Fisher Brothers And The Witkoff Group Close Deal With St. John's University On 101 Murray Street

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Jul 22, 2013, 04:41 ET

NEW YORK, July 22, 2013 /PRNewswire/ -- Fisher Brothers and The Witkoff Group have closed on a deal with St. John's University to purchase 101 Murray Street for $223 million. Papers were signed on July 19, 2013.

"This is yet another exciting new project for Fisher Brothers and we couldn't be happier," said Winston Fisher, Partner, Fisher Brothers. "Lower Manhattan continues to evolve at a record-setting pace and we are proud to be a part of it, along with The Witkoff Group. We'd also like to thank St. John's University for being such a great partner in this transaction."

The current structure at 101 Murray will be demolished and the site will be developed into a new mixed-use building, incorporating residential and commercial spaces. Design plans have not been announced.

Steven Witkoff, Chairman and Chief Executive Officer, The Witkoff Group, said, "The partnership of Witkoff and Fisher Brothers is helping to redefine Downtown Manhattan, one of the fastest-growing areas in New York City. We believe 101 Murray will be another highly sought-after destination."

Under the agreement, St. John's Tobin College of Business School of Risk Management and other academic initiatives will continue to use the space through mid-2014.

Vector Group Ltd. is also a partner in the deal.

About Fisher Brothers
Since the mid-1950s, Fisher Brothers has come to epitomize excellence in prominent commercial and residential properties that dot the New York skyline. Starting with 400 Park Avenue, its midtown tower construction and ownership now includes such Class A commercial icons as Park Avenue Plaza, 299 Park Avenue and 1345 Avenue of the Americas. Fisher Brothers expertise was also tapped in the building of exclusive residential properties such as 50 Sutton Place South, Imperial House and Parc V. The development of Station Place, Washington, DC's largest private office complex, and the successful completion of the Upper East Side condominium residence Chartwell House, extends their history of excellence into the 21st century.

About The Witkoff Group
The Witkoff Group is a fully integrated real estate investment firm that owns a diverse portfolio of real estate in select U.S. markets. The Witkoff Group's portfolio includes office and industrial properties, residential buildings, and various land and hotel development interests. For more information about The Witkoff Group, please visit the company's web site at www.witkoff.com.

SOURCE Fisher Brothers