An office condominium was recently sold in New York City for $596 million. Apparently, Wells Fargo lent a total of $345 million to finance this real estate acquisition. These types of commercial real estate transactions can easily be lucrative for sellers in the short term and for buyers in the long term, depending on the circumstances of the sales.
In the case of the office condo, Ivanhoe Cambridge and SL Green sold the piece of property to an Invesco Real Estate institutional client. Invesco was the sole entity mentioned on the deed’s buyer’s side. It was initially thought that the property would sell for a little over $630 million, so the actual sale price was lower than anticipated.
The condo that was sold spans 685,000 square feet. It takes up stories two through 26 of a building that stands 50 stories tall. Other tenants at the property include Penguin Random House and investment management company PDT Partners. The tower has existed since 2006.
Sometimes, commercial real estate transactions, such as that mentioned above, go relatively smoothly. However, not all parties involved in real estate deals are so fortunate. After all, every real estate transaction is different, and a seemingly minor hiccup can cause major problems and even cause a deal to unravel altogether. Fortunately, an attorney can provide both buyers and sellers with the guidance they need to confidently and competently execute their deals in New York. The attorney’s ultimate goal is to make sure that the client’s rights and best interests are protected each step of the way.