World-Wide Group snags Bloomingdale’s building for $37M

Now has 300,000 square feet of development rights at site: source

TRD New York /
Feb.February 11, 2014 12:37 PM

The development firm World-Wide Group paid $37 million for an 11-story commercial building at 155 East 60th Street across the street from Bloomingdale’s flagship store in Lenox Hill.

The purchase from Bloomingdale’s gives World-Wide a total of about 300,000 square feet of development rights along East 60th Street, between Lexington and Third avenues, a source close to the deal said.

The firm had previously acquired 143 (home to the famous dive bar, Subway Inn), 145-147, 149, 151 And 153 East 60th Street. With the new purchase, the firm now owns 200 feet of frontage along East 60th Street. It does not own the 20-foot wide corner building, 767 Lexington Avenue, city records show.

World Wide, headed by Victor Elmaleh, closed on the purchase of the 78,723-square-foot commercial building on Jan. 24, after going into contract in September, city records recorded today reveal.

That same day, the company took out a $26.5 million mortgage from M&T Bank covering the buildings from 143 to 153 East 60th Street, and a $32.5 million mortgage from the same lender secured by the newly acquired building.

World-Wide is active in the city. Last fall, it began construction on a long-stalled site in Long Island City where it is raising a $157 million rental building. It is also constructing a 59-story residential tower at 252 East 57th Street.

Bloomingdale’s and World-Wide did not immediately respond to a request for comment.

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