Chase sells Rockefeller Center bank site for $28M

TRD New York /
Oct.October 02, 2008 12:12 PM

JPMorgan Chase sold a Rockefeller Center banking location for $28 million to an entity that may turn the 18,598-square-foot building into a hotel.

Chase sold the four-story building at 11 West 51st Street to a real estate investment trust on August 14, according to city property records posted today.

The next day, the new owner, called 11 West 51 Realty, inked an option agreement with a limited liability company controlled by Rockwood VI REIT, whose vice president is Peter Falco, public records showed. Falco also serves as senior managing director of White Plains-based Rockwood Capital, a private real estate investment company.

The agreement gives the Rockwood entity called RCQ Hotel RC-ANX the option to buy the property.

The owner, 11 West 51 Realty, applied for permits to build a 14-story hotel structure at the site with first-floor commercial space, but the plans were disapproved September 19, according to the city’s Department of Buildings Web site.

Rockwood did not immediately respond to a request for comment. A spokeswoman for Chase declined to comment on the sale.

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Steve Roth and Miki Naftali with 1167 Madison Avenue and 50 East 86th Street (Credit: Google Maps)

Naftali buys two vacated Vornado properties for $71M

US rent payments in the 2010s totaled $4.5T

Why New Yorkers, Californians and others pay so much rent

Robert Futterman and 345 West 13th Street (Credit: Getty Images and StreetEasy)

Robert Futterman sells West Village penthouse

The $100M club: LA’s priciest mansions are having a moment

The $100M club: LA’s priciest mansions are having a moment

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M