Park Avenue Plaza and second building sold for $569M

New York /
Oct.October 27, 2011 01:35 PM

[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, according to PropertyShark.com.  

The second property, a seven-story office building, previously served as the home of the famous Vanderbilt family, the Julliard School and CBS Radio Studios. It was converted into offices by Fisher Brothers in the 1980s.

Rockpoint has been selling a few of its key Manhattan assets in return for large sums. The Alaska Permanent Fund agreed to pay $1,075 per square foot for a 49.5 percent stake it was listing at 299 Park Avenue earlier this year, in a deal revaluing the property at $1.25 billion. — Katherine Clarke


Related Articles

arrow_forward_ios
BlackRock's Larry Fink, with 98 Riverside Drive (BlackRock)
BlackRock sells stabilized UWS rental for $90M after landmark designation
BlackRock sells stabilized UWS rental for $90M after landmark designation
Midwood's John Usdan with Candela Tower (Midwood, Candela Tower)
Midwood closes on $102M West Village property, plans renovations
Midwood closes on $102M West Village property, plans renovations
BRP, BlackRock nab $91M for Long Island project
BRP, BlackRock nab $91M for Long Island project
BRP, BlackRock nab $91M for Long Island project
John Usdan with 56 7th Avenue (Streeteasy, Midwood Investment)
Midwood buying West Village apartment building for $100M
Midwood buying West Village apartment building for $100M
Steve Witkoff and Kenneth Fisher with XI project, Manhattan Mini Storage, Park Avenue Plaza, 292 5th Avenue (Fisher Brothers, Witkoff, iStock)
Financing for huge self-storage deal leads Manhattan’s real estate loans
Financing for huge self-storage deal leads Manhattan’s real estate loans
Dan Garodnick (Getty, iStock)
Dan Garodnick to head City Planning
Dan Garodnick to head City Planning
Morgan Stanley inks massive lease at Fisher Brothers’ Park Avenue Plaza
Morgan Stanley inks massive lease at Fisher Brothers’ Park Avenue Plaza
Morgan Stanley inks massive lease at Fisher Brothers’ Park Avenue Plaza
55 East 52nd Street and Kenneth Fisher (Court Square, Fisher Brothers)
What the financial titans pay at Fisher Brothers’ Park Avenue Plaza
What the financial titans pay at Fisher Brothers’ Park Avenue Plaza
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...