Tribeca, Meadow buy long-term leasehold on Bush Tower
Tribeca Associates and Meadow Partners have bought the long-term leasehold on the 30-story Bush Tower in Times Square from Marwan Dalloul’s American Properties.
The landmarked 210,000-square-foot building at 130 West 42nd Street is more than 80 percent leased, and Tribeca Associates principal Elliott Ingerman told the New York Post that the deal was structured as an upfront payment plus rent payments over time. The sale price wasn’t disclosed to the newspaper.
Dalloul had put the tower on the sale market several times, but the last offering in 2011 was withdrawn after it failed to find its asking price of $165 million.
Ingerman told the Post that renovation plans include new lobbies, elevators and pre-built units, mostly for tenants need up to 5,000 square feet. Asking rents per square foot will be in the high $50s for the lower floors and in the $60s for the tower, with CBRE Group handling the leasing. [NYP] – Hiten Samtani