875 Avenue of the Americas. Picture courtesy of CommercialEdge
Kaufman Investments, along with Beacon Capital Companions, has acquired 875 Avenue of the Americas, a 26-story workplace tower in Manhattan, for $92.5 million. The vendor was Lee & Associates, in response to CommercialEdge, which had owned the constructing since 1979.
As half of the present deal, the asset grew to become topic to a $53.4 million mortgage, offered by Genworth Monetary, with a maturity date set for 2032, the identical knowledge supplier reveals.
Accomplished in 1926, the 265,000-square-foot constructing underwent beauty renovations in 2013. The LEED-certified tower options eight passenger elevators, managed entry and 9,000 sq. ft of retail house. The brand new homeowners plan to additional renovate the asset.
The tenant roster contains Zero Level Zero Productions and Ken Burns Media, in addition to The Cambridge Insurance coverage Company, Milliken & Co., Holt Development and Musicians Basis, amongst others.
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Situated on the intersection of West thirty first Avenue and Sixth Avenue within the NoMad neighborhood, 875 Avenue of the Americas is close to Koreatown, the Empire State Constructing and Penn Station. The constructing’s strategic place was one of many choice components that pertained to the transaction, Kaufman President & Principal Michael Kazmierski mentioned in a ready assertion. The redevelopment of Penn Station is now transferring ahead, as Governor Kathy Hochul introduced the brand new plans on the finish of June.
Kazmierski, along with Kaufman Vice President Lorenzo Bakewell-Stone, led the acquisition. A group led by Senior Managing Director Chris Varjan with Lee & Associates NYC represented the vendor.
Current workplace offers in Manhattan
Aside from workplace leases, a number of different giant offers closed previously few months within the borough. IAC Corp. paid $80 million for the land beneath 555 W. 18th St.— its headquarters constructing in Manhattan. Moreover, a big transaction happened final month when SL Inexperienced Realty Corp. bought a 49.9 p.c stake in 245 Park Ave. to Tokyo-based developer and investor Mori Belief Co. The deal valued the 1.8 million-square-foot constructing at $2 billion.
Manhattan is main the U.S. workplace market when it comes to asking rents and sale costs. In Might, the borough had a mean full-service equal itemizing charge of $85.9, a 0.7 p.c improve within the final 12 months, a current CommercialEdge report reveals. The market registered $1.1 billion in gross sales year-to-date by means of Might, with an asking worth of $698 per sq. foot.
