Venezuela bank sells Midtown East landmark to Chinese firm for $30M

Sale follows approved rezoning of the district

New York /
Aug.August 14, 2017 10:30 AM

The U.S.-arm of Venezuela’s biggest bank has sold a Midtown East landmark for $30 million.

Mercantil Bank sold 11 East 51st Street, also known as the John Pierce Residence, to Soho China, the New York Post reported. The buyer is China’s largest office developer and a partial owner of the General Motors Building.

The six-story building is across the street from St. Patrick’s Cathedral and adjacent to Venezuela’s consulate. The sale, according to the bank, isn’t related to Venezuela’s struggling economy.

“An opportunity presented itself where we could prudently and profitably dispose of this asset which has been in the works for about two years,” a spokesperson for the bank told the Post.

Ariel Property Advisors’ TRData LogoTINY Victor Sozio, Shimon Shkury, Howard Raber and Jesse Greshin represented the seller.

The sale also follows the approved rezoning of Midtown East. The building on East 51st Street was one of more than 10 landmarks identified by the city as potential sources of air rights for new developments in the district. As part of the rezoning, property owners can buy from an estimated 3.6 million square feet of landmarked air rights to increase building density. Part of the sales proceeds will be dedicated to infrastructure and other public improvements. The John Pierce Residence has an estimated 20,000 square feet of air rights. [NYP] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
Mack-Cali Realty CEO Mahbod Nia and MaryAnne Gilmartin (Photos via Mack-Cali Realty)
Mack-Cali Realty names Mahbod Nia as CEO
Mack-Cali Realty names Mahbod Nia as CEO
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
Mayor Bill de Blasio (Getty, iStock)
NYC to revive $17B in public construction projects
NYC to revive $17B in public construction projects
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
(Getty)
Hotel stocks went bonkers in February
Hotel stocks went bonkers in February
arrow_forward_ios

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

Loading...