Transactions - MARCH 16, 2015

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Manhattan building stakes sell for $1.3b

by Andrea Waitrovich

Interests in two properties in Manhattan have sold for more than $1.3 billion. 

The State Teachers Retirement System of Ohio has sold a 49 percent stake in the 1 million-square-foot IBM building at 590 Madison Ave. for an estimated $735 million to M. Safra & Co. Real Capital Analytics values the property at $1.5 billion, or $1,492 per square foot. The wedge-shaped building was built in 1983 and renovated in 2006. Major tenants include Crowell & Moring, Ladenburg Thalmann & Co. and IBM Corp.

The other transaction is the sale of The Belnord, a 215-unit, 14-story apartment building at 2360 Broadway. Exell Development Co. is selling the apartments to HFZ Capital Group for $575 million, or $2.7 million per unit. Extell is retaining the retail part of the building, totaling 60,514 square feet. Built in 1909, the Belnord stretches from 86th to 87th streets between Broadway and Amsterdam Avenue.

The building’s occupancy was 94 percent a

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