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.


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
Extell's Gary Barnett and Central Park Tower
Central Park Tower condo sells for half its asking price
Central Park Tower condo sells for half its asking price
Gary Barnett with an aerial of 738 and 740 Eighth Avenue (Google Maps)
Extell’s Times Square megaproject advances with $82M deal
Extell’s Times Square megaproject advances with $82M deal
Extell’s Columbus Circle dev site dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Robert Herjavec and One57 (Getty, Beyond My Ken/Wikimedia)
Robert Herjavec buys One57 condo at $13M discount
Robert Herjavec buys One57 condo at $13M discount
Kevin Clayton with Central Park Tower (Clayton Homes, Central Park Tower)
CEO of modular homebuilder buys condo on Billionaires’ Row
CEO of modular homebuilder buys condo on Billionaires’ Row
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett and Jay and Stuart Podolsky in front of 1645 First Avenue (Getty, Google Maps)
Gary Barnett site has one problem: the Podolsky brothers
Gary Barnett site has one problem: the Podolsky brothers
arrow_forward_ios

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

Loading...