FiDi Building In Contract at 50% Discount

Investor David Werner has reportedly entered into contract to purchase 5 Hanover Square. The pending sale by Los Angeles-based CIM fetched a price “somewhere between $50 million and $60 million,” representing a steep discount of the $104 million paid in 2013. Located in Lower Manhattan, the roughly 340,000-square-foot building spans the entire block-front of Hanover Street between Beaver and Pearls Streets. Future plans for the building by the contract vendee have yet to announced, however, Werner has been active over the last few years, purchasing “older office buildings in the Financial District and Midtown at steep discounts,” some of which a slated for residential conversion. The pending $52 million purchase of 300 East 42^nd Street after the former owners gave the keys back to the lender, went into contract in February, having last traded in 2019 for $122.5M. In January, Werner entered into contract to purchase 675 Third Avenue, recently teaming up with Metro Loft Management and joined by Northwind Group who provided a $90 million loan to finance the more than $100 million acquisition and predevelopment of the planned residential conversion of the approximately 342,000-square-foot building.

Source:    https://therealdeal.com/new-york/2025/04/10/david-werner-buying-5-hanover-square-from-cim-group/