NEW YORK CITY—Deutsche Asset & Wealth Management's alternatives and real assets business has acquired a two-building portfolio on West 125th street on behalf of an institutional investor. A division of the Deutsche Bank Group, the asset management and wealth management division purchased 55 W. 125th St. and 215 W. 125th St. in a joint venture with Cogswell Realty, which has held a long-term interest in the properties since 1998.
The transaction involved City Investment Fund selling its interest in the properties. Cushman & Wakefield's equity debt & structured finance team served as advisor to Cogswell and City Investment Fund in the transaction.
A purchase price was not available at press time but back in 2006, Fisher Bros.—in a joint venture with Morgan Stanley purchased 55 W. 125th for approximately $75 million, or $339 per square foot, and 215 W. 125th St. for approximately $58 million, or $355 per square foot. The seller was Cogswell, but the firm must have recently had a change of heart. GlobeSt.com could not reach the company by press time. Deutsche Bank declined to comment and Cushman & Wakefield did not respond to a request for comment by press time.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
