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

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

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.


Related Articles

arrow_forward_ios
1333 South Congress Avenue in Austin, Texas and Tecovas CEO Paul Hedrick (Google Maps, Twitter)
These boots are made for lending
These boots are made for lending
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Regent Properties buys Texas office building for $174M
Noam Ben-Zvi, chief executive officer, Placer.AI (Placer.AI, iStock)
Location data firm Placer.ai hits unicorn status with $100M Series C
Location data firm Placer.ai hits unicorn status with $100M Series C
Is “medtail” a cure for Manhattan’s vacant storefronts?
Is “medtail” a cure for Manhattan’s vacant storefronts?
Is “medtail” a cure for Manhattan’s vacant storefronts?
Sunshine Powers in her artisanal tie-dye shop, Love on Haight (Photo courtesy of Emily Landes)
How Haight-Ashbury got through the pandemic
How Haight-Ashbury got through the pandemic
CIM Real Estate Finance Trust selling retail portfolio for $1.3B
CIM Real Estate Finance Trust selling retail portfolio for $1.3B
CIM Real Estate Finance Trust selling retail portfolio for $1.3B
301 Norman Avenue in Brooklyn and 72 Mercer Street with Vornado's Steven Roth (Google Maps, Avison Young, Getty)
Vornado takes another retail loss as investors remain drawn to warehouses
Vornado takes another retail loss as investors remain drawn to warehouses
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
Dollar General to open 1k stores aimed at wealthier, more suburban shoppers
arrow_forward_ios

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

Loading...