The Real Deal New York

Posts Tagged ‘park avenue plaza’

  • Biggest building buys in 2011

    February 28, 2012 03:30PM
    Biggest building purchases of 2011

    Three out of the five biggest building buys in 2011, by price, were Manhattan office towers, according to figures from The Real Deal‘s 2012 Data Book, which is now available for purchase online. The biggest transaction of 2011 was the purchase of the Starrett-Lehigh Building, at 601 West 26th Street, by Scott Rechler’s RXR Realty for $920 million, as The Real Deal previously reported in our story about last year’s biggest commercial transactions. The 2.3 million-square-foot property, between 11th and 12th avenues, was previously owned by Shorenstein Properties, one of the nation’s largest landlords. A package comprised of 55 East 42nd Street — also called Park Avenue Plaza — and 49 East 52nd Street traded hands for $569 million last year, coming in at number two. The third-largest deal was for 401 East 34th Street, a 703-unit apartment building, which was purchased for $443 million by the real estate investment trust UDR. (See a chart of the16 top building purchases after the jump.) … [more]

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    Candia Fisher

    Real estate billionaire Candia Fisher was defrauded out of more than half a million dollars, the New York Post reported.

    Candia Fisher, 64, sister to Richard Fisher, who is the father of Winston Fisher, partner at real estate company Fisher Brothers, is an avid email user. When a hacker gained access to her personal email account, he or she was easily able to pose as Fisher and convince a personal secretary of hers to wire $548,725 to banks in Australia. When another secretary of Fisher’s saw the large sums being transferred overseas and alerted the heiress, she said she knew nothing about them, the Post said. … [more]

  • [Updated at 2:30 p.m.] When Boston-based real estate investment firm the Rockpoint Group announced that it had sold its stake of Park Avenue Plaza at 55 East 42nd Street earlier this month, the company declined to reveal how much it had received for the sale — but in New York City, secrets don’t stay secret for long.

    According to public records filed with the city yesterday, Rockpoint received a massive $569.1 million for its 49 percent share of the 1.2 million-square-foot plaza plus another building at 49 East 52nd Street. The company was represented by CBRE, according to data from Real Capital Analytics. The buyer, Soho China, provided a residential address at 1185 Park Avenue, the same building where JPMorgan CEO Jamie Dimon resides.

    Tenants at Park Avenue Plaza currently include BlackRock, McKinsey & Co. and Swiss Re., it was previously reported. Rockpoint bought into the building last year for around $330 million or $570 per square foot. — Katherine Clarke[more]

  • 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]