Williams Equities acquired 470 Park Avenue South for just $147.5 million, significantly less than the $245 million sale price in 2018, reflecting a post-pandemic valuation shift.
According to Michael Cohen, a principal at Williams, the current market is experiencing 'sizable adjustments in values that are not in any way reflective of the values of a building,' due to the post-pandemic interest rate environment.
The previous owners, SJP Properties and PGIM, invested in improvements such as a new roof terrace and landscaped courtyard, which are seen as beneficial for attracting tenants like DAZN and Anchorage Digital.
Cohen noted that Williams Equities financed their acquisition with a new mortgage but withheld specific information about the terms, suggesting ongoing adjustments in the financing landscape.
Collection
[
|
...
]