New York-based pension fund TIAA-CREF has bought control of the land beneath 425 Park Avenue for $315 million, according to city records. The land was previously owned by the Goelet family, a major New York landowner in the early 19th century, Real Estate Weekly reported.
The deal comes less than a week after the fund’s purchase of the Corner, the Upper West Side rental tower that opened last year at 72nd Street and Broadway, for $209 million.
At 425 Park, though, the fund will only have ownership of the land itself.
David Levinson and Robert Lapidus’ L&L Holdings is slated to take control of the lease in 2015, after purchasing it in 2006. The company may opt to demolish the building and develop the site, which occupies an entire city block between 55th and 56th streets. [Real Estate Weekly]