The New York Observer will get the boot next year from its West Side offices after Jared Kushner, the owner of the building and publisher of the weekly, sold the property out from under his own paper.
The building went for $95 million.
Suddenly active investors, East End Capital and GreenOak Real Estate, completed the off-market transaction from contract to closing between Wednesday and Friday of last week, The Post has learned. The 1929-era building is located at 321 W. 44th St.
Real estate scion Kushner purchased the 228,268-square-foot building at the top of the 2007 market for $85 million. Known as the New York Observer Building, the newspaper occupies the entire sixth floor.
The Observer, which Kushner bought in 2006, has a year to find another 20,000 square-foot home.
Kushner, who is married to Ivanka Trump, intends to buy another property for the paper and its off-shoots which include the Commercial Observer and the Mortgage Observer, sources said.
East End was formed by former Broadway Partners’ Jonathon Yormak and David Peretz along with real estate investor Richard Ruben. GreenOak principals Sonny Kalsi, John Carrafiell and Fred Schmidt ran the investment group at Morgan Stanley.
Darcy Stacom of CBRE handled the brokerage.
No one returned calls today. Together they also own 256 W. 28th St. and 21-27 Mercer St.
Last week, Aby Rosen’s RFR joined with East End and GreenOak to buy the Young & Rubicam building at 285 Madison Ave. for $189.25 million, also marketed by Stacom.
Kushner sells his New York Observer building for $95M
This article
Kushner sells his New York Observer building for $95M
can be opened in url
http://runningernewster.blogspot.com/2012/12/kushner-sells-his-new-york-observer.html
Kushner sells his New York Observer building for $95M
