Investcorp partners with Brickman on $155M two-building buy

MetLife providing $85M loan on purchase of New York REIT properties

New York /
Nov.November 07, 2017 10:45 AM

Bahrain-based bank Investcorp has partnered with Brickman to close on the $155 million purchase of two of New York REIT’s office buildings in the Garment District, sources told The Real Deal.

MetLife provided a roughly $85 million loan for the purchase of 256 West 38th Street and 229 West 36th Street, which closed Monday, sources said. TRD first reported Brickman was nearing a deal in October.

The financing represented 55 percent of leverage. The price per square foot works out to $580. The properties total nearly 270,000 square feet.

Cushman & Wakefield’s Doug Harmon, Adam Spies, Adam Doneger and Kevin Donner represented the seller in the sale, and colleagues Steven Kohn and Gideon Gil brokered the financing. They declined comment, as did Brickman, New York REIT and Investcorp.

The past few months has seen a flurry of New York REIT sales and the real estate investment trust led by Wendy Silverstein liquidates its $2.8 billion New York City office-and-retail portfolio. The REIT is in contract to sell a Midtown office building at 1440 Broadway to CIM Group for $520 million and recently closed on the sales of a stake in One Worldwide Plaza, West 17th Street, and 218-220 West 18th Street. The portfolio’s retail holdings remain on the market.


Related Articles

arrow_forward_ios
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
U.S. District Court Judge Dabney Friedrich (Senate/Chris Coons, iStock)
Judge strikes down federal eviction ban
Judge strikes down federal eviction ban
Sen. Brian Kavanagh and RSA President Joe Strasburg (Getty, Strasburg via Jeffersons Siegel)
Rent relief hinges on dwindling goodwill
Rent relief hinges on dwindling goodwill
Colliers International CEO Jay Hennick (Colliers, iStock)
Colliers’ acquisitions help boost company’s Q1 revenue
Colliers’ acquisitions help boost company’s Q1 revenue
Innovo Property Group CEO Andrew Chung and 1110 Oak Point Avenue 1110 Oak Point Avenue. (New York Expo Center, Innovo)
Innovo Property Group aims to raise $140M for Bronx industrial site
Innovo Property Group aims to raise $140M for Bronx industrial site
Sen. Brian Kavanagh (Getty, iStock)
New York votes to extend eviction ban through August
New York votes to extend eviction ban through August
A rendering of The Pinnacle (Kislak)
Luxury rental complex in Fort Lee sells for $55M
Luxury rental complex in Fort Lee sells for $55M
arrow_forward_ios

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

Loading...