ML7 BUYS COMMERCIAL SPACE AT TRIBECA CONDO BUILDING FOR $ 18M
New Jersey-based office landlord ML7 is breaking into the Manhattan market with the acquisition of a pair of commercial condos at the base of a sevenstory Tribeca apartment building , The Real Deal has learned . But as one investor debuts in the city , another is phasing out . The seller , MacKenzie Door Company , owned the retail and office component at 70-72 Reade Street , also known as 112-114 Duane Street , for more than 30 years , but now plans to move most of its operations to New Jersey . The deal closed today for $ 18 million , the brokers confirmed . The commercial condos span a combined 32,000 square feet across the first two floors and lower levels . The space will be delivered vacant , said Skyline Properties ’ Robert Khodadadian , who represented the buyer . ML7 plans to convert the second-floor office space into two residential condos roughly 4,000 square feet apiece . The units are slated to feature 14-foot-high ceilings and cast-iron columns . “ This block of Reade Street is currently undergoing a complete transformation with many of the surrounding buildings under development ,” Jeffrey Siegel , president of ML7 , said .