Asset management firm TIAA-CREF has paid $60 million to Related Companies for a landmarked commercial building on the Upper East Side, the Commercial Observer reported.
Built in 1905, the 60,000-square foot building — located at 1511 Third Avenue between 85th and 86th Streets — was designed by German-born architect Robert Maynicke and was originally the site of the Yorkville Bank. It is fully leased to long-term tenants, the Gap and an Equinox gym. Those leases expire in 2021 and 2020 respectively.
Bob Knakal, chairman of Massey Knakal Realty Services, brokered the deal.
TIAA-CREF’s has roughly $495 billion in assets under management. Its December deals include $250 million to Forest City Ratner for 49 percent of New York by Gehry, a towering residential building at 8 Spruce Street, and $542.2 million to Related for a 70 percent stake in the rental tower MiMA at 450 West 42nd Street. [Commercial Observer]– Hiten Samtani