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$140M Midtown Office Sale Closes

NEW YORK CITY-An investment company controlled by Carlos Slim Helu has completed the long-rumored acquisition of 417 Fifth Ave.

By Paul Bubny | Updated on June 14, 2010

NEW YORK CITY-The long-rumored acquisition of 417 Fifth Ave. by Inmobiliaria Carso, S.A. DE C.V., an investment company controlled by Mexican billionaire Carlos Slim Helu, closed Monday. For Slim, whose personal wealth has been estimated at $53 billion, it represents a sensible if un-splashy entry into Manhattan commercial real estate. For the market, the purchase of this 11-story office and retail property a few blocks north of the Empire State Building fits a pattern and provides another example of growing momentum for investment sales.

“First and foremost, 417 Fifth represents to most investors, and especially to foreign investors, an attractive price per pound,” a source familiar with the transaction tells GlobeSt.com. “The deal traded at $140 million and the entire building is about 412,000 square feet. So you’re looking at about $340 per square foot.” At the market peak, most class B or A assets traded for at least $500 per square foot, and in some cases more than $1,000 per foot, the source points out.

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