The Real Deal New York

Blackstone closes on former Times building

August 09, 2011 01:39PM
By Katherine Clarke


From left: Blackstone co-founder Stephen Schwarzman, 229 West 43rd Street and Lev Leviev, chairman of Africa Israel

Private equity firm the Blackstone Group has completed its purchase of the top 11 floors of the 15-story former New York Times building at 229 West 43rd Street, according to public records filed with the city this morning.

As The Real Deal previously reported, the deal saw Blackstone pay developer Africa Israel USA and private equity firm Five Mile Capital $160 million for approximately 450,000 square feet of the building, which includes a portion of the fourth floor and floors five through 15.

“We are making a significant real estate contribution to the neighborhood for which we are proud,” Tamir Kazaz, CEO of Africa Israel USA, said in a statement in April about the sale. Kazaz said the company used the proceeds of the sale to pay down a portion of the $265 million first mortgage.

Lev Leviev’s company Africa Israel purchased the building for $525 million and had at one stage planned a 379-room hotel and condo mix at the site. The Blackstone Group, which could not be immediately reached for comment, may be on the hunt for office tenants, according to a recent article in the Times.

The Times had its headquarters in the property from 1913 through 2007, when it moved to a new office tower on Eighth Avenue.

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