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Chinese insurer buys another Manhattan asset

by Andrea Waitrovich

The buyer of New York City’s Waldorf Astoria hotel has purchased another Manhattan asset.

An official announcement has not released; however, Real Capital Analytics lists Beijing-based Anbang Insurance Group as the buyer for the office property located at 717 Fifth Ave. in Manhattan. The Blackstone Group was the seller.

A sales price was not listed. Other media outlets have estimated the sales price to between $400 million and $500 million for floors five through 26. It does not include the property’s retail space.

Known as the Merrill Lynch Financial Center, the property totals 366,285 square feet. Major tenants include Merrill Lynch, International Value Advisors, Andrew Farkas’ Island Capital, JC Flowers & Co. and Harry Winston.

Earlier this month, Anbang

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