Asian investors flock to New York City
Asian investors continue to pour capital into New York City, seeking higher returns and a safe haven for cash.
Seoul-based FG Asset Management, on behalf of the Korean Teachers’ Credit Union, has purchased a 49 percent stake in a Manhattan office property located at 51 Astor Place. The sellers of the building, which is valued at US$600 million, were Edward J Minskoff Equities and Rockwood Capital.
The sales price for the 49 percent interest in the 37,160-square-metre office was approximately US$294 million, according to Real Capital Analytics. The 13-storey office tower is 100 percent occupied. Major tenants include IBM Corp and St Johns University, and a CVS Health Corp drugstore occupies a portion of the 3,452 square metres of street retail space.
The purchase follows KTCU’s sale of a 24,950-square-metre office property in London for US$244.6 million and its purchase of the Exchange Tower in London for US$317 million.
The 51 Astor Place investment i