APF Properties is buying 183 Madison from Tishman Speyer

Tishman and Cogswell-Lee owned it for four years 

May.May 08, 2018 05:54 PM

From left: Kenneth Aschendorf, Berndt Perl, Rob Speyer and 183 Madison Avenue

Kenneth Aschendorf and Berndt Perl’s APF Properties entered contract to pick up a Midtown office building along Madison Avenue from Tishman Speyer and Cogswell-Lee Realty for about $225 million, sources told The Real Deal.

The 19-story, 274,000-square-foot Art Deco property at 183 Madison Avenue has been on the market since August. Tishman Speyer and Cogswell-Lee, which paid $185 million for it in 2014, had hired CBRE to market it for sale.

If the deal closes, the price would come out to about $820 per square foot.

The property is 88 percent leased, with tenants such as architecture firm Spector Group and multiple fashion companies like Chantelle, Puig, Dreamwear and Mundi Westport.

Neither Tishman Speyer nor APF could be immediately reached for comment. CBRE’s Darcy Stacom and Bill Shanahan, who are brokering the deal, declined to comment.

APF is planning to double the size of a 50,000-square-foot Soho office building it bought last year for $65 million.

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