Somerset Partners and Meadow Partners pays $123M to ULM Holding for Midtown office building

Somerset Partners and Meadow Partners through the entity 300 East 42nd Street Owner LLC paid ULM Holding’s Ulm Ii Holding Corp. $122.5 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 768 2nd Avenue in Murray Hill. The deal closed on August 28, 2019 and was recorded on September 10, 2019. The parcel(s) have total development potential of 207,887 square feet.
The average sale price per square foot is $589.
The estimated cap rate is 5.2%

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $3,501,358.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.