Minskoff buys out partner Andalex at 101 Sixth Avenue

December 13, 2011 08:46AM

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]