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

Sale follows approved rezoning of the district

TRD 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
Andrew Florance, CEO of CoStar (Photo by Jeffrey MacMillan for the Washington Post)

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts

EXCLUSIVE: CoStar’s Andy Florance on buying Ten-X, the future of office buildings and why brokers don’t need discounts
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
CEO Andrew Florance (Credit: CoStar via YouTube)

CoStar buying Ten-X for $190M

CoStar buying Ten-X for $190M
Small landlords, such as Jan Lee, a New York landlord who owns two buildings, say Wall Street players will take their place unless rent relief comes soon. (Credit: Twitter; background via BRYAN R. SMITH/AFP via Getty Images)

Small landlords call for rent relief package, fearing Wall Street takeover

Small landlords call for rent relief package, fearing Wall Street takeover
Cohen Brothers Realty president and CEO Charles Cohen and Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler

Hear from billionaire Charles Cohen on today’s TRD Talk

Hear from billionaire Charles Cohen on today’s TRD Talk
Northwind's Ran Eliasaf

Northwind Group launches $220M debt fund focused on NYC

Northwind Group launches $220M debt fund focused on NYC
(Credit: iStock, Pixabay)

NY bill would let businesses take temperatures, refuse entry

NY bill would let businesses take temperatures, refuse entry
arrow_forward_ios

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

Loading...