Boston-based TA Realty picks up
Diamond District building for $40M

The building 1200 Sixth Avenue has 22K sf of air rights

Apr.April 21, 2017 11:00 AM

Boston-based asset manager TA Realty bought a six-story building at 1200 Sixth Avenue for $40 million, or $1,861 per square foot.

The building has 21,492 square feet, the New York Post reported, citing sources. It’s been owned by two families since 1984, and comes with 22,300 square feet of air rights, according to the newspaper. Darcy Stacom of CBRE marketed the building on behalf of the sellers.

Tenants in the building include a Pret A Manger and jewelers, and it is currently 70 percent leased.

This is the first time TA Realty has invested in the city. The company is owned by Rockefeller Group International, a subsidiary of Mitsubishi Estate Company.

TA Realty has acquired, invested and managed more than $26 billion in real estate since 1982, according to the website. This month, the company sold a 45-asset portfolio to Brookfield Asset Management for $854.5 million. The assets are in Los Angeles, Dallas, Chicago and Washington D.C. and Miami-Dade.

In March, the firm bought a 145,800-square foot warehouse in the the Florida town of Davie for $22 million. [NYP]Miriam Hall

Related Articles

Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

(Illustration by Daniel Castro Maia)

Why real estate is still tangled up with the mob

Paul Massey’s B6 Real Estate hit with layoffs

Paul Massey’s B6 Real Estate hit with layoffs

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth