The Real Deal New York

Billy Macklowe, Spear St. both selling Midtown South towers

Developers set to book big profits in deals for Park Avenue South buildings

December 17, 2014 08:40AM

From left: 315 Park Avenue South, Billy Macklowe (top), William Fung and 386 Park Avenue South

From left: 315 Park Avenue South, Billy Macklowe (top), William Fung and 386 Park Avenue South

Two prominent developers are in contract to sell a pair of Midtown South towers, one for almost $1,100 per square foot and one for roughly $770 per square foot.

Spear Street Capital’s 315 Park Avenue South, the more expensive one of the two, is in contract for $375 million, according to the New York Post. Spear Street  bought the 330,000-square-foot tower in 2013 for $234.3 million.

Meanwhile, Billy Macklowe is selling 386 Park Avenue South for roughly $200 million, according to the newspaper. Macklowe purchased the property for $111.5 million in 2012.

Both owners recently renovated their buildings.

Eastdil Secured’s Douglas Harmon and Adam Spies marketed the properties. 

An unidentified non-New York based publicly traded company is buying 315 Park Avenue South, the newspaper reported. Billionaire William Fung’s HSR Corporation is buying 386 Park Avenue South.

[NYP, 1st] — Claire Moses

 

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