NEW YORK CITY—Deutsche Asset & WealthManagement's alternatives and real assets business hasacquired a two-building portfolio on West 125th streeton behalf of an institutional investor. A division of theDeutsche Bank Group, the asset management andwealth management division purchased 55 W. 125th St. and 215 W.125th St. in a joint venture with Cogswell Realty,which has held a long-term interest in the properties since1998.
The transaction involved City Investment Fundselling its interest in the properties. Cushman &Wakefield's equity debt & structured finance teamserved as advisor to Cogswell and City Investment Fund in thetransaction.
A purchase price was not available at press time but back in2006, Fisher Bros.—in a joint venture withMorgan Stanley purchased 55 W. 125th forapproximately $75 million, or $339 per square foot, and 215 W.125th St. for approximately $58 million, or $355 persquare foot. The seller was Cogswell, but the firm must haverecently had a change of heart. GlobeSt.com could not reach thecompany by press time. Deutsche Bank declined to comment andCushman & Wakefield did not respond to a request for comment bypress time.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
