Brookfield pays $69M for space in Vectra’s Manhattan West holdout building

Developer has been constructing megaproject around the sole property it doesn't own

TRD New York /
Jul.July 20, 2015 02:00 PM

UPDATED, July 20, 2:25 p.m.: Brookfield Property Partners may be one step away from claiming the only remaining parcel surrounded by Manhattan West, its $4.5 billion megaproject on the far West Side.

The developer, based in New York and Toronto, paid $69 million to acquire Planned Parenthood’s 72,500-square-foot space at Vectra Management Group-owned 424 West 33rd Street, according to property records filed with the city Monday. Planned Parenthood had paid $34 million for the commercial condominium in 2012. Vectra still holds the title to the remaining 68,300 square feet in the 13-story building, and it’s unclear whether a deal had been struck for Brookfield to acquire that portion.

Brookfield has been constructing its U-shaped project entirely around Vectra’s property.

Vectra’s Raju Shah told Real Estate Weekly in August that “Brookfield hasn’t made an offer that we found acceptable.”

A representative from Brookfield confirmed the purchase of the Planned Parenthood condo but declined to comment further. Representatives from Planned Parenthood and Vectra did not immediately respond to requests for comment.

Brookfield’s Manhattan West development will contain three mixed-use towers, low-rise retail buildings, A Public Plaza and a hotel. Signed tenants include law firm Skadden, Arps and financial data firm Markit.


Related Articles

arrow_forward_ios
666 Fifth Avenue and Brian Kingston (Google Maps, Brookfield)

Brookfield buys out another tenant at 666 Fifth

Brookfield buys out another tenant at 666 Fifth
Brookfield CEO Brian Kingston

Brookfield’s Brian Kingston on the firm’s mall strategy, $5B retail relief plan and response to George Floyd protests

Brookfield’s Brian Kingston on the firm’s mall strategy, $5B retail relief plan and response to George Floyd protests
Brookfield Property Group CEO Brian Kingston (Credit: Brookfield; Unsplash)

Brookfield Property’s Q1 losses come as retail tenants miss payments

Brookfield Property’s Q1 losses come as retail tenants miss payments
Brookfield Property Partners CEO Brian Kingston and two of Brookfield's largest retail assets, Ala Moana Center in Hawaii and Oakbrook Center in Illinois (Credit: Brookfield; iStock)

Behind Brookfield’s critical Covid moment

Behind Brookfield’s critical Covid moment
Brookfield Property Group’s Brian Kingston, Blackstone Group's Jonathan Gray and 1 Liberty Plaza (Credit: Google Maps)

Brookfield, Blackstone consider One Liberty Plaza sale

Brookfield, Blackstone consider One Liberty Plaza sale
Brookfield's Ric Clark (Credit: Getty Images)

Brookfield’s Ric Clark steps back from day-to-day role

Brookfield’s Ric Clark steps back from day-to-day role
Brookfield Property Partners CEO Brian Kingston (Credit: Brookfield, iStock)

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield

2020 “will get a little better” after peak year for retail bankruptcies: Brookfield
The Eugene at 435 West 31st Street and Brookfield's Ric Clark (Credit: StreetEasy and Brookfield)

Brookfield scores $479M refi on Manhattan West resi tower

Brookfield scores $479M refi on Manhattan West resi tower
arrow_forward_ios

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

Loading...