Investors take big bites of the Big Apple
Whether for office towers, hotels or residential buildings, investors have been flocking to New York City.
Westbrook Partners has agreed to purchase a majority stake in a two-property office portfolio in New York City from Savanna for $624 million. The sale is for a partial interest of 96 percent. Savanna will retain the remaining 4 percent and will continue to manage the properties, which are valued at approximately $650 million. The larger asset is the 513,000-square-foot office property at 1375 Broadway. The second property is seven blocks away at 132 W. 31st St., the PennCom Plaza, and totals 423,000 square feet.
In other news, Shorenstein Properties is under contract to purchase the 1.1 million-square-foot office property located at 1407 Broadway in Manhattan for $330 million. The seller is a joint venture between Lightstone Group and Lightstone Value Plus REIT, which acquired the property in 2007 for $122 million. The land was not included, which will be owned by