Westbrook Zeroes In on St. Vincent’s Property
Dana Rubinstein May 11, 2010, 1:35 p.m.
Westbrook Partners, the private real estate investment concern headed that snapped up the Paramount Hotel and the Burberry Building during the boom, has returned to the New York real estate market.
The firm has bought the first mortgage backing St. Vincent’s 555 Avenue of the Americas, according to industry sources, in an apparent play for the property as it goes to auction.
Neither Westbrook Partners nor Sun Life, the mortgage seller, immediately responded to a request for comment.
Westbrook, which bought the $40 million note at or near face value, now gets what’s called a credit bid, meaning a bid amounting to the worth of the mortgage on the unattractive 178-unit apartment building, called the Staff House. St. Vincent’s put the building up for auction following its declaration of bankruptcy.
Taconic Partners is also said to be vying for the building.