Blackstone looking to sell leasehold on 1140 Sixth Avenue

Fund manager took control of the 20-story tower in 2011

Dec.December 03, 2015 05:53 PM

The Blackstone Group is looking to sell the leasehold on an office tower at 1140 Sixth Avenue, according to sources.

The investment giant took control of the leasehold in 2011, when it bought a non-performing note on the asset for close to $100 million. Rockpoint Group and Stellar Management were the previous owners, but defaulted on the leasehold during the market downturn. The estate of Sol Goldman owns the land underneath the property.

HFF’s Eric Anton, David Fowler and Andrew Scandalios are marketing the asset. They did not respond to requests for comment by press time.

Blackstone is likely to make a hefty profit on the 20-story, 222,500-square-foot tower, which sits at the corner of 44th Street.

It scooped up numerous properties at bargain prices during the most recent market downturn. In July, for example, it sold the New York Times offices at 229 West 43rd Street for $516 million, four years after buying the office condo for $160 million.

More recently, Blackstone made headlines by buying Stuyvesant Town/Peter Cooper Village for $5.3 billion in partnership with Ivanhoe Cambridge.

Blackstone declined to comment.

Related Articles

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

Liberty View Plaza at 850 3rd Avenue and Marvin Schein (inset) (Photo by Axel Dupeux)

City lets Salmar bring office tenants to Brooklyn industrial property

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Blackstone's Jonathan Gray and an aerial of Industry City (Credit: Getty Images and Google Maps)

Industry City gets $720M refinancing

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

Blackstone Chairman Stephen Schwarzman (Credit: Blackstone via YouTube)

It will make you laugh, it will make you … cringe: Blackstone’s latest holiday video

Jonathan Gray

Moving out: Blackstone sells remaining stake in Invitation Homes