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Colliers ABR and AEW Flip Block for $182M

NEW YORK CITY-The JV buys at $100 million and sells just over a year later for $182 million. Another of its properties has flipped for $48 million.

By Sean Ryan | Updated on June 18, 2007

NEW YORK CITY-Colliers ABR and AEW Capital Management are flipping two properties they bought in joint-venture just over a year ago. The JV sold 119 W. 40th St. and 120 W. 41st St., to LH Charney 40th Street LLC for $182 million, which represents an $82-million profit. The JV has also sold 229 W. 28th St. to Joss Realty Partners for $48 million after a hold of a year and a half.

“This sale validates our vision of sourcing off-market deals through our extensive network of contacts and knowledge base,” says Robert Billingsley, Colliers ABR vice chairman. “The information captured by our staff allows us to uncover new opportunities when ideas are germinating – not when they’ve hatched.”

The 22-story tower at 119 W. 40th St. is 327,650 sf. The five-story 120 W. 41st St.property is just 15,000 sf, but is zoned for up to 50,000 sf. The pair of investors bought the properties in February 2006 for $100 million, as GlobeSt.com reported at the time.

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