, EA Engineering, Family Health Services
These two buildings were acquired by a partnership led by Cape Advisors in June, 2000. The buildings, previously occupied by one major tenant, were almost completely vacant at acquisition. Cape Advisors successfully undertook a substantial rehabilitation and repositioning of the properties. The property was sold in 2004.
Size: 80,000 square feet Major tenants: New York State Department of Mental Health, Wellcare, Inc., Newburgh Community Action Committee, New York State Department of Veteran Affairs