Munich RE pays $900M to Abu Dhabi Investment Authority for property in Grand Central

Munich RE through the entity 330 Madison Associates LLC paid Abu Dhabi Investment Authority’s 330 Madison Property Owner LLC $900 million for 330 Madison Avenue in Grand Central. The deal closed on February 28, 2020, and was recorded on March 4, 2020. The transaction consists of 1 parcel, including the tax class office building tower type with 20 or more stories (O4). The property is 733,001 square feet. The parcel(s) have total development potential of 733,001 square feet.
The average sale price per square foot is $1,228.

The brokers were CBRE’s Darcy Stacom and Bill Shanahan.The last time a stake in the property sold was July 11, 2019, when Vornado Realty Trust sold its 25 percent stake for $100 million.

Over the past five years, there have been 87 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 87 renovation/alteration projects (A2) applied for with a total estimated value of $38,077,435.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link