A buyer group is eyeing a residential conversion after buying a Manhattan office space in Penn District for $85 million, according to a report from The Real Deal.
With the equity breakdown unclear, the new owners of the property, called 345 Seventh Avenue, include Kohan Retail Investment Group, Katan Realty Group, and Ilya Mikhailov, who is based in Forest Hills, Queens. To help fund the purchase, Benefit Street has provided a $78 million mortgage.
The new ownership of the site comes after lender Uniform Commercial Code proceeded with a foreclosure on the property in July. But after a deal was nailed out, the action was rescinded and so was a scheduled auction, The Real Deal reported.
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