San Francisco-based Spear Street Capital has paid under $250 million to BCN Development for a pre-war Midtown South office tower at 315 Park Avenue South, the New York Post reported. This is the office investor’s first New York City buy.
BCN — run by father-and-son duo Bijon and Craig Nassi — bought the 20-story, 356,000-square-foot building located between 23rd and 24th streets for $265 million in 2007. In August 2012, after being delinquent on the $219 million building loan, the property was at risk of foreclosure, as The Real Deal reported. In December of the same year, the debt was sold to SL Green Realty for $218 million, a deal which was arranged by Eastdil Secured’s Douglas Harmon and Adam Spies.
Representatives from Spear Street, BCN and the brokers involved did not respond to the Post’s requests for comment.
The Nassis then tapped Harmon and Spies to market the property, which boasted $50 million in improvements including new lobbies and roofs. Tenants in the building include Credit Suisse, which has 275,000 square feet, as well as Steve Hanson’s BR Guest and office supplies store Staples. The building could be tapped for residential conversion, as all office leases expire in April 2017. [NYP, 1st item] –Hiten Samtani