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Melohn paid nearly $198M for 32 Old Slip interest

Firm purchased land in the 36-story office tower

From left: 32 Old Slip and Scott Rechler
From left: 32 Old Slip and Scott Rechler

UPDATED, 3:58 p.m., April 28: Melohn Properties paid $197.5 million for an interest in the land underneath 32 Old Slip, a Downtown office tower with 1.2 million square feet of space, according to property records filed with the city Tuesday.

RXR bought the property for $675 million in a deal that closed in April. According to the New York Observer, RXR then sold the land to a group of investors led by Brooklyn-based David Werner and did a 150-year leaseback arrangement with them.

Beacon Capital Partners paid $751 million for the property in 2007. The 36-story tower includes 1.2 million square feet of Class A office space. Insurer American International Group is the building’s largest tenant with roughly 260,000 square feet in a lease set to expire in 2017. Daiwa Capital Markets America, Crystal & Company and the U.S. Department of Education are also among the tenants.

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Meridian Capital, which just launched an investment sales arm, brought GE Capital in to provide $325 million in financing for the deal, as the Observer reported.

Earlier this year, RXR agreed to sell a 50 percent in six of its office towers in Manhattan to Blackstone Group. The deal was valued at about $4 billion. The deal includes the Starrett-Lehigh building.

 In December, Melohn Properties sold a a 17-story rental building at 301 West 45th Street which it had owned since 1978 to Alan Wasserman’s S.W. Management Acquisitions for $132.5 million.

Correction: A previous version of this story incorrectly described Meridian’s involvement in the deal. Meridian was the broker for the financing. 

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