Aurora, Safra pay $192M to Brookfield for retail in Midtown, last sold for $295M in 2014

Aurora Capital Associates and Edmond M. Safra through the entity 530 Fifth Retail Partners LLC paid $192 million to Brookfield Properties through the entity 530 Fifth Retail, LLC for two retail condominium units (OT) at 530 Fifth Avenue in Midtown, Manhattan.
At the same time Aurora Capital Associates and Edmond M. Safra through the entity 530 Fifth Retail Partners LLC as borrower signed an acquisition loan with lender Signature Bank valued at $125 million.
The deal closed on November 12, 2021 and was recorded on November 23, 2021.
The two properties have 59,839 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $3,208 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Brookfield Properties was Marjorie Zessar. The signatory for Aurora Capital Associates and Edmond M. Safra was Robert Cayre. The signatory for Signature Bank was Nicholas A. LaMorte.
(122955310)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 26, 2017.
The Commercial Observer reported that Cushman & Wakefield’s Adam Spies, Kevin Donner, Marcella Fasulo, Doug Harmon, Adam Doneger, Josh King and Ben Lushing brokered the transaction. Brookfield took a loss on the property that General Growth Properties (also known as GGP) partnered with Thor Equities to buy for $295 million in 2014. Brookfield, which had a minority ownership of GGP at that time, acquired full control of the mall giant in 2018, and the condos were valued then at $395 million, according to city property records. The debt which was originally $190 million in 2014, was reduced to $110 million in 2017.

Within a 400-foot radius of 530 Fifth Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit application filed on January 4, 2021 for a 452,134-square-foot mixed-use building with 98 residential units at 520 Fifth Avenue.
Of those six items, two were sales above $5 million totaling $357.9 million. The most recent of the two was 8-16 West 45th Street LLC which bought the 4,439-square-foot, two-unit mixed-use building (K4) on 12 West 45th Street for $7.9 million from Zohar Ben-Dov on October 22, 2020.
Of those six items, three were loans above $5 million totaling $366.0 million. The most recent of the three was Joseph P. Day Realty which borrowed $20.0 million from JPMorgan Chase secured by the 112,936-square-foot, 58-unit office building (O6) on 2 West 45th Street on October 6, 2021.

Direct link to Acris document. link