- Last Updated: 4:11 PM, August 29, 2012
- Posted: 11:43 PM, August 28, 2012
BETWEEN THE BRICKS
An entity advised by UBS has purchased the land under the Sports Illustrated Building for $279 million. The company already owned the operating lease, which does not end until 2106.
The purchase of the land, with the address of 135 W. 50th St., was made through the UBS client, TPF Operating REIT, on Aug. 14. Documents show TPF obtained the lease in 2008 through an internal UBS transfer from Aetna Life Insurance.
The seller, 14 E. 60th St. Associates, was comprised of managing member Suzanne Lehmann and, since 2008, included the Zev Wolfson family after it bought its interest for $56 million from the Peter Jay Sharp Foundation.
Wolfson, whose entities also own One State Street Plaza and 25 Broadway, both Downtown, died the day before the sale on Aug. 13 at the age of 84.
Lehmann had signed the documents on Aug. 10.
Brad Siderow of the Siderow Organization had represented UBS in the original lease purchase, sources tell us, and also played a role in this purchase.
Darcy Stacom and Bill Shanahan of CBRE represented the sellers of the land, while David Werner provided additional advice to the Wolfson family
Norman Sturner’s Murray Hill Properties bought the 1964-era lease in 2004 for $143 million after negotiating an extension to 2106 that included a right of first offer for the land.
Murray Hill sold it to the UBS client in the frothy market of 2006 for $332.5 million but remained on as manager and leasing agent and is expected to continue in that role.
None of the calls or e-mails to the various parties were returned, and Lehmann could not be reached.
Tenants in the 800,000- square-foot building include Time and Alliance Bernstein.
A retail condominium at 29-31 E. 22nd St. that had been a location for fine gift and tabletop seller, Carole Stupell, Ltd., was sold for $3.65 million.
The space has 3,400 square feet on the ground and 2,200 square feet on the lower level.
The condo was purchased by the nonprofit women’s arts organization The Pen and Brush, which plans to use it for offices and gallery space. Patrick Gavin and Robert Haberman of Prudential Douglas Elliman represented the buyers.
Nick Poshkus of Cor- coran Group represented the seller, Keith Mervis, who owned the condo along with the business founded by his mother, Carole, more than 70 years ago.
When Carole’s original location at 61 E. 57th St. was redeveloped into the Four Seasons Hotel, she simply moved to what was then her warehouse in the Flatiron District.
Stupell is credited with coming up with the idea for the first bridal registry, and patrons included the late Whitney Houston.
Public records show that Vornado Realty Trust’s lease deal with Host Marriott for the eastern portions of the lower floors of the Marriott Marquis, at 1535 Broadway in Times Square, will cost Vornado roughly $213,211,862 in payments over the 20-year term.
Marriott has disclosed Vornado will spend $140 million on renovations that include a six-story block front redevelopment of the LED signage, along with creating high-end retail space out of a below-grade garage.
Currently, the Nederlander Organization operates the hotel’s Broadway theater under a 1985 lease.
Documents show the theater portions are included in Vornado’s master lease, which provides them options to eventually purchase that entire slice of the building and the signage in the future.
We poked around to see if Vornado will end up stepping into that theater-leasing position, but so far all are mum.
While Vornado doesn’t own any theaters, Chairman Steve Roth’s Tony award-winning wife, Daryl, owns a theater and operates and produces on Broadway, while their Tony award-winning son, Jordan, is president and principal of the Jujamcyn Theaters.
Meanwhile, the potential deal for Vornado to buy the retail space at 680 Madison Ave. from Gary Barnett’s Extell Development and Angelo Gordon for $280 million “ain’t over til it’s over,” and it may not matter how they settle their Central Park tower kerfuffle.
One source confided, “The two issues are not necessarily linked.”
On Central Park South Roth and Barnett are sparring over Vornado’s demolition of No. 220.
While Vornado is trying to evict Extell from the building’s garage lease, Barnett is also jockeying to get them to position their new tower so his own Nordstrom tower can maximize views over Central Park.
In this town, for the professionals, it’s all just business — and location.