Japanese firm lands $84M financing for Midtown East buy

Seller Vanbarton Group had owned the building since 2018

Nov.November 20, 2019 06:34 PM
305 East 46th Street (Credit: iStock)

305 East 46th Street (Credit: iStock)

Shimizu Realty Development has entered the New York market, scooping up the United Nations-leased Albano building in Midtown East for $152 million, the firm announced.

The buyer, a subsidiary of Tokyo-based construction giant Shimizu Corporation, also landed an $84 million loan from Sumitomo Mitsui Banking Corporation for the acquisition of the office building, records show.

In a press release, Shimizu said the deal represents the firm’s plans to expand its real estate development business in North America.

The seller of 305 East 46th Street was the Vanbarton Group, headed by Richard Coles and Gary Tischler. Vanbarton had owned the 16-story building since 2018, when the firm acquired it for $117 million.

The Albano measures about 187,000 square feet, pricing the deal at about $813 per square foot, and sits between Second and First avenues, near the U.N. building.

Vanbarton renewed the building’s lease with the U.N. and put the property on the market in May with Eastdil Secured, according to Real Estate Alert, which also first reported news of the transaction.

Vanbarton unloaded another Midtown office building recently. The real estate investment company in July went into contract to sell 45 West 45th Street to Swiss real estate investment firm AFIAA for $126 million.

A representative from Vanbarton was not immediately available to comment on the deal.

Related Articles

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M

1115 Broadway, RXR Realty's Scott Rechler, 2413 Third Avenue and 9 Bruckner Boulevard in the Bronx (Credit: Getty Images; Google Maps)

Flatiron office building leads New York’s mid-market investment sales

Clockwise from left: The Chrysler Building, The Putnam Portfolio, CBRE's Darcy Stacom, JLL's Andrew Scandalios, The Coca-Cola Building and Cushman & Wakefield's Doug Harmon

A tight hustle: TRD’s annual tally of the city’s biggest investment sales firms

Rodrigo Niño, 17 John Street and 85 West Broadway (Credit: Prodigy Network, Google Maps)

Crowdfunding firm seeks $30M bailout for second commercial building

150-152 East 79th Street (Credit: Google Maps)

HFZ assemblage play leads New York’s mid-market investment sales

Blackstone's Jonathan Gray, Gaedeke Group's Sabine Gaedeke Stener and 44 Wall Street (Credit: Stener by Gaedeke Group; Gray by Drew Angerer/Getty Images, 44 Wall Street via Google Maps)

Blackstone sells office tower at 44 Wall Street for $200M

Clockwise from top left: 136-18 Maple Avenue in Flushing, 109 Avenue A and 47-49 West 39th Street (Credit: Google Maps)

Flushing vacant lot leads New York’s mid-market investment sales