Wells Fargo Acquires Office At 25 West 45th Street From APF Properties For $45.1M

The property asset involved in this transaction is an office located at 25 West 45th Street in Manhattan. The property encompasses a total area of 200,000 square feet and was sold for $45,100,000, equating to a price per square foot of $226.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $45,100,000
• Buyer: Wells Fargo
• Seller: Berndt Perl & Kenneth Aschendorf - APF Properties
• Market: Manhattan
• Square Footage: 200,000
• Price per Square Foot: $226

This transaction occurred at a foreclosure auction after the seller defaulted on a $75 million mortgage, which was compounded by a 40% vacancy rate and the fallout from WeWork's impact on the market.