Swiss pension fund investor Afiaa pays $126M to Vanbarton Group for office property in Grand Central

Swiss pension fund investor Afiaa through the entity Afiaa 45 West 45th Street, LLC paid Vanbarton Group’s 45W45 Strategic Venture LLC $126.0 million for 45 West 45th Street in Grand Central. The deal closed on September 26, 2019, and was recorded on November 1, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 108,929 square feet.
The average sale price per square foot is $1,157.
The estimated cap rate is 2.8%
The last time the property sold was January 12, 2015, when Vanbarton bought it for $81,000,000.

Over the past five years, there have been 46 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,020,000. There were 45 renovation/alteration projects (A2) applied for with a total estimated value of $9,500,519.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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