RCA in the commercial property press:

Moinian Group to Acquire 245 Fifth Avenue Through JV with Thor Equities

The Real Deal Online reports: Thor Equities has teamed up with The Moinian Group to acquire 245 Fifth Avenue in Manhattan. Moinian actually already has a stake in the property through a joint venture with Goldman Sachs's Whitehall Real Estate Fund, which purchased the property near the height of the market for $190 million. That pair had planned to raise the property’s rents in exchange for the higher sale price, but the downturn quickly scuttled their plans.

Thor will now join Moinian in acquiring the building, located at 28th Street, for $162 million. Real Capital Analytics’ Ben Carlos Thypin helped explain Thor’s reasoning to Real Deal readers: “Thor gets a good quality property that is well leased for the decent price of a little more than $500 a square foot without having to put up much cash, since they assumed the $140 million loan as part of the deal."

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Posted by: Nina Turner

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