Asian Investor Offered $400M for NYU Langone Midtown Building

222 East 41st Street is located between Second and Third Avenue in Midtown Manhattan. (Photo Credit: Columbia Property Trust)
In late 2016, NYU Langone signed a record long 30-year lease to occupy the entire building. (Photo Credit: Columbia Property Trust)

The just under 400,000-square-foot building located in Midtown Manhattan at 222 East 41st Street, which is leased entirely by NYU Langone Medical Center is going on the market by Columbia Property Trust, the property’s owner. CBRE was recently hired by the Atlanta-based real estate investment trust to market the 25-floor building.

According to The Real Deal, “NYU Langone signed a 30-year, triple-net-lease agreement to occupy the full 389,500-square-foot building in 2016. The hospital took possession in late 2016, after law firm Jones Day vacated the property. Sources said an unidentified Asian investor approached the REIT with an unsolicited offer of just shy of $400 million, or nearly $1,000 per square foot, for the building. The offer led the REIT to hire a brokerage and launch a wider marketing effort. A CBRE team led by Darcy Stacom and Bill Shanahan are marketing the property for sale. The brokers and the REIT declined to comment.”

In 2001, the building was constructed on 41st Street between Second and Third Avenue. Then in 2007, Nelson Mills led Columbia Realty Trust to purchase the property for $320 million.

During 2017, multiple acquisitions in New York City were conducted by Columbia, according to TRD they included “two New York REIT buildings in Chelsea for $515 million, a stake in 114 Fifth Avenue valuing the building at $220 million, and the land beneath 149 Madison Avenue for $88 million.”

By Mark Snyder

 

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