60 Guilders, Sentry Realty Buy Vanbarton Group’s 292 Madison Avenue for $90M
By Cathy Cunningham November 4, 2024 10:29 am
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The office building at 292 Madison Avenue has two new landlords.
Vanbarton Group sold the property to Kevin Chisholm’s 60 Guilders and Sentry Realty — the real estate investment arm of American Exchange Group — for around $90 million last week, sources familiar with the sale told Commercial Observer.
“We are very active and have significant confidence in the New York commercial real estate market,” Joe Mamrout, executive vice president at American Exchange, told CO. “This is a trophy property that we are proud to add to our strong portfolio.
Newmark’s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo, Avery Silverstein and Doug Harmon negotiated the transaction.
Vanbarton Group has owned the 26-story Art Deco tower, between East 40th and East 41st streets, since 2016. The firm purchased it for $180 million but in May of this year defaulted on the $87.5 million loan tied to the property, The Real Deal reported.
The sale of the property was then directed by the building’s lender, Deutsche Bank, with Vanbarton and Deutsche Bank initiating the sale, and the above-par sale of the note clearing the debt, sources said.
At 200,000 square feet, 292 Madison Avenue’s sale price works out to around $450 per square foot.
American Exchange Group is headed by Alen Mamrout and — via Sentry Realty — the firm bought the $200 million note on Savanna’s 1375 Broadway from Aareal Bank in August. The debt traded hands for around 90 cents on the dollar, and the firm is now close to owning the equity, too, as CO previously reported. Savanna will stay on at 1375 Broadway and help manage the property.
The same Newmark team — along with Jordan Roeschlaub and Nick Scribani — arranged the recap.
60 Guilders and Vanbarton Group didn’t respond to requests for comment. Newmark declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
