Jared Kushner and Normandy Partners have scooped up another downtown office building that will likely be renovated for tech tenants.
The companies closed Friday on the purchase of a half stake in 80 and 90 Maiden Lane from Joseph Chetrit, revaluing the building at about $210 million, or $358 a square foot. Paul Wasserman’s A.M. Property Holdings owns the other half.
At the same time, Wasserman sold Chetrit the half of the 21-story 65 Broadway that he didn’t already own, allowing Chetrit to use the increasingly more difficult-to-complete 1031 exchange to shield taxes, while obtaining complete control of another building.
Investment brokers Douglas Harmon and Adam Spies of Eastdil Secured handled the intertwined, complicated swap with the targeted purchasers that maintained the pricing to last year’s level. No one returned calls for comment.
Earlier this spring, Normandy was negotiating to buy 65 Broadway, the 350,000 square-foot former American Express Building. But when Chetrit preferred to retain his stake in 65 Broadway, the entire deal was redone.
The four-story 33,500 square-foot 90 Maiden Lane has a Gristedes in the base. The 550,000 square-foot 80 Maiden Lane is the prized catch with current under-market rents and smaller office tenants.
A year ago, Kushner and CIM Group paid $140 million for the 466,000 square foot 2 Rector, or $300 a square foot, with expectations of converting that to residential.
