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Fifth Wall founder recalls eminent domain deal for Manhattan land

The deal reportedly totaled $12 million, after the state took the property and the site later became home to the New York Times Building.

Reported · Written up by our desk · PropTech

Commercial Observer, in an interview, revisited how Stratford Wallace’s family owned a Manhattan lot since 1886 on the Southeast corner of 41st Street and Eighth Avenue, before the state of New York used eminent domain in the early 2000s to take control from the family.

According to the reporting, Stratford Wallace had previously told Forbes in 2008 that he would have asked for $30 million if he had been able to negotiate, but Brendan Wallace later said the eminent domain declaration left him no choice but to accept $12 million offered by the Empire State Development Corporation.

Brendan Wallace, now 44, is the founder of Fifth Wall, which the outlet describes as an investment firm focused on technology for the built environment, and he said the original lot, along with adjacent properties, is now the New York Times Building site.

The article also says Fifth Wall has received commitments of approximately $3.1 billion from roughly 115 limited partners, naming CBRE, Hilton, Hines, Marriott, Public Storage, Related Companies and Starwood among them.

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