Chase to sell 4 New York Plaza at $99/psf
December 17, 2009 10:00AM
4 New York Plaza
JPMorgan Chase is in contract to sell 4 New York Plaza for $108.9 million, or $99 per square foot, the Post reported. The buyers of the 23-story, 1.1 million-square-foot building are Harbor Group International, a real estate company based in Norfolk, Va., and Josh Zamir's Capstone Equities, which owns and operates more than 8 million square feet, including 14 Wall Street and 156 William Street. An e-mail written by Zamir and obtained by the Post revealed that JPMorgan, which had also been previously looking to sell One Chase Manhattan Plaza, would lease back 75 percent of the building at Broad and Water streets for 15 years. The bank is hoping to collect $1 billion total on the sale of a portfolio of 23 office buildings in eight states. [Post]
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Comments
Anonymous
good buy. nice job.
Comment #1 Posted By: Anonymous 12/17/09
Anonymous
This is a preview of what's to come when banks stop pretending that their CRE loans have much value.
Comment #2 Posted By: Anonymous 12/17/09
Anonymous
good job guys! all the best
Comment #3 Posted By: Anonymous 12/17/09
Anonymous
Broker or direct deal?
Comment #4 Posted By: Anonymous 12/17/09
Anonymous
broker...maybe syndicated?
Comment #5 Posted By: Anonymous 12/17/09
Anonymous
I assume vacant occupancy?
Comment #6 Posted By: Anonymous 12/17/09
Anonymous
how the hell do these guys get these deals? this is a steal
Comment #7 Posted By: Anonymous 12/17/09
Anonymous
nope %75 occupied by JP morgan 15 year lease
Comment #8 Posted By: Anonymous 12/17/09
Anonymous
what are the rents/returns on this?
Comment #9 Posted By: Anonymous 12/17/09
Anonymous
Sounds like a good deal....
Comment #10 Posted By: Anonymous 12/17/09
Anonymous
with zamir involved just matter of time for more lawsuits to roll in...
Comment #11 Posted By: Anonymous 12/18/09
Anonymous
If the property is 75% leased then they must be paying an extremely low rent to get this valuation. I wonder if JPMorgan is playing the "earnings" game? Take a "one off" loss (which nobody cares about) selling the building but increase "normal" earnings (which everyone cares about) over the next 15 years with a low rent.
Comment #12 Posted By: Anonymous 12/18/09
Anonymous
Does anyone but #12 read? The building is owned and occupied by Chase. Its not a distressed loan. The building is probably on the books for zero and if Chase weren't the tenant it would probably require $200/SF in capital to re-lease it. Great deal for Chase now; great deal for the owner someday when rents roll over.
Comment #13 Posted By: Anonymous 12/18/09
Anonymous
12 you are saying a sweet heart deal?
Comment #14 Posted By: Anonymous 12/18/09
Anonymous
I think The Broker is George Comfort or Comfort Realty ?????
Comment #15 Posted By: Anonymous 01/04/10