Adam Spies, 295 Madison Avenue and Doug Harmon
In a test of how much the office and residential investment markets have recovered since the boom, the private equity firm Westbrook Partners is offering for sale a six-building Manhattan portfolio that is expected to fetch about $1 billion, real estate sources said. [more]
CBRE’s Paul Amrich and 444 Madison Avenue
Private investment firm Ellis Lake Capital has inked a lease at the Westbrook Partners-owned 444 Madison Avenue, paying more than $100 per square foot, Crain’s reported. The dollar value of the seven-year agreement is further evidence of the way companies that need less space are outpacing larger tenants, Crain’s said. [more]
From left: the East Village and Jared Kushner
UPDATED, 11:25 a.m., Feb. 6: A joint venture between Jared Kushner and an unnamed international investor has closed on a portfolio of 17 walk-up apartment buildings in Downtown Manhattan for a total of about $130 million, a source told The Real Deal. The buildings are situated between East 2nd and East 13th streets, First Avenue and Avenue B, in the East Village. [more]
550 Washington Street
City investor and philanthropist Eugene Grant has agreed to sell his controlling 50.1 percent stake in the Meatpacking District’s massive former freight facility, known as St. John’s Center, to an investor group that owns the other 49.9 percent, in a deal that was rushed forward due to concerns over the fiscal cliff, the New York Post reported. The deal with Fortress Investment Group, Atlas Capital Group and Westbrook Partners is worth approximately $250 million. [more]
515 East 72nd Street
(credit: PropertyShark)
Memorial Sloan Kettering Cancer Center has paid $29.3 million for at least 14 apartments at 515 East 72nd Street, the condominium tower formerly known as Miraval Living, according to documents obtained by The Real Deal. The apartments were sold to the famed Upper East Side hospital in June, as part of a push to boost unit sales. The deal follows efforts to recapitalize the property in 2010 and the sponsor’s subsequent split with luxury spa operator Miraval Resorts.
The cancer center “has purchased residences for long-term use by their senior medical doctors and staff at 515 East 72nd Street,” a spokesperson for the sponsor, said in a statement. Christine Hickey, a spokesperson for the hospital was not able to immediately comment on the 515 East 72nd Street deal, but noted that “we often acquire apartments for staff.” [more]
88 Lexington Avenue
(credit: PropertyShark)
A 17-story rental apartment building located at 88 Lexington Avenue near 26th Street has traded hands for $82 million, according to public records filed with the city today. The deed identifies the seller as Halstead Management Company and the purchaser as Westbrook Partners, a New York-based real estate investment management company.
Halstead declined to comment. A call to Caran Properties, listed as the manager of the property on Streeteasy.com, seeking comment and confirmation was not immediately returned. The Marino Organization, whom Westbrook said handles its press, also declined comment. [more]
Ritz-Carlton hotel at 50 Central Park South
Westbrook Partners purchased a stake in the Ritz-Carlton hotel at 50 Central Park South, the International Business Times first reported. Seller Millennium Partners recouped $105 million for the 256-room hotel it first purchased for $88.8 million in 2006 from Macklowe Properties. Millennium still owns the Ritz-Carlton in Battery Park City. [more]
P. Diddy is suing the landlord at his flagship clothing store, Sean John, at 475 Fifth Avenue for $2.5 million (see suit document via TMZ after the jump). The suit alleges the landlord, 475 Fifth 09 LLC, never removed scaffolding which was erected in August 2006, leaving customers unable to view the storefront and costing P. Diddy $5 million in lost revenues at the once-bustling store. Christian Casey, the company which runs P. Diddy’s clothing line, said revenues at the flagship store have been cut in half because of the scaffolding and want the lease rescinded for an alleged breach of contract. Barclays Capital took back the building from developers Westbrook Partners and Joseph Moinian earlier this year. [TMZ] and [Courthouse News Service]
… [more]
Barclays Capital is hoping to sell 475 Fifth Avenue, which it took back from developers Westbrook Partners and Joseph Moinian earlier this year. Moinian and Westbrook closed on the building for $160 million in 2007. Barclays is now asking $105 million for the property, sources told the New York Observer. That’s about $381 per square foot for the 275,284-square-foot property, which is largely empty, the sources said.
Developer Kent Swig is racing to complete a deal to sell the senior
mezzanine debt at the Sheffield57 condominium to a team led by Fortress
Investment Group, amid a blockbuster derivative lawsuit by his fellow
investors that could affect a final agreement. Under the proposed deal, Guggenheim Structured Real Estate would sell
its debt in the building, which includes a senior mezzanine loan of $76
million, and a junior mortgage loan of about $2 million, sources said. The sources added that Swig and Guggenheim were looking to sell the debt
at 90 cents on the dollar, while most offers were coming in at 60 to 70
cents. The buyers would then foreclose on the note, take over the property,
and pour millions of dollars into the building to complete construction
and cover delinquent payments owed to numerous contractors. “The note’s in default,” said an executive familiar with the
negotiations, “but Guggenheim doesn’t have the [additional] money to
put into the deal that the property needs.”… [more]
For NYC real estate updates provide email below
