Cove Property, Baupost to pay $330M for 441 Ninth Ave.

Insurance firm EmblemHealth to vacate Far West Side office building within a year

TRD New York /
Aug.August 12, 2016 11:22 AM

Kevin Hoo’s Cove Property Group and hedge fund the Baupost Group are in contract to buy the office building at 441 Ninth Avenue on Manhattan’s Far West Side for $330 million.

The seller, insurance firm EmblemHealth, currently occupies the entire 423,000-square-foot building but is set to move out within a year. CBRE TRData LogoTINY represented the seller, Real Estate Alert reported.

EmblemHealth’s predecessor Group Health bought the former warehouse, located between West 34th and 35th streets, in 1994 for $30.7 million. The property is across the street from Brookfield’s Manhattan West development and a block away from Related Companies and Oxford Properties Group’s Hudson Yards.

The deal marks the second high-profile acquisition for Cove Property, a new real estate investment firm founded by Savanna alum Kevin Hoo. In March, the firm partnered with Bentall Kennedy to buy Kushner Companies and CIM Group’s 2 Rector Street for $225 million.  [Real Estate Alert]Konrad Putzier 


Related Article

arrow_forward_ios
Steve Croman and 566 Hudson Street (Credit: Google Maps, iStock)

Steve Croman sued over illegally deregulating apartments

Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

Crowdfunding platform launches $20M Opportunity Zone fund

Mark your calendars: These are NYC’s top real estate events next week

Alex Rodriguez, slugger-turned-investor, nears multifamily fundraise goal

Steve Schwarzman questions WeWork’s valuation, the state is coming for LLCs: Daily digest

Real estate stocks dip slightly amid Fed Rate cut, housing starts data

When Bill de Blasio announced the end of his campaign, the industry reacted largely with relief but not surprise (Credit: Getty Images and Pixabay)

De Blasio’s campaign is dead, and real estate is happy

arrow_forward_ios