Kemsley’s 100 Fifth, 183 Madison find buyers

TRD New York /
Sep.September 22, 2010 08:30 AM

Paul Kemsley

Two Manhattan office buildings once owned by fallen British property tycoon Paul Kemsley are slated to Emerge From Bankruptcy Court in the U.K. with buyers by the end of the year, according to the Post. The first, the 258,000-square-foot 100 Fifth Avenue, near Union Square, will go to Invesco for $93.5 million, or $360 per square foot. The second, 183 Madison Avenue, which contains 246,000 square feet on the corner of 34th Street, is being scooped up for $75 million by Peter Armstrong and his Rigby Asset Management, alongside Argentinian fund IRSA. That deal works out to $305 per square foot. The two properties were taken into receivership by PricewaterhouseCoopers last year as Kemsley’s portfolio took a severe beating in the midst of falling commercial real estate prices. Studley’s Woody Heller, who was marketing the buildings with colleague Will Silverman, said “the market’s reaction was extraordinary” to the properties. The pair led more than 70 tours of each building, which Heller said is more than when he sold the Chrysler Building. [Post]

 

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