A trio of investors might be thankful that they were able to snatch a Manhattan office property at such a hefty discount as we approach closer to Thanksgiving. Eyn Holding, Axonic Capital and AM Management have acquired 114 West 41st Street in Midtown for $133 million from Clarion Partners.
Newmark negotiated the deal on behalf of the investment group while Eastdil Secured represented Clarion, according to a report from the Commercial Observer. The property was first bought by Clarion in 2018 for $282 million after undergoing renovation in 2015. But little did the New York-based firm know that a global pandemic would wipe out a big chunk of the value. The sale represents a discount of almost $150 million or 53 percent, from the 2018 valuation.
The $141 million acquisition loan from 2018, provided by MetLife, will remain, according to the CO. Also, the 22-story property is expected to stay as an office building and not transform into another use.
Tenants at 114 West include Demandbase, MediaRadar, Snowflake and Quartet Health. The 350,000 square foot building, which is adjacent to Bryant Park, has an amenity center with a pool table and a game room.
Manhattan last month saw a couple of major deals in the office sector. SL Green paid $730 million to acquire Park Avenue Tower from Blackstone, a 36-story Class A tower in Midtown and AmTrustRE bought 260 Madison Avenue in Midtown East for $217 million, as reported by The Real Deal.