NEW YORK CITY—Macklowe Properties—along with an unidentified foreign equity partner—is buying the retail space at 432 Park Ave. for approximately $450 million from CIM Group, according to The Real Deal.
Leed by chairman Harry Macklowe, Macklowe is widely described as the co-developer with CIM Group of the condominium tower. The former company was the driving force behind assembling the land above the site on which the high-priced residential condo with retail at the base is now rising. But in 2010 his lenders forced a sale of the property for more than $200 million less than the value of the loans on the property and insiders believe Macklowe’s equity stake was wiped out, the Deal reports.
Macklowe Properties and CIM, through spokespersons, declined to comment. The tower has entrances on Park Avenue, 56th street and 57th street.
There are said to be three retail condominium units of 9,276 square feet; 42,258 square feet and 23,282 square feet, or a total of 74,816 square feet. The purchase price would equate to about $6,000 per square foot.
Adjacent to the building is 450 Park Ave., which was purchased in full just over a month ago by a partnership of Crown Acquisitions and Oxford Properties Group. Crown and Oxford paid $546 million for the building, with more than half of the value in the approximately 35,000 square feet of retail at the base of the building, estimated to be about $7,000 per square foot.
Crown also made a big retail play Thursday when it purchased the retail at the storied St. Regis New York for about $700 million in a partnership with Vornado Realty