Chinese insurers continue to buy NYC assets
The buyer of New York City’s Waldorf Astoria hotel has purchased another Manhattan asset.
An official announcement has not been released; however, Real Capital Analytics lists Beijing-based Anbang Insurance Group as the buyer for the office property located at 717 Fifth Avenue in Manhattan. The Blackstone Group was the seller.
A sales price was not listed, but media outlets estimate the price at between US$400 million and US$500 million for floors five through 26. The deal does not include the property’s retail space, which houses retailers Dolce & Gabbana and Giorgio Armani, and is not owned by Blackstone.
The property totals roughly 34,000 square metres. Major tenants include the Merrill Lynch unit of Bank of America Corp, International Value Advisors, Andrew Farkas’ Island Capital, JC Flowers & Co and Harry Winston.
In early February, Anbang closed on i