Park Avenue Plaza and second building sold for $569M

TRD 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


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