SUMMER’S over and while some deals are finished, others are just getting energized.
The pact for the eagerly anticipated Apple store at the former JPMorgan building across from the New York Stock Exchange has vaporized but could be reincarnated.
Their broker, Karen Bellantoni of Robert K. Futterman & Associates did not return calls for comment.
Coincidentally, RKF was also representing the building at 23 Wall St.
Now the entire commercial base of 145,000 feet in that triangular building, plus its connected neighbors at 15 Broad St. and 35 Wall St., are being sold by Africa-Israel to what city real estate sources peg as a Korean investment group for $150 million.
The Post first briefed the deal on Monday.
When we finally tracked down Rotem Rosen, president of Africa-Israel USA, yesterday after a late night wedding in Israel, he said Africa-Israel would still be managing the property.
However, he declined to identify the fund buying the properties other than to say it was an Asian investment vehicle.
“They are very, very, very big,” he said. “They are starting a relationship with us and the first step is the three assets.”
That’s because Africa-Israel is also selling these Asian investors 49 percent stakes in the Clock Tower residential redevelopment – which overlooks Madison Square Park and is being designed by Versace – and the former New York Times building at 223 W. 43rd St., which NBC has been negotiating to rent in its entirety.
Africa-Israel bought the old New York Times office building for $525 million last year, tossing in $79 million toward a $780 million purchase and construction loan from Credit Suisse.
The Koreans are paying $50 million in equity for a 49 percent share but will assume half of the liabilities and obligations to the bank.
With interiors by Andres Escobar and Adamson & Associates as architects, Rosen said the old Times, which has been renamed the Times Square Building, “will become one of the most prominent office buildings in Midtown.”
Africa-Israel purchased the old Met Life Clock Tower for $200 million a year ago and it has no debt.
“Now they are giving us $150 million for 49 percent, so we are putting more than $300 million [as a value] on the building in a year without doing anything for it,” Rosen said.
Eventually, they hope to get $3,500 or more per foot for the luxury units.
More important, Africa-Israel and its investors will now be seeking both commercial and residential assets.
“It’s a joint venture that we believe will give a lot of fruit in the future, and we are looking to do other acquisitions,” said Rosen. “We have a lot of equity and they have a lot of equity. In a market with tough financing we believe we can do well.”
Some of the Macklowe Properties/Equity Office-Deutsche Bank transfers being overseen by Eastdil Secured are still in flux.
We hear Somerset Partners finally lost the deal for 527 Madison Ave. and sources tell us Mitsui Fudosan stepped up to take home the boutique property of 236,134 feet for around $225 million.
Meanwhile, some of Worldwide Plaza’s lender group has been grousing over its potential sale be cause they’d rather hold onto the prop erty than sell it for less than what they believe the 1.7 million-foot behemoth is worth.
Additionally, with a big chuck of the building up for lease, any new anchor tenant could change the ending of the sales game.
City records show that Memorial Sloan Kettering has exercised its option to purchase 96 units at Riverwalk on Roosevelt Island for $49,510,997.
The relatively new condo at 425 Main St. was developed in a joint venture by Hudson Cos. and the Related Cos.
The hospital’s staff previously moved in as units were completed, said its attorney, Alan Weider of Paul Weiss.