711 Fifth Ave., the Coca-Cola Building/Image provided by Cushman & Wakefield, photo by Andrew GordonPhotography
NEW YORK CITY—In a positive sign for the market, Elie Schwartz and Simon Singer's New York-based commercial real estate firm Nightingale Properties signed a deal to acquire the Coca-Cola Building at 711 Fifth Ave. for $907 million. Commercial Observer was the first to report the news. Although the deal has not been announced, the facts in this article were confirmed by sources with knowledge of the sale.
Wafra Group, which is owned by the Kuwaiti pension fund, the Public Institution for Social Security of Kuwait, is Nightingale's partner in the deal. Wafra has joined Nightingale in prior investments as first reported in The Real Deal, when the talks of this sale initially emerged.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
