Elad Properties to Pay $142Mln for Manhattan Condo Conversion

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Elad Properties has agreed to buy Citigroup's building at 250 West St. in Manhattan for $142 million. The 371,000-square-foot property with a landmarked fa�ade will likely be leased back by the financial services giant for two years while plans to convert the property to luxury residential condominiums are solidified. Sources say the retail and residential conversion would entail 250,000 sf that would garner well over $1,000/sf. The property was marketed by Cushman & Wakefield.