Setai developer pays $53M for Lower Manhattan office building

TRD 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.


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)

Extell, Starwood alums seek $500M for “contrarian” investing

Extell, Starwood alums seek $500M for “contrarian” investing
Extell's Gary Barnett and a rendering of 50 West 66th Street (Courtesy of Snøhetta)

Judge throws cold water on Extell’s UWS condo development

Judge throws cold water on Extell’s UWS condo development
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
Claude Wasserstein and 995 Fifth Avenue (Getty, Google Maps, Sotheby's)

Claude Wasserstein relists UES penthouse for $55M

Claude Wasserstein relists UES penthouse for $55M
Gary Barnett and Sush Torgalkar with 225 West 57th Street, 225 West 86th Street, and 169 Columbia Heights in Brooklyn (Credit: Getty Images, iStock, and CityRealty)

Torgalkar out as CEO of Extell: sources

Torgalkar out as CEO of Extell: sources
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
arrow_forward_ios

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

Loading...