Category
New York
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December 27, 2007Manhattan Tower Sells for $1B
New York
Silverstein Properties and the California State Teachers’ Retirement System (CalSTRS) have joined together to purchase the Manhattan Tower located at 1177 Avenue of the Americas for just over $1 billion. The 47-story tower consists of just over one million square feet, making the sale about $1000 per square foot.The art deco tower was designed by Swanke Hayden Connell Architects and construction was completed in 1992. the tower is home to tenants including; Pricewaterhouse Coopers LLC, Dickstein Shapiro Movin & Oshinsky, and Krmaer Levin Naftalis & Frankel.
The seller, Paramount Group, was represented by Wayne Maggin of Eastdil Secured and Peter Spies of Goldman Sachs. CB Richard Ellis Investors represented the buyers.
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December 3, 2007280 Park Avenue Sold For $1.28B
New York
Broadway Partners and Investcorp Real Estate have joined together to purchase 280 Park Avenue Istithmar for $1.28B. The Property consists of two towers totaling 1,237,000 square feet, making the sale just over $1000 per square foot. The Dubai based firm Istithmar purchased the towers in June 2006 for $1.2B. The towers stand tall at 31 and 43 stories, bridged together by a 14th floor mid-rise section. Tenants of the towers include, Deutsche Bank, The National Football League, Credit Suisse and Investcorp. Broadway Partners and Investcorp will reportedly each hold a 50% stake in the towers.
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October 1, 2007Brooks Brothers Bldg. Sold for $137.5M
New York
Retail Brand Alliance purchased the Brooks Brothers flagship building located at 346 Madison Ave. in midtown Manhattan for $137.5 million, or approximately $1,000 per square foot. Retail Brand Alliance acquired the Brooks Brothers brand in 2001 from Marks and Spencer, a UK department store operator.Delivered in 1915, the 10-story Brooks Brothers building totals 135,000 square feet. The Brooks Brothers apparel chain has occupied the building, which is evenly split between office and retail space, since it was constructed.
Chesterfield Hill LLC, an entity of the Haft family, was the seller.
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September 24, 2007AOL Leases 152,000 SF
New York
AOL signed a 15-year lease for 152,000 square feet at 777 Broadway in New York. According to The New York Sun, AOL will occupy the space starting next spring. The 15-story building was delivered in 1905 and totals more than 1 million square feet.AOL is moving its headquarters from Dulles, Virginia to Greenwich Village in an effort to strengthen its position within the advertising industry. The company is phasing out its subscription-based business model, and will generate a majority of its income from selling ad space.
The company will still maintain significant operations in Dulles, but has not ruled out job cuts at this time.
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September 14, 2007The Camargue Sold for $170M
New York
A joint venture between Archstone-Smith, Lake Holdings LLC, and OEC Holdings LLC purchased The Camargue on Manhattan’s Upper East Side for $170 million, or approximately $651,340 per unit.The Camargue is a 30-story luxury apartment building located at 301-303 E 83rd Street. The tower was delivered in 1977 and features 6,400 square feet of retail space on the ground floor and a two-level parking garage. 1602-1612 Second Avenue is the property’s alternate address.
Jeff Fisherman of Robert K. Futterman represented the sellers, Partnership 94 LP, Bacael Partners II LP, and Emmes Partners IX.
recent articles
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