That was quick! Kushner, CIM score $150M for 200 Lafayette

New York /
Sep.September 19, 2013 11:39 AM

JCPenney’s office building at 200 Lafayette Street, owned by a joint venture between Jared Kushner and Los Angeles-based private equity firm CIM Group, will be purchased by real estate investment trust General Growth Properties for just over $150 million in cash.

The deal, set to close at the end of the month, was signed in the last few days, sources told the New York Post, reportedly preempting the sales process spearheaded by Douglas Harmon and Adam Spies of Eastdil Secured.

Less than a month ago, Kushner and CIM were seeking between $150 and $170 million for the building, as The Real Deal reported. Kushner and CIM purchased 200 Lafayette, on the corner of Broome Street, from the Zaccaro family for $50 million in 2011. The partnership then invested $30 million to modernize the building.

Chicago-based General Growth owns 128 million square feet in 123 malls across the country, but one mall in Staten Island is so far its only holding in the five boroughs.

JCPenney signed a triple-net, 15-year lease in May 2012 for the building’s entire 127,559 square feet. An additional 16,130 square feet on the sixth floor is the only remaining space available, according to CoStar data cited by the Post. [NYP]Julie Strickland


Related Articles

arrow_forward_ios
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
HFZ's Ziel Feldman and CIM's Shaul Kuba (Getty, iStock)

HFZ sues CIM to halt condo foreclosure sale

HFZ sues CIM to halt condo foreclosure sale
HFZ Chairman and Founder Ziel Feldman (Credit: Monica Schipper/Getty Images)

Four of HFZ’s condo loans being shopped in foreclosure sale

Four of HFZ’s condo loans being shopped in foreclosure sale
Avi Shemesh, Richard Ressler, and Shaul Kuba, and the towers

CIM’s $500M multifamily buy in Northern Virginia among priciest ever

CIM’s $500M multifamily buy in Northern Virginia among priciest ever
Jared Kushner and Cadre CEO Ryan Williams (Getty, iStock)

Jared Kushner’s plan to unload Cadre stake shelved by pandemic

Jared Kushner’s plan to unload Cadre stake shelved by pandemic
229 West 43rd Street and Charlie Kushner (Google Maps, Getty)

Kushner Companies’ Times Square retail condo headed to auction

Kushner Companies’ Times Square retail condo headed to auction
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green in talks to sell loans to CIM, Rockwood

SL Green in talks to sell loans to CIM, Rockwood
Charlie Kushner and Harbor Point Estate in Maryland (Credit: Sasha Maslov; Harbor Point Estates)

Kushner Cos. pushes ahead with eviction lawsuits: report

Kushner Cos. pushes ahead with eviction lawsuits: report
arrow_forward_ios

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

Loading...