The Real Deal New York

TH Real Estate, Taconic buy 440 Ninth Ave for nearly $270M

Companies purchased building from Japanese investor Unizo Holdings
December 07, 2018 01:35PM

440 Ninth Avenue

TH Real Estate and Taconic Investment Partners have closed on their $269 million purchase of 440 Ninth Avenue on the Far West Side.

Japanese investor Unizo Holdings sold the property as part of the unloading of its Manhattan portfolio worth more than $1 billion, according to Commercial Observer. TH and Taconic plan to renovate the lobby, elevator and mechanical systems at the 18-story, 411,000-square-foot building.

MetLife Real Estate Investors financed the deal with a $137 million mortgage.

Unizo bought the property for $211 million in 2013, and the building marked its first purchase in Manhattan. It began selling off its properties earlier this year. The Real Deal previously reported that the company was looking to sell the Ninth Avenue property for more than $250 million.

The company agreed to sell 370 Lexington Avenue to Broad Street Development in September for about $190 million and has reportedly been in talks with Related Companies and East End Capital to sell 321 West 44th Street for about $150 million.  The prices for both buildings would represent a loss. [CO]Eddie Small