The Real Deal New York

Chase sells Rockefeller Center bank site for $28M

October 02, 2008 12:12PM
By Adam Pincus

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JPMorgan Chase sold a Rockefeller Center banking location for $28 million to an entity that may turn the 18,598-square-foot building into a hotel.

Chase sold the four-story building at 11 West 51st Street to a real estate investment trust on August 14, according to city property records posted today.

The next day, the new owner, called 11 West 51 Realty, inked an option agreement with a limited liability company controlled by Rockwood VI REIT, whose vice president is Peter Falco, public records showed. Falco also serves as senior managing director of White Plains-based Rockwood Capital, a private real estate investment company.

The agreement gives the Rockwood entity called RCQ Hotel RC-ANX the option to buy the property.

The owner, 11 West 51 Realty, applied for permits to build a 14-story hotel structure at the site with first-floor commercial space, but the plans were disapproved September 19, according to the city’s Department of Buildings Web site.

Rockwood did not immediately respond to a request for comment. A spokeswoman for Chase declined to comment on the sale.

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