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
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Attorney General Letitia James and A&E Real Estate CEO James Patchett (Getty, iStock)
A&E pays just $510K in lead-paint settlement
A&E pays just $510K in lead-paint settlement
Seeding from recapitalization of 25 health care properties
KKR, Cornerstone in $1B JV to develop health care facilities
KKR, Cornerstone in $1B JV to develop health care facilities
The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
Halloween Adventure to vacate East Village home as retail condo hits market
Halloween Adventure to vacate East Village home as retail condo hits market
Bluerock Residential CEO Robert Ramin Kamfar (Owler)
NY-based multifamily REIT Bluerock explores sale
NY-based multifamily REIT Bluerock explores sale
Two more rent law challenges tossed, landlords reserve hope in appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
Big month for retail sales bodes well for landlords
Big month for retail sales bodes well for landlords
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
arrow_forward_ios

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

Loading...