UBS Sells 299 Park Avenue
Through Darcy Stacom and Bill Shanahan at CB Richard Ellis, the marketing dragged through the latter half of 2009, as potential buyers diminished and UBS stuck to its pricing.
The nation’s ongoing financing issues restrained a quicker conclusion, as did a right of first refusal by Fisher Bros., the operating partner that eventually brought Rockpoint to the table.
“UBS was able to monetize its investment, Fisher likes the partner and Rockpoint gets a good asset and return,” said a source. Sources also said that Rockpoint’s return will be greater than 6%, and there is a growing war chest for capital improvements after UBS exits. “This is a signal that the market is continuing to strengthen and-dare I say it? -recover,” said Woody Heller of Studley, who wasn’t involved in the deal. “To see Rockpoint come forward into the transaction is an affirmation that there is investor confidence in a new pricing paradigm.”
On the other hand, the multi-property HSBC headquarters at 492 Fifth Ave. near Bryant Park was sold for $380 a foot. The whole space is going to be leased b ack to HSBC for one year, and then the company intends to occupy about two-thirds of it for nine more years.
Via: NY Post
Related Articles
Osaka Miami Debuts Its New Nikkei Teishoku Lunch Experience in Brickell
Osaka Miami introduces its Nikkei Teishoku lunch, a customizable five course prix fixe menu featuring Japanese and Peruvian flavors in the heart of Brickell.
Haute Living and DaGrosa Capital Celebrate the Kempinski Residences Miami Design District Sales Gallery
DaGrosa Capital Development Partners, in partnership with Haute Living, celebrated the unveiling of the Kempinski Residences Miami Design District Sales Gallery with an exclusive evening that brought together some of the most prominent names in luxury real estate, business, and culture. Prominent executives, investors, tastemakers, and members of the media gathered to witness a milestone […]
The 15 Best Investment Handbags to Buy in 2026
From the Hermès Birkin to the Loewe Puzzle, these are the 15 editor-approved best investment handbags to buy in 2026.
Jacquemus x Timberland Reimagine the Classic Boat Shoe This Summer
Timberland and Jacquemus unveil a limited edition Lagoon Blue Authentic Boat Shoe for Summer 2026, blending heritage craftsmanship with bold design.
Miami Luxury New Developments — July 2026 Market Update
The Latest on Pricing, Deliveries, and Branded Residences Across South Florida’s $15 Billion Pre-Construction Pipeline South Florida’s luxury new-development market enters the second half of 2026 with its largest-ever active pipeline: more than 26 branded and ultra-luxury pre-construction projects across Miami-Dade, Broward, and Palm Beach counties, representing an estimated $15 billion-plus in total development value. […]
Woo Skincare + Cosmetics Is Giving Atlanta Something to Glow About
Glo2Facial Atlanta has a new home, and it’s reason enough to plan a visit to Woo Skincare + Cosmetics. If you’ve never wandered through Woo, prepare to lose track of time. Part luxury beauty boutique, part skincare playground, it’s the kind of place where you walk in for sunscreen. You leave with the serum everyone’s […]
Latest Stories
Trending Articles
Related Articles
Osaka Miami Debuts Its New Nikkei Teishoku Lunch Experience in Brickell
Osaka Miami introduces its Nikkei Teishoku lunch, a customizable five course prix fixe menu featuring Japanese and Peruvian flavors in the heart of Brickell.
Haute Living and DaGrosa Capital Celebrate the Kempinski Residences Miami Design District Sales Gallery
DaGrosa Capital Development Partners, in partnership with Haute Living, celebrated the unveiling of the Kempinski Residences Miami Design District Sales Gallery with an exclusive evening that brought together some of the most prominent names in luxury real estate, business, and culture. Prominent executives, investors, tastemakers, and members of the media gathered to witness a milestone […]
The 15 Best Investment Handbags to Buy in 2026
From the Hermès Birkin to the Loewe Puzzle, these are the 15 editor-approved best investment handbags to buy in 2026.
Jacquemus x Timberland Reimagine the Classic Boat Shoe This Summer
Timberland and Jacquemus unveil a limited edition Lagoon Blue Authentic Boat Shoe for Summer 2026, blending heritage craftsmanship with bold design.
Miami Luxury New Developments — July 2026 Market Update
The Latest on Pricing, Deliveries, and Branded Residences Across South Florida’s $15 Billion Pre-Construction Pipeline South Florida’s luxury new-development market enters the second half of 2026 with its largest-ever active pipeline: more than 26 branded and ultra-luxury pre-construction projects across Miami-Dade, Broward, and Palm Beach counties, representing an estimated $15 billion-plus in total development value. […]
Woo Skincare + Cosmetics Is Giving Atlanta Something to Glow About
Glo2Facial Atlanta has a new home, and it’s reason enough to plan a visit to Woo Skincare + Cosmetics. If you’ve never wandered through Woo, prepare to lose track of time. Part luxury beauty boutique, part skincare playground, it’s the kind of place where you walk in for sunscreen. You leave with the serum everyone’s […]
Subscribe to Haute Living
Receive Our Magazine Directly at Your Doorstep
Embark on a journey of luxury and elegance with Haute Living magazine. Subscribe now and have every issue conveniently delivered to your home. Experience the pinnacle of lifestyle, culture, and sophistication through our pages.
Haute Black Membership
Your Gateway to Extraordinary Experiences
Join Haute Black and unlock access to the world's most prestigious luxury events