NEW YORK CITY-Marking his first foray into Manhattan’s commercial real estate scene, high net-worth Russian investor Alex Rovt is switching gears from the fertilizer business to trophy properties, funding a $300 million recapitalization of the iconic Bankers Trust Building at 14 Wall St. in the Financial District, unnamed sources confirm to GlobeSt.com.
A team of Carlton Advisory Services, Inc. and Iron Hound Management Co. worked on behalf of building manager Joshua Zamir at Capstone Equities on the deal, enabling Capstone to pay off the junior piece of mezzanine debt from Shorenstein.
The transaction is viewed as a major victory for Capstone, who struggled with an overleveraged capital stack despite successfully leasing up more than 650,000 square feet in the one million-square-foot tower after acquiring it in 2007. Now with a new investor in the picture, Carlton chairman Howard L. Michaels tells GlobeSt.com that the deal showcases the “continuing investor confidence in Downtown,” and also the fact that international investors are continuing to find Manhattan “very attractive.”
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Located across from the New York Stock Exchange, the historic property known for its pyramid-esque top is home to tenants like Skidmore, Owings & Merrill, Camelot Communications, GFT, Farah Financial New York, Equinox and many others. Built in 1912, the building has received new updates to its main lobby, HVAC and security systems.
Both Adam Spies and Doug Harmon of Eastdil Secured represented Shorenstein on the transaction, and Carlton and Ironhound represented Capstone. CBRE is the exclusive leasing agent on the property.
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