Setai developer pays $53M for Lower Manhattan office building

New York /
Jan.January 18, 2013 04:00 PM

A Lower Manhattan office building has sold to an Italian real estate development firm for $53 million, according to records filed with the city today. Bizzi & Partners, a Milan-based developer, nabbed the 12-story building at 350 Broadway, situated between Leonard and Franklin streets in another last minute trade before the end of 2012.

The seller, an entity identified only as Hampstead LLC, did not have a phone number listed.

The building was previously owned by Extell Development, which sold the 114,000 square-foot office space to Hampstead for $39.5 million in 2006 —a profitable flip, since Extell had bought it for $30 million from the Feil Organization 18 months earlier.

Bizzi’s other projects include 400 Fifth Avenue, a combination condominium and hotel known as the Setai Fifth Avenue. Last October, Bizzi sold the hotel portion of the development to hospitality operator Great Eagle Group for $229 million.

A representative for Bizzi confirmed the sale but declined further comment.


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