News
400 PARK SELLS; A MADISON STROLL
August 26, 2010
| Another boon for Midtown East! Yesterday, a JV between Waterman Interests and J.P. Morgan Asset Management announced it closed on the acquisition of the leasehold interest secured by 400 Park Avenue—only a block away from 510 Madison, which Boston Properties just purchased for $281M. |
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| The purchase—price undisclosed—was made on a "free and clear" basis without utilizing any mortgage or other forms of financing. Waterman Interests will serve as the managing member of the ownership entity and provide all property management, leasing, and financial services. The Emery Roth & Sons-designed building, which we snapped above yesterday, is 70% leased, and the new owners have the opportunity to offer the current SYMS store to an office or retail tenant seeking its own identity and lobby. Fried Frank's Joshua Mermelstein repped the buyer, and Stroock's Steven Moskowitz repped J.P. Morgan. The seller was RFR Realty. |
