Billy Macklowe to buy 386 Park Avenue South
While his father is busy planning the city’s next tallest residential tower up the avenue, William Macklowe has entered contract to purchase the office tower at 386 Park Avenue South, according to Crain’s. The sale will reportedly net majority owner Savanna and minority partner Monday Properties between $110 million and $120 million.
The 20-story, 260,000-square-foot building, at East 27th Street, is just 60 percent occupied, but Crain’s speculated that the remaining space wouldn’t be too difficult to fill considering its Midtown South location. That office sub-market has been the city’s best performer for more than a year.
Savanna acquired the majority stake in the building in 2010 for $44.2 million, after foreclosure proceedings began against Monday and Landis Group. That ownership group had acquired the building for $70.1 million in 2005. Eastdil Secured, the brokerage that topped The Real Deal‘s list yesterday of firms facilitating $50 million-plus transactions, marketed the property for Savanna and Monday. [Crain’s]