Japanese firm lands $84M financing for Midtown East buy

Seller Vanbarton Group had owned the building since 2018

TRD New York /
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.

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