Carlo Bellini snaps up 180 Maiden Lane in a short sale

Canadian biotech entrepreneur Carlo Bellini’s real estate firm 99c has purchased 180 Maiden Lane in the Financial District for $297 million, Commercial Observer reported. 

Clarion Partners and MHP purchased the 41-story office tower for $470 million in 2015 with Blackstone financing the acquisition with a $248 million loan. They refinanced through ING Capital in 2020. The loan matured last year. The Real Deal previously reported that the Continental Center hit the market as a short sale in January as an alternative to foreclosure. 

The glass tower sits on the East River waterfront with 1.2 million square feet. It is currently 68 percent occupied, according to 99c. Anchor tenants include debt consolidator National Debt Relief, insurer Cover Whale and financial services firm Royal Funding Group. 

Gary Phillips and Will Silverman of Eastdil Secured brokered the deal. 99c told the Observer that a syndicate of ING financed the loan but did not disclose the amount. 

Bellini, managing director of investment firm Bsquared Capital since January, was formerly the president of Quebec-based biomedical company Klox Technologies. 

This marks the second New York City commercial property Bellini has purchased. In 2022, Bellini also bought nearby 175 Water Street, the former AIG headquarters, for $252 million.

— Christina Previte

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