Empire Capital Holdings and Namdar Realty Group are purchasing a 10-story building in Manhattan's Hell's Kitchen for less than $50 million – roughly a 67% discount from the nearly $153 million purchase price that seller Related Fund Management paid in 2018, people familiar with the matter told Bloomberg.
The 220,000-square foot building, located at 321 W. 44th St., was a short sale with the loan balance more than $100 million, according to one of the sources. The lender, Canadian Imperial Bank of Commerce, agreed to the sale.
CBRE handled the sale, according to Bloomberg, which also reports that Empire Capital has been actively seeking distress deals, having bought 1200 Sixth Ave. and a stake in Mercedes House as well as 1330 Sixth Ave. from Blackstone and developer RXR in 2022 for a steep discount.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
