Minskoff buys out partner Andalex at 101 Sixth Avenue

New York /
Dec.December 13, 2011 08:46 AM

alternate
text
From left: Edward Minskoff and 101 Sixth Avenue (building credit: PropertyShark)
Edward Minskoff has bought out partner Andalex Group at 101 Sixth Avenue for an undisclosed price, the New York Post reported. Minskoff had owned at 32 percent stake in the building before the purchase, and now takes complete control of the 425,000-square-foot tower, which will be vacant once SEIU Local 32BJ moves out (it’s moving to 620 Sixth Avenue).

The building, between Watts and Grand streets in Soho, is undergoing a gut renovation in hopes of attracting entertainment, media and technology companies. Minskoff selected a Jones Lang LaSalle team led by Mitchell Konsker and Paul Glickman to fill the building at about $65 to $75 per square foot.

The Post cited sources who said Minskoff was compelled to sell the building because of disagreements between he and the Andalex Group — especially with regards to finding a tenant to replace the departing union. Earlier this year, the Local 32BJ sued the landlord partnership over revenue sharing agreements. [Post, 1st item]


Related Articles

arrow_forward_ios
1325 Sixth Avenue and 10 Jay Street (Paramount Group, ODA)
Manhattan’s sublease glut may be coming to an end
Manhattan’s sublease glut may be coming to an end
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
Newmark’s Barry Gosin (left) and CBRE’s Bob Sulentic
Weird flex but OK: How CRE giants hope to cash in on the future of the office
Weird flex but OK: How CRE giants hope to cash in on the future of the office
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
JLL CEO Christian Ulbrich (Photo via Jll/Twitter; Photo Illustration by Kevin Rebong for The Real Deal)
JLL earnings fell 24% in 2020
JLL earnings fell 24% in 2020
arrow_forward_ios

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

Loading...