News
WEST SIDE STORY
May 2, 2011
| Dealmakers are on fire, closing three mega transactions last week in Times Square and the West Side. First, in one of the largest commercial condo sales in NY this year, The Blackstone Group bought floors five through 16 and a portion of the fourth floor at the Times Square Building from a JV of Africa Israel USA and Five Mile Capital Partners for $160M. |
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| The sale is a major step in the owners’ completion of the debt restructuring and repurposing plan for the former New York TimesHQ. AFI USA began marketing the office condo in ’10, following the announcement of the $267M refi with Banco Inbursa SA and Five Mile Capital Partners, which set the groundwork for the transformation of the building from primarily office to a combo of retail, hotel, and luxury residential. The six-floor retail condo (occupied by Daffy’s, Bowlmor, Discovery TSX, and Adventure Entertainment) will remain the property of AFI USA and FMC. AFI USA’s Laurie Golub and Peter Rosenberg, along with Newmark Knight Frank’s Jimmy Kuhn, Neal Golden, Leslie Harwood, and Ross Perlman, repped the seller. |
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| Around the corner, SL Green acquired JV partner SITQ’s entire interest in 1515 Broadway, making it the sole owner. The transaction values the consolidated interests at $1.2B. The 1.8M SF, 54-story skyscraper recently underwent a $40M repositioning, which included a total lobby redesign, new entrances, new common corridors, and bathrooms. It’s home to tenants like Viacom International, the famous MTV Studios, SL Green subsidiary Emerge212, and retailers Aeropostale, Oakley, and Billabong. |
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| Photo: CoStar |
| Finally, Broadway Partners says it's forming a JV with Brookfield Office Properties to recapitalize the ownership of 450 W 33rd St. Broadway has had an ownership position in the 1.6M SF tower since ’07. The Carlton Group’s Howard Michaels was the financial advisor to Broadway. Want to learn more about what’s going on in the investment market? Join Bisnow for our next Big Apple event—the NY Investment Summit—on May 17 at the NY Bar Association. Among our panelists and moderators: Wheelock Street Capital managing partner Rick Kleeman, Ackman-Ziff prez Simon Ziff, Ladder Capital Finance prez Greta Guggenheim, Meridian Capital Group CEO R alph Herzka, MetLife head of real estate strategic initiatives Ken McIntyre, Dune Real Estate Partners partner Greg Rush, SL Green co-CIO David Schonbraun, Kirkland & Ellis senior partner Stephen Tomlinson, and NAI Bluestone Real Estate Capital chair Matthew McManus. Plenty of schmooze time too. Register here! |
