A half-stake in two Midtown office buildings developed and controlled by the Fisher Bros. is in a hard contract to Rockpoint for roughly $550 million in cash but will recapitalize the properties at $2.1 billion as Rockpoint will also take on over $1 billion in debt, equating the price to $650 per foot.
Two cancer research centers created by the late billionaire shipping magnate Daniel Ludwig will be the beneficiaries of the sale by National Bulk Carriers.
Ludwig invested with the Fishers when they developed the towers at 1345 Avenue of the Americas and 605 Third Ave. Under the terms of his estate, in 2006 Ludwig’s foundation set up the cancer centers and gave them the proceeds from the buildings.
The 49.5 percent interests offered through Douglas Harmon, Adam Spies and Joshua King at Eastdil Secured attracted worldwide interest, sources said.
Rockpoint, however, has a good relationship with the Fishers, having been partners with them at both Park Avenue Plaza, in a deal that was in part orchestrated by Harmon and Spies, and in 299 Park Ave.
The 1.9 million square feet in the 1345 tower also includes the Ziegfeld Theater. The 1.1 million square-foot 605 Third takes up the eastern blockfront between 39th and 40th streets and comes with a six-story, 705-car garage on the far eastern end of the lot separated from the tower by Tunnel Exit Street.
This garage is actually a development site and we hear the Fishers will end up increasing their equity interest in the site and redeveloping it with a residential tower of around 250,000 square feet — purposely designed to be slender and not obstruct the views from 605.
As we’ve told you in the past and as colleague Steve Cuozzo advised you yesterday, its largest tenant, Neuberger Berman, has a lease up in 2017 and has been out scouting for 300,000 square feet.
Having compatible partners is also desirable as capital calls, maintenance, upgrades and other tenant issues need to be addressed on an ongoing basis.
This year Harmon and Spies recapitalized The Post’s headquarters at 1211 Avenue of the Americas for $1.75 billion and Worldwide Plaza at $1.35 billion; sold the Sony building for $1.12 billion; and are completing the sale of the Time Warner office condo at the Time Warner Center to Related Cos. for over $1.3 billion and the sale of 650 Madison for $1.29 billion to Crown Acquisitions and Highgate Holdings. The team previously sold 111 Eighth for $1.77 billion.
None of the parties returned e-mails or calls for comment.
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Edward J. Minskoff has another school being reeled in for the base of his new — but so far tenantless — 51 Astor Place development.
We hear that St. John’s University is working out a lease for the base of 51 Astor, where an earlier school deal for the second floor of 42,000 square feet died.
The building needs to rent about 50,000 square feet to a school to fulfill zoning requirements, and we hear the St. John’s lease would be for a couple of the base floors.
But sources said the cost for the Fumihiko Maki-designed space is roughly $90 a square foot, and is not sitting well with some of the school insiders, who have been mortified by financial scandals that rocked the school over the last year and feel the high tab is not in keeping with its Catholic roots.
Peter Riguardi, Paul Glickman, Mitchell Konsker and Cynthia Wasserberger of Jones Lang LaSalle are representing Minskoff, which a year ago had asking rents of $88 to $115 per square foot.
No one from JLL could be reached for comment.
The school could work out a purchase and lease agreement that could allow it not to pay real estate taxes, similar to what CUNY and other nonprofits have devised.
Minskoff advised, “There is no deal.” Stay tuned.
St. John’s is selling its TriBeCa location at 101 Murray St. through Cushman & Wakefield for $223 million to Steve Witkoff, Howard Lorber and the Fisher Bros. for a ritzy residential tower.