Macklowe Pays $2.1M Per-Unit for Manhattan Condo Conversion Opportunity
GlobeSt.com reports: As Macklowe Properties seeks to rebuild after a particularly rough patch served to it during the downturn, it was recently announced that the firm would purchase the 34-unit rental property at 150 East 72nd St on Manhattan’s Upper East Side and follow through with a plan to convert units to condominiums. Real Capital Analytics (RCA) has identified Strategic Resources Corp as the seller, which Macklowe paid $120 million in debt and equity for the deal to well-located apartment property. To secure financing for the acquisition, Macklowe has turned to the Brazil-based Safra Group, according to RCA data, for a $90 million loan that includes $30 million in equity.
The sale comes as Macklowe Properties has recently reengaged with the acquisition market, after a long, troubled hiatus. The firm is in contract for 737 Park Avenue for an asking price of $253 million, and has also green-lighted the long-awaited redevelopment at the former Drake Hotel site on Manhattan’s East 57th Street.
View the full article on GlobeSt.com: Macklowe Pays $2.1M Per-Unit for Manhattan Condo Conversion Opportunity
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Posted by: Nina Turner