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IStar Acquires BankNote Building In South Bronx For $65M

1231 Lafayette Avenue
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This Office property located in NY was sold for $65,000,000 over 4 years ago. The brokers of the deal were Mark Todrys, Michael Rotchford, and David Heller

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.

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Deals
  • Location
    1231 Lafayette Ave, The Bronx, NY 10474, USA1231 Lafayette Ave, The Bronx, NY 10474, USA
  • Sale Price
    $65,000,000$65,000,000
    $156 PPSF$156 PPSF
  • Area
    414,274 SF414,274 SF
  • Asset Type
    OfficeOffice
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Michael Rotchford

Michael Rotchford

Deals2
Financed$93M

Mark Todrys

Mark Todrys

Deals1
Sold$65M

David Heller

David Heller

Deals3
Financed$155M

Agency

Savills

Savills

Agency
Deals137
Volume$2.7B

Deal Summary

IMAGE: David Heller, Jay Sugarman & Michael Rotchford DATE: 08/01/2019 ADDRESS: 1231 Lafayette Avenue (BankNote Building) MARKET: South Bronx ASSET TYPE: Office SELLER: Madison Marquette & Perella Weinberg Partners BUYER: iStar / Safehold – Jay Sugarman BROKERS: Michael Rotchford, David Heller, Mark Todrys, @Savills SALE PRICE: $65,000,000 SF: 414,274 PPSF: $157

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1231 Lafayette Avenue

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