Cove Property, Baupost to pay $330M for 441 Ninth Ave.
Insurance firm EmblemHealth to vacate Far West Side office building within a year
Kevin Hoo’s Cove Property Group and hedge fund the Baupost Group are in contract to buy the office building at 441 Ninth Avenue on Manhattan’s Far West Side for $330 million.
The seller, insurance firm EmblemHealth, currently occupies the entire 423,000-square-foot building but is set to move out within a year. CBRE [TRDataCustom] represented the seller, Real Estate Alert reported.
EmblemHealth’s predecessor Group Health bought the former warehouse, located between West 34th and 35th streets, in 1994 for $30.7 million. The property is across the street from Brookfield’s Manhattan West development and a block away from Related Companies and Oxford Properties Group’s Hudson Yards.
The deal marks the second high-profile acquisition for Cove Property, a new real estate investment firm founded by Savanna alum Kevin Hoo. In March, the firm partnered with Bentall Kennedy to buy Kushner Companies and CIM Group’s 2 Rector Street for $225 million. [Real Estate Alert] – Konrad Putzier