The Real Deal New York

Kushner sells Observer building for $95 million

December 31, 2012 04:00PM

Updated: 11:10 a.m., Jan. 2:

Real estate developer Jared Kushner has sold 321 West 44th Street, where his New York Observer newspaper is headquartered, in an off-market, $95 million transaction, the New York Post reported.

Real estate investment firms East End Capital and GreenOak Real Estate purchased the 10-story, 228,268-square-foot building, located between Eighth and Ninth avenues. Darcy Stacom of CBRE handled the deal.

The Observer currently occupies the entire sixth floor. It has a five-year lease for its 20,000 square-foot space, but Kushner has an option after one year to move the paper to another of his properties, sources told the Post.

The Observer, which Kushner bought in 2006, has a five-year lease for its 20,000 square feet.

The buyers also co-own 256 West 28th Street and 21-27 Mercer Street, and they joined Aby Rosen’s RFR in a $189.3 million purchase of the Young & Rubicam building at 285 Madison Avenue. [NYP]Hiten Samtani