Search
 

JV Takes Midtown Assets for $100M

NEW YORK CITY-The joint venture of Colliers ABR and AEW Capital Management makes its second purchase here. The partners take title to two adjacent Midtown sites for $100 million.

By Barbara Jarvie | Updated on February 15, 2006

NEW YORK CITY-Making its second purchase here, the joint venture of Colliers ABR Inc. and AEW Capital Management LP spent $100 million for the 22-story 119 West 40th St. and the neighboring five-story 120 West 41st St. The deal, acquired on behalf of AEW Partners V LP, includes development rights at 120 West 41st St. According to city records, the seller was Cousins Team III.

Anthony McElroy, managing director/acquisitions at CABR, tells GlobeSt.com that there is as-of-right zoning for 50,000 sf of commercial and/or hotel use and approximately 40,000 sf for residential use. The new owners are focusing first on familiarizing themselves with the current tenants at the sites and the neighborhood. “We’re taking a wait-and-see approach.” The site currently measures 15,000 sf.

Bob Billingsley, vice chairman of CABR, adds that location was a key factor in this off-market sale. “This area has become a corporate row.” The site is near Bryant Park and is close to a number of transportation hubs. “We think it should do extremely well.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.