NYSTRS was advised by JPMorgan Fleming Asset Management in thetransaction and acquired the joint venture interest based on aproperty valuation of $450 million. Reckson received about $98million of net cash proceeds from the sale.
The deal is part of Reckson's ongoing capital recycling program,which raked in $342 million for the firm this year. The latest saleconforms to the company's strategy of purchasing, redeveloping andselling distressed assets in core markets.
Reckson co-chief executive officer Scott Rechler says of thesale, "We initially created value at 919 third Ave. byopportunistically acquiring the first mortgage note, then byobtaining title and repositioning the property and now bysuccessfully accessing the market which exists for joint ventureequity partners."
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