Among the many most carefully watched trades, Abu Dhabi Funding Authority offered the New York Version lodge at 5 Madison Avenue to Kam Sang Firm for about $231.2 million.
“The New York Version lodge was an attention-grabbing one due to each the gross sales value being so excessive, a Mideast sovereign wealth fund pulling out of NYC, and the historical past of the constructing,” Fagan stated, noting its origins because the MetLife Clock Tower, as soon as the tallest constructing on the earth.
“They had been almost nugatory as workplaces, however extraordinarily helpful as a lodge and an house constructing, respectively,” he added, pointing to comparable conversions on the Woolworth Constructing.
For workplace lenders and debtors, October’s largest deal – the sale of Sotheby’s headquarters to Weill Cornell – underlines how medical and life‑science customers have emerged as key backfills for out of date house.
New York Life’s buy of a distressed Manhattan workplace tower at roughly half its 2015 value additional illustrates how institutional capital has circled discounted property.
