David Tawfik’s Princeton International Properties has entered contract to purchase a Bryant Park office tower for less than $500 per foot. The deal is for the 220,000-square-foot Park House, at 104 West 40th Street, which was sold by Savanna for $105 million.
Savanna acquired the building about two years ago in an innovative deal that involved purchasing ING’s defaulted debt on the property for about $61.7 million, after a previous buyer paid $140 million for the tower in 2007. Savanna renovated the building and brought occupancy to 70 percent, according to the Post. [more]