Plans to convert a large office building at Two Rector Street are no longer moving forward, the New York Post reports. Developers Jared Kushner and the CIM Group have decided to sell the property to the Cove Property Group for $225 million.
Kushner and CIM purchased the 465,000 square foot property in 2013 for $140 million and planned to convert the building into 452 apartments. Soon after their purchase, the developers were considering a $200 million offer to sell the property, but decided to go ahead with the residential conversion at the time.
That's no longer the case. And the new buyer, Cove Property Group intends to market it as a "boutique office" space according to the Post.