X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The $134-million sale of 100 Wall St. has closed. An unidentified buyers has acquired the site from Reckson Associates Realty Corp. which has provided the purchaser with a $30-million mezzanine loan that will bear interest at 15% per annum, has a term of two years and an approximate 85% loan-to-cost.

GlobeSt.com previously reported the sale in November. The 463,000-sf office sold for $290 per sf.According to Reckson officials, the site has near-term rollover with approximately 85,000 sf–net of space already committed–expiring over the next 12 months.

Scott Rechler, Reckson’s president and chief executive officer, says the sale is consistent with the firm’s strategy of selling assets in non-core markets. “100 Wall was acquired at the time of our original investment in New York City. Since that time, we have concentrated the growth of our New York City portfolio in the strong Midtown Manhattan submarket.”

Reckson will report a GAAP gain of approximately $46.4 million on the sale. The tax gain of approximately $43.5 million from the sale of this property has been deferred as part of a 1031 exchange in conjunction with the company’s purchase of Reckson Plaza in Uniondale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.