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Grant Relinquishes 550 Washington Control

NEW YORK CITY-The savvy 92-year-old has turned over his remaining 50.1% holding in the massive Meatpacking District property to a group of four investors.

By Rayna Katz | Updated on January 03, 2013

NEW YORK CITY-Likely surprising the investor community—which has eyed 550 Washington St. for some time—majority stakeholder Eugene Grant has agreed to sell his 50.1% share of the 1.281-square-foot building, according to a Thursday report in the New York Post. The buyers are a group of three companies: Fortress Investment Group, Atlas Capital Group and Westbrook Partners; they reportedly paid about $250 million to procure the stake. The trio already owned the remaining portion of the building.

Grant was not represented by any brokers but did retain several attorneys for the deal, including Joshua Stein, principal, Joshua Stein PLLC and Lawrence Kobrin, senior counsel at Cahill, Gordon & Reindel LLP. Representatives for Stein did not respond to an interview request, while Kobrin declined to comment. The buyers were represented by Jonathan Mechanic, partner at Fried, Frank, Harris, Shriver & Jacobson.

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