Morris Moinian paid $39 million for the Pan American Magazine Building on Sixth Avenue and will close on the deal today, according to the New York Post. Moinian’s acquisition of the property was previously reported but the price, and his plans, were not known.
The Post reported he will demolish the eight-story structure, at 1150 Sixth Avenue between 44th and 45th streets, and has approval to replace it with a $140 million tower with 35 to 40 stories and 140,000 square feet. The building could become Class A offices or a luxury hotel.
The building was being marketed by Peter Hauspurg of Eastern Consolidated, who had not even finished creating marketing materials for the property when Moinian came in with the offer via Eastern Consolidated broker Azita Aghravi. Moinian put $20 million of cash into the deal. [Post]