By Gus Delaporte 1:34pm

Sales Beat

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Lehman to Sell Stake in 425 Park Avenue

Lehman Brothers Holdings Inc. is aiming to sell its 90 percent stake in 425 Park Avenue, a source familiar with the matter confirmed with The Commercial Observer. Eastdil Secured is marketing the property, according to the source.

A publicly available spreadsheet of Lehman’s commercial real estate holdings lists a building with a description similar to 425 Park Avenue: “Sandwich ground lease in an existing Class B building in New York City that is slated for demolition and redevelopment into a new office tower beginning 2015.” The list of holdings identifies Adam Spies of Eastil Secured as the broker for the property. The source familiar confirmed Spies as the broker for 425 Park Avenue, but the listing could not be immediately verified.

The Wall Street Journal first reported the story earlier today. The Midtown East building is set to be demolished and replaced with a new office tower designed by Foster + Partners. Read More

By Al Barbarino 1/29 7:45am

Sales Beat

450 West 15th Street

Jamestown Properties Pays $284 M. for Milk Studios Building

Jamestown Properties has purchased the Milk Studios building at 450 West 15th Street from Stellar Management for more than $284 million, city records show.

The 325,000-square-foot, eight-story office building, home to photography studio Milk Studios and an eclectic mix of tech, fashion and creative tenants, borders the High Line.

It’s a symbolic and strategic move for Jamestown, which owns the Chelsea Market across the street and looks to expand its footprint in the heavily-traveled Meatpacking District.

Ironically, city records show that Stellar provided a $150 million loan to Jamestown, which suggests that the move was perhaps more than a kind gesture, but also a play to complete the deal before the end of 2012, as imminent capital gains taxes loomed (the city record was filed on Friday, but shows the deed was finalized December 21). Read More

By Al Barbarino 1/22 12:54pm

Controversies

Rendering of 860 Washington Street

Controversial Building Set to Rise Next to High Line Park Pits Preservationists Against Developers Once Again

A group of preservationists reacting to the announcement of a groundbreaking at 860 Washington Street is warning New Yorkers to take in the sprawling views at the popular High Line Park while they can.

Romanoff Equities Construction announced last week that its partnership with real estate asset management company Property Group Partners will begin construction immediately on the 10-story, 120,000-square-foot mixed-use office property adjacent to the popular park in the Meatpacking District.

“It will completely cut off views,” said Andrew Berman, executive director at the Greenwich Village Society for Historic Preservation.   “Instead we’ll get this 175-foot glass wall that will detract from the experience of the High Line.” Read More

By Al Barbarino 12/17/12 8:00am

Sales Beat

104 West 40th Street

Princeton International Properties Pays More Than $100M for 104 West 40th Street

Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.

The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.

Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents. Read More

By Carl Gaines 10/30/12 7:45am

Sales Beat

521 Fifth Avenue.

SL Green Sells Stake in 521 Fifth Avenue for $72 M.

After hiring Eastdil Secured earlier this year to help it sell a stake in 521 Fifth Avenue, REIT SL Green announced last week that a joint venture between Quantum Global Real Estate and LaSalle Investment Management has agreed to buy a 49.5 percent equity interest.

Plaza Global Real Estate Partners, the JV, agreed to buy the stake for $72 million in a deal that is expected to close by the end of 2012. Read More

By Daniel Geiger 7/27/12 10:45am

Sales Beat

Steve Roth

Vornado Closes On Two UWS Buildings In $100 Million Deal

Vornado has closed on its acquisition of a 50 percent stake in two Upper West Side residential buildings 50 and 70 West 93rd Street in a deal that valued the properties at a little over $100 million.

Vornado is buying the interest from AREA Property Partners, a Manhattan based real estate investment company with interests in several residential and commercial investments both in the city and globally. Read More

By Carl Gaines 6/04/12 11:47am

Sales Beat

130 Prince Street.

Invesco Acquires 130 Prince Street Property

130 Prince Street, which Waterman Interests and JP Morgan Asset Management-advised investors bought in 2007 for $112 million, has sold to Invesco Real Estate five years later for $140.5 million.

The 88,000-square-foot building is fully-leased and home to tenants M.A.C. Cosmetics, Lacoste and True Religion Jeans, with M.A.C. as the office space tenant.

Tod Waterman, founder and managing member of Waterman Interests, referenced the return that its investors will receive on 130 Prince Street and the firm’s desire to match the results as it continues “to grow the company in the Manhattan office market.” Read More