IStar Acquires BankNote Building In South Bronx For $65M

The BankNote Building, located at 1231 Lafayette Avenue in the South Bronx, has been sold in a closed property transaction. The office building, spanning a total area of 414,274 square feet, was sold for a price of $65,000,000, equating to a price per square foot of $157. The transaction took place between sellers Madison Marquette and Perella Weinberg Partners, and buyers iStar / Safehold, represented by Jay Sugarman.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $65,000,000
• Square Footage: 414,274
• Price per Square Foot: $157

The deal was facilitated by brokers Michael Rotchford, David Heller, Mark Todrys, and @Savills. Their expertise ensured a successful transaction for both the sellers and buyers involved in the deal.