HNA in Talks to Sell 850 Third Ave. to B&L Management

850 Third Ave./ Google maps

NEW YORK CITY—B&L Management Co. is considering purchasing HNA Group’s interests in 850 Third Ave., as first reported by Bloomberg news. The news organization noted the transaction values the Midtown tower at $452 million and would cause HNA to lose money on the deal. Bloomberg stated no contract had yet been signed and no deposit was yet given, according to a source who remained unidentified because the deal had not yet been made public.

Real Capital Analytics lists the building ownership at 850 Third Ave. as a joint venture of HNA Group, MHP Real Estate Services and Atco Properties. HNA owns a 90% interest in the building. Its partners did not match the B&L offer, according to Bloomberg.