David Tawfik’s Princeton International Properties has entered contract to purchase a Bryant Park office tower for less than $500 per foot. The deal is for the 220,000-square-foot Park House, at 104 West 40th Street, which was sold by Savanna for $105 million.
Savanna acquired the building about two years ago in an innovative deal that involved purchasing ING’s defaulted debt on the property for about $61.7 million, after a previous buyer paid $140 million for the tower in 2007. Savanna renovated the building and brought occupancy to 70 percent, according to the Post. Rents for office space in the building, being marketed by CBRE Group, currently range between the high-$40s per foot to the mid-$60s.
The Post said the building is landmarked and sits next to the construction site where 7 Bryant Park is rising. Princeton adds this property to a portfolio that includes 150 East 52nd Street, 650 First Avenue and 232 Madison Avenue. The Bryant Park building was listed since early August by Douglas Harmon and Adam Spies of Eastdil Secured. [Post, 2nd item] — Adam Fusfeld