CBRE Brokers JV’s Purchase of 393 West End Avenue
Carl Gaines Aug. 22, 2012, 11:09 a.m.
Simon Development Group and Cube Capital have bought 393 West End Avenue, in a sale brokered by CBRE, the firm said Wednesday. The $68.3 million sale closed August 21.
Cube Capital, a London-based investment firm, partnered several months ago with Simon Development on plans for a 260-room hotel at 11 East 31st Street. This most recent deal is for a 134,000-square-foot residential building located on West 79th Street and West End Avenue on the Upper West Side—bought from 393 West End Avenue Holdings, an LLC.
CBRE executive vice president Paul Leibowitz, first vice president Robert Garrish and vice chairmen Darcy Stacom and Bill Shanahan arranged the sale.
Simon Development CEO, president and founder Jonathan Simon told The Commercial Observer that the property, right across the street from the Apthorp, would be revamped.
“We just thought there was tremendous value and we could reposition it as a high-end rental,” Mr. Simon said. “We think it’s undervalued and that we can reposition it into a really high-end asset.”
For his part, Mr. Leibowitz, the CBRE first vice president, remarked at the building’s prime location.
“The 393 West End Ave transaction met with the new owner’s objectives by delivering a superior Upper West Side corner location combined with potential upward repositioning,” Mr. Leibowitz said.
There was not a bank used to finance the purchase, but Mr. Simon said that they were going to be doing some financing with the property. “We’re working on that now,” he said.