Robert Horowitz Acquires $121 Million Note From Flagstar Bank For 475 Park Avenue South

The asset involved in the transaction is a note/loan secured by the leasehold of the office building located at 475 Park Avenue South in Midtown South, Manhattan. The sale price for this note was $121,000,000, encompassing a total square footage of 449,437, which translates to a price per square foot of $269.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $121,000,000
• Address: 475 Park Avenue South
• Market: Midtown South, Manhattan
• Square Footage: 449,437
• Price per Square Foot: $269
• Buyer: Robert Horowitz
• Seller: Flagstar Bank

Investors led by Robert Horowitz, through Third Avenue Design Capital LLC, were responsible for acquiring the note from Flagstar Bank, which is backed by the leasehold held by Cohen Brothers Realty for the aforementioned office building.