NEW YORK CITY—APF Properties has bought out Prudential Real Estate Investors for full control of the Club Row Building at 28 W. 44th St. The investment firm has increased its stake from 20% to 100% in a deal that values the Midtown office and retail property at $235 million.

After learning that PREI intended to monetize its investment in the 95-year-old Club Row Building, “We could have easily exited the asset now along with our partner and reaped a substantial immediate profit,” says APF principal Kenneth Aschendorf. “However, we see a ‘Part II’ to this investment where we can capitalize on the transformation that has been completed.” APF and equity partner PREI paid $161 million to acquire the property in 2011 from SL Green Realty Corp.

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