Tribeca, Meadow buy long-term leasehold on Bush Tower

TRD New York /
Sep.September 17, 2013 10:45 AM

Tribeca Associates and Meadow Partners have bought the long-term leasehold on the 30-story Bush Tower in Times Square from Marwan Dalloul’s American Properties.

The landmarked 210,000-square-foot building at 130 West 42nd Street is more than 80 percent leased, and Tribeca Associates principal Elliott Ingerman told the New York Post that the deal was structured as an upfront payment plus rent payments over time. The sale price wasn’t disclosed to the newspaper.

Dalloul had put the tower on the sale market several times, but the last offering in 2011 was withdrawn after it failed to find its asking price of $165 million.

Ingerman told the Post that renovation plans include new lobbies, elevators and pre-built units, mostly for tenants need up to 5,000 square feet. Asking rents per square foot will be in the high $50s for the lower floors and in the $60s for the tower, with CBRE Group handling the leasing. [NYP]  – Hiten Samtani

Related Articles

51 West 52nd Street and ViacomCBS CEO Bob Bakish (Credit: Google Maps and Getty Images)

Following merger, Viacom could sell CBS’ Midtown HQ

William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

275 Park Avenue in Brooklyn (Credit: StreetEasy)

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals

295 Fifth Avenue with Tribeca Associates principals Elliot Ingerman and Bill Brodsky (Credit: Google Maps, LinkedIn)

Textile Building to get $300M overhaul

mary ann tighe

WATCH: Mary Ann Tighe on rebuilding Lower Manhattan after 9/11

Who needs New York? Garden State multifamily portfolio trades for $146M

Who needs New York? Garden State multifamily portfolio trades for $146M