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

Companies purchased building from Japanese investor Unizo Holdings

New York /
Dec.December 07, 2018 01:35 PM

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


Related Articles

arrow_forward_ios
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
Knotel CEO Amol Sarva (Sasha Maslov, Knotel, iStock)

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel

Evictions, unpaid vendors and back rent: Lawsuits mounting against Knotel
From left: former Vornado CFO Joseph Macnow; ; Howard Hughes Corporation CEO David O’Reilly, former Cushman & Wakefield CFO Duncan Palmer (Photos via Vornado, Howard Hughes, Cushman & Wakefield)

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes

Leadership shake-ups hit Vornado, Cushman & Wakefield and Howard Hughes
B6's Paul Massey and Tom Gammino (Photos via B6; Jll)

Tom Gammino joins Paul Massey’s B6

Tom Gammino joins Paul Massey’s B6
Residential construction accounted for 44% of spending in October. (iStock)

Housing drives rise in construction spending October

Housing drives rise in construction spending October
Ken TaeHern Kim and Zhongyuan Li with Fairmont San Francisco (Linkedin, Google Maps)

Mirae Asset wins lawsuit over scrapped $5.8B Anbang hotel deal

Mirae Asset wins lawsuit over scrapped $5.8B Anbang hotel deal
Foot traffic in Union Square, the Flatiron District and Chelsea is down by 50% from February. (Getty)

Foot traffic remains low in prime Manhattan neighborhoods

Foot traffic remains low in prime Manhattan neighborhoods
Shadow inventory in Manhattan’s flex-office market is contributing to the rising overall availability rate (iStock)

WeWork and Co’s woes add to rising shadow office inventory

WeWork and Co’s woes add to rising shadow office inventory
arrow_forward_ios

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

Loading...