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

28 West 44th Street

28 West 44th Street in Midtown

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