Vanbarton buying 990 Sixth for $320M

Investor could convert Midtown building’s 320 rental units to condos

TRD New York /
Sep.September 19, 2017 04:55 PM

From left:The Vanbarton Group’s Richard Coles, Gary Tischler and 990 Sixth Avenue (Credit: CityRealty)

The Vanbarton Group is in contract to pay close to $320 million to buy the 400,000-square-foot rental building at 990 Sixth Avenue.

That’s a 20 percent discount on the $400 million asking price the property carried when it hit the market in May.

The investor has the option of converting the 25-story tower’s 320 rental apartments into condominiums or renovate the property to bring in higher rents, Crain’s reported.

The property, also known as the Vogue, was built by landlord Isidore Karten in 1987 and hasn’t been significantly upgraded since. Karen passed in 1999 and left the property to his three adult children.

The building has about 65,000 square feet of office space on its lower floors, a 120-space parking garage and 12,000 square feet of retail space on the ground floor.

Vanbarton TRData LogoTINY, which investors Gary Tischler and Richard Coles spun off from the former Emmes Group of Companies in 2015, recently exited its partnership at the rental tower at 180 Water Street, where Nathan Berman’s Metro Loft Management bought the partner out for $450 million.

The company last year paid $180 million to buy the 26-story office building at 292 Madison Avenue. [Crain’s]Rich Bockmann


Related Articles

arrow_forward_ios
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
Peter Nicoletti and Colliers' David Amsterdam

Colliers taps JLL’s Peter Nicoletti to lead capital markets

Colliers taps JLL’s Peter Nicoletti to lead capital markets
City Council member Keith Powers (Getty)

Pol, biz groups: Suspend rent tax, extend outdoor dining

Pol, biz groups: Suspend rent tax, extend outdoor dining
Only 9 percent of workers had returned to Midtown and 8 percent to Downtown. (iStock)

Where is everybody? City workers still home

Where is everybody? City workers still home
arrow_forward_ios

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

Loading...