DOWNTOWN OFFICE BUILDING TO BE CONVERTED TO APARTMENTS

NEW YORK CITY — A joint venture between Hacienda International Realty and Metroloft Management has plans to convert an office building located in Downtown Manhattan into a residential apartment building. The property is a 25-story, 377,000-square-foot tower located at 116 John St. The joint venture has already vacated 280,000 square feet of the building, which will comprise the first phase of the conversion. When the phase is complete in late 2012, the building will contain more than 400 units. The Eastern Consolidated team of Stuart Gross and Azita Aghravi helped arranged the joint venture transaction between the two owners.