The Real Deal New York

APF pays Pru $188M for full control of Midtown property

Investor and Prudential bought the building at 28 West 44th Street for $161M in 2011
December 22, 2014 08:05AM

APF Properties has bought out Prudential Real Estate Investors and is now the sole owner of 28 West 44th Street.

APF paid $188 million for the 80 percent stake in the 372,000-square-foot building, according to the Wall Street Journal. The pair of investors bought the 22-story Midtown building in 2011 for $161 million. Since 2011, the value of the building has risen to around $235 million, according to the newspaper. That works out to a 46 percent increase.

The office tower is 99 percent occupied, according to the newspaper and has undergone roughly $9 million in renovations. Asking rents in the building average in the high $50s.

APF also owns nearby 25 West 45th Street and 1156 Avenue of the Americas. [WSJ, 1st] — Claire Moses