The Real Deal New York

$600M Worldwide Plaza sale approved

July 07, 2009 12:32PM

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After the last deal
fell apart
, George Comfort & Sons and RCG Longview finally
completed a $600 million deal with Deutsche Bank to purchase Worldwide
Plaza. Rather than creating a joint venture, Deutsche Bank will just
provide a $470 million mortgage for George Comfort and put up about
$135 million in equity. The price comes to about $375 a square foot for
the 1.6 million-square-foot tower at 825 Eighth Avenue, and the deal is expected to close
later this month. As part of the agreement, Deutsche Bank will write
down the original $1 billion mortgage it held on the property when
Macklowe Properties bought the building in 2007.

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