Blackstone looks to cash out at 1411 Broadway

TRD NEW YORK /
May.May 16, 2012 11:00 AM

The Blackstone Group wants to unload its 51 percent stake in 1411 Broadway, Crain’s reported. The private equity firm has given the building’s co-owner, San Francisco-based Swig Company, an exclusive window to take the stake or find a partner.

Swig Company — which was founded by Kent Swig’s grandfather, but the financially troubled New York developer is not involved in its operations — developed the 40-story, 1.2 million-square-foot office tower between West 39th and West 40th streets in 1970 with Jack Weiler. Weiler sold his stake to Trizec Properties 27 years later, and Blackstone-led partnership bought out Trizec as part of a larger deal in 2006.

Crain’s said the property would likely attract several bidders due to the dearth of supply on the market, but questioned why Blackstone is pursuing a sale considering its recent maneuvers in nearby properties. It recently purchased 1040 Sixth Avenue Near 40th Street and the top floors of 229 West 43rd Street for $160 million. [Crain’s]


Related Articles

arrow_forward_ios
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)

These were the top outer borough loans last month

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Brookfield Property Group’s Brian Kingston, Blackstone Group's Jonathan Gray and 1 Liberty Plaza (Credit: Google Maps)

Brookfield, Blackstone consider One Liberty Plaza sale

Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

arrow_forward_ios
Loading...