Westbrook Partners is in negotiations with Barclays Capital to return the keys to 475 Fifth Avenue, between 40th and 41st streets, after defaulting on loans. Westbrook and Moinian Group purchased the commercial property in 2007 for $162 million and planned to redevelop it but could not find new tenants. Westbrook and Moinian put $30 million toward the cost of the building, most of it paid by Westbrook. Experts are unsure how much the property could sell for now.
Westbrook to return 475 Fifth to lenders
March 16, 2009 05:45PM