The dun-colored, 23-story 475 Fifth Avenue, which lender Barclays Capital earlier this year took back from Westbrook Partners and embattled developer Joseph Moinian, is now quietly letting it be known that it will part ways with the office tower for the aforementioned sum, say industry sources.
A joint venture of real estate developer Joseph Moinian and Westbrook Capital acquired 475 Fifth Avenue, located at 41st Street, in 2007 for $160 million, but lender Barclays took the property back in 2009 through a deed in lieu of foreclosure. In the slow commercial real estate market of the time, Barclays sought to unload the 86-year-old office tower for just $105 million.
The British bank took back the nearly 300,000 s/f office property in 2009 during the depths of the recession from a partnership between the landlord Joe Moinian and the real estate investment company Westbrook Partners, which had paid $163 million to buy the building during the boom.
Sources:
http://www.rew-online.com/2011/05/16/barclays-taps-cbre-to-sell-475-5th-avenue/
http://www.slideshare.net/abushanab/475fifthavenueom
http://therealdeal.com/newyork/articles/sources-tiaa-cref-pays-144m-for-475-fifth-avenue
