The Real Deal New York

Blackstone looking to sell leasehold on 1140 Sixth Avenue

Fund manager took control of the 20-story tower in 2011

December 03, 2015 05:53PM
By Konrad Putzier


1140 Sixth Avenue

The Blackstone Group is looking to sell the leasehold on an office tower at 1140 Sixth Avenue, according to sources.

The investment giant took control of the leasehold in 2011, when it bought a non-performing note on the asset for close to $100 million. Rockpoint Group and Stellar Management were the previous owners, but defaulted on the leasehold during the market downturn. The estate of Sol Goldman owns the land underneath the property.

HFF’s Eric Anton, David Fowler and Andrew Scandalios are marketing the asset. They did not respond to requests for comment by press time.

Blackstone is likely to make a hefty profit on the 20-story, 222,500-square-foot tower, which sits at the corner of 44th Street.

It scooped up numerous properties at bargain prices during the most recent market downturn. In July, for example, it sold the New York Times offices at 229 West 43rd Street for $516 million, four years after buying the office condo for $160 million.

More recently, Blackstone made headlines by buying Stuyvesant Town/Peter Cooper Village for $5.3 billion in partnership with Ivanhoe Cambridge.

Blackstone declined to comment.