UPDATED, 11:28 a.m., July 15: Adam Flatto’s Georgetown Company and a Bill Ackman-controlled investment fund closed on a commercial building at 787 11th Avenue on the Far West Side that they partnered to buy for roughly $250 million.
The buyers acquired the property last week from Ford Motor Company, which paid $73 million to buy and renovate the site, between West 54th and West 55th Streets, for $73 million in 1997. They entered contract in May, when the price was not yet known.
Ford used the eight-story, 464,000-square-foot building, which it put on the market in March, as a service center for its Ford and Lincoln brands. Jaguar and Land Rover dealerships occupy the building’s ground-floor retail space.
Pershing Square Capital Management, Ackman’s $18 billion hedge fund, will move into a portion of the building, according to the New York Observer. A JPMorgan Asset Management fund provided a $180 million bridge loan for the acquisition.
A CBRE team led by Darcy Stacom and Bill Shanahan brokered the deal, with additional teams from CBRE and Ackman-Ziff negotiating the financing. [NYO] – Rey Mashayekhi