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CPN Commercial Property News
07/12/2007
Skyline Developers L.L.C. has purchased three Manhattan buildings from a private family owner for a total of $170 million.
The deal includes 1040 Avenue of the Americas (pictured), a 24-story, 256,000-square-foot Class A office, currently home to tenants including Dennis Publications, publisher of Maxim, Stuff and Blender magazines. The ground floor of the building is comprised of retail space currently occupied by tenants such as Valley National Bank and GNC.
Skyline said in a release that the firm would likely transform the property into a residential building or a boutique hotel. Also included in the deal were 1050 and 1052 Avenue of the Americas, which together add an additional 50,000 square feet of development space for whatever project Skyline decides upon.
The seller on the deal was represented by Darcy Stacom, vice chairman & partner at CB Richard Ellis Inc.
Skyline is currently at work on two other luxury condominium projects in Manhattan. 170 East End Avenue, located on the borough's far East Side at 88th Street, will feature 106 high-end units containing between three and five bedrooms each and priced between $1.5 million and $15 million. The firm is also in the process of converting 37 Wall Street in Lower Manhattan into a luxury rental property, which will also be home to the new Tiffany & Co. store.
Skyline is an affiliate of development giant Garden Homes Development, which owns and manages more than 50,000 apartment units and more than 25 million square feet of retail, office and hotel property in 37 states.
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