Japanese investor to sell another Manhattan property at a loss
Japan-based real estate investor Unizo Holdings is closing in on a deal to sell off another Manhattan office property it purchased in recent years. The Related Cos.' fund-management arm and East End Capital are vying for 321 W. 44th St., a roughly 180,000-square-foot office building west of Times
Published -
Oct 4, 2018 5:08 AM
Japan-based real estate investor Unizo Holdings is closing in on a deal to sell off another Manhattan office property it purchased in recent years. The Related Cos.' fund-management arm and East End Capital are vying for 321 W. 44th St., a roughly 180,000-square-foot office building west of Times Square. A source said that East End Capital, which previously owned the property, has a right of first refusal in any sale of the building, an option that gives it the ability to match an offer made by Related. Another source said the building is expected to sell to one of the two parties for around $150 million, a roughly $15 million loss on the $165 million that Unizo spent acquiring the property in 2015. The deal would be the second office building that Unizo is set to sell at a loss. In recent weeks the company reached an agreement to sell 370 Lexington Ave. to Broad Street Development for around $190 million, roughly $57 million less than Unizo paid for the 27-story, 311,000-square-foot building in 2015. Unizo, which used to be named Jowa Holdings, also is selling 440 Ninth Ave., a 400,000-square-foot office building it bought in 2013 to a partnership between TH Real Estate and Taconic. It is seeking $290 million, roughly $40 million more than it paid for the building.
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