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

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

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 

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