AS of today, the majority of the iconic Chrysler Building should be in the – we expect – happy hands of the Abu Dhabi Investment Council.
The nearly $800 million deal, first reported by The Post on June 11, by the Middle East sovereign wealth fund included the purchase of 90 percent of the ownership stake while leaving local Tishman Speyer Properties as the manager of the 77-story tower.
Sources tell us the secretive ADIC will also soon close on the separate purchase of the retail sections that include the dramatic Philip Johnson-designed pyramid-shaped Trylons along E. 42nd St. that’s now rented to the Capital Grille steakhouse.
That and the adjacent Citibank branch bridge the gap between the Chrysler Building and the separate Chrysler East office buildIng, which TSP will continue to own.
All of it is on a nearly 150-year ground lease to Cooper Union, with lease payments funding full scholarships for their engineering students. TSP did not return calls seeking comment.
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A two-tower complex along the East River was just contracted to be sold by Aimco to Apollo Real Estate and Pembroke Real Estate for $174 million.
Known as Land’s End II, the lovely 26-story buildings on the Lower East Side have 490 apartments ranging from 750 to 1,500 square feet, with an average rent of around $2,000.
But via its Housing Assistance Payment contract, all are rented to Section 8 tenants that you help support.
Built in 1979 as part of the Two Bridges urban redevelopment program, the properties are now managed by Starrett Corp. whose principals – including Lawrence Cohen – are all members of Pembroke Real Estate.
Related Companies and Stellar Management were among the losing bidders in the sale that was conducted by Douglas Harmon of Eastdil Secured.
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Eight or nine bids of around $1 billion were placed yesterday for the 5,881 apartments of Starrett City in Brooklyn, and Apollo was expected to be part of one group.
Todd Trehubenko of Recap Advisors, who is running the sale, declined to discuss whether all or none of the bids topped the $1 billion mark or confirm the exact number of bidding groups, several of which include non-profits.
“We’re still sorting through but very pleased with the level of interest,” Trehubenko said last night.
The plan is to cull the pack, conduct site tours, obtain a second round of bids and have a contract signed by Labor Day.
Donald Trump is a partner in the selling group led by Disque Deane.
At the very first Arabian Property Awards in Dubai, Trump just took home the Lifetime Achievement Award and the award for the Best Hotel & Resort for the upcoming Trump International Hotel & Tower on Dubai’s Palm Jumeriah. Nakheel, his partner in the hotel and the developer of the Palm island, was named Best Developer.
