Billy Macklowe, Spear St. both selling Midtown South towers

Developers set to book big profits in deals for Park Avenue South buildings

New York /
Dec.December 17, 2014 08:40 AM

Two prominent developers are in contract to sell a pair of Midtown South towers, one for almost $1,100 per square foot and one for roughly $770 per square foot.

Spear Street Capital’s 315 Park Avenue South, the more expensive one of the two, is in contract for $375 million, according to the New York Post. Spear Street  bought the 330,000-square-foot tower in 2013 for $234.3 million.

Meanwhile, Billy Macklowe is selling 386 Park Avenue South for roughly $200 million, according to the newspaper. Macklowe purchased the property for $111.5 million in 2012.

Both owners recently renovated their buildings.

Eastdil Secured’s Douglas Harmon and Adam Spies marketed the properties. 

An unidentified non-New York based publicly traded company is buying 315 Park Avenue South, the newspaper reported. Billionaire William Fung’s HSR Corporation is buying 386 Park Avenue South.

[NYP, 1st] — Claire Moses

 

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