The Real Deal New York

Fisher family sells stake at Park Avenue Plaza

October 19, 2010 01:30PM

Winston Fisher and Park Avenue Plaza

The Fisher family, who began developing real estate in 1915, has reached a deal to sell its 49 percent minority stake at Park Avenue Plaza — at Park Avenue between 52nd and 53rd streets — for about $330 million, partly to raise cash to take advantage of opportunities in today’s distressed market. The stake was sold to Rockpoint Group, an investment firm that also owns a 49 percent interest in another office tower controlled by the family, 299 Park Avenue. The deal fits into the family’s strategy of selling minority interests in their properties, but not relinquishing control. “From the family’s perspective we’re in a great position to take advantage of some of the dislocation that may be coming,” Winston Fisher, grandson of a founding Fisher, told the Wall Street Journal. The Fishers have also reached a settlement with developer Sheldon Solow, who is about to complete a buyout of the Fishers’ stake in a partnership between them that soured. While they are looking to become more active buyers, the Fishers are not in a rush. “We’re on the hunt,” Fisher said, but “we don’t have to do anything right now.” [WSJ] and [NYO]

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