Vornado Realty Trust Acquires 45% Stake In Mixed-use Property On Park Avenue For $875M
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This Mixed-use property located in NY was sold for $875,000,000 over 3 years ago. The brokers of the deal were Alana Bassen, Darcy Stacom, William (Bill) Shanahan, and Doug Middleton
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- Location41 Park Avenue, New York, NY 10016
- Sale Price$875,000,000$923 PPSF
- Area947,894 SF
- Asset TypeMixed-use
- Parties4 Brokers, 1 Agency
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Deal Summary
SALE
IMAGE: Doug Middleton, Alana Bassen, Steve Roth 👑, Haim Chera, Darcy Stacom & William Shanahan
DATE: 07/21/2021
ADDRESS: One Park Avenue
MARKET: Gramercy
ASSET TYPE: Mixed-use
BUYER: @VornadoRealtyTrust
SELLER: Canada Pension Plan Investment Board 🇨🇦
BROKERS: Doug Middleton, Alana Bassen, Darcy Stacom & William Shanahan @CBRE
INTEREST PURCHASED: 45%
TOTAL VALUE: $875,000,000
TENANTS: New York University, Bank of Baroda, Citibank, Equinox, Zibetto Espresso Bar, Robert A.M Stern Architects
NOTE: The deal includes a cash payment of $158 million to CPPIB, and an assumption of CPPIB’s share of $525 million in existing debt on One Park Avenue, in total, the deal values the Mixed-use office property at Approx. $875M.
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