HFF announces $83M sale and acquisition financing for development site next to Peninsula Hotel in Manhattan’s Plaza District
NEW YORK, NY – September 18, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $83 million sale and acquisition financing of 12-18 West 55th Street, an 8,000-square-foot development site located adjacent to the University Club and Peninsula Hotel in Manhattan’s Plaza District.
The HFF team marketed the property on behalf of the seller, a partnership between Barings and Lincoln Property Company, and procured the buyer, Skyline Developers, the New York affiliate of Garden Homes Development. Additionally, HFF worked on behalf of the new owner to secure acquisition financing.
Located in the famed Plaza District of Manhattan, the site sits less than 200 feet west of the famed Fifth Avenue retail corridor and is convenient to many of the city’s most acclaimed cultural institutions, including the Museum of Modern Art, the Broadway Theater District, Lincoln Center and Central Park. Additionally, the development has exceptional transit access with nearly all of the New York City subway lines located within a half mile of the property.
The HFF team included senior managing director Andrew Scandalios, managing director David Giancola and senior director Geoff Goldstein.
Barings is a $280 billion* global asset management firm dedicated to meeting the evolving investment and capital needs of its clients. The firm builds lasting partnerships that leverage its distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 1,700 employees and 600 investment professionals across 41 offices in 17 countries. Learn more at barings.com.
*As of March 31, 2017
About Lincoln Property Company
Founded in Dallas, Texas in 1965, LPC has 31 full service offices in the United States and 8 in Europe, and is nationally recognized for its full-service, vertically integrated institutional investment and property management platform. Since 1965, Lincoln has acquired and developed approximately $35 billion of residential and commercial property. LPC currently manages 356 million square feet of commercial property and 147,000 multifamily residential units for over 100 separate clients worldwide. Additionally, LPC currently owns and operates a portfolio of over 20 million square feet of commercial space in Southern California. lpcwest.com
About Skyline Developers
Skyline Developers is the New York City affiliate of Garden Homes Development, a private real estate company based in Short Hills, New Jersey and one of the largest family owned and operated residential and commercial builders in the United States. The company, owned and managed by the Wilf family, including Leonard, Zygmunt, Mark, Orin, Jonathan and Steven Wilf, is both a real estate development and management company with residential and commercial properties throughout Manhattan. Under the guidance of President Orin Wilf, the company has developed unique properties including 200 East 79th Street and 170 East End Avenue. Its luxury rental portfolio includes 194 East Second Street, 37 Wall Street and Post Towers at 75 West Street. Skyline Developers is currently developing the mixed-use, 24-story retail and residential building at 1050 Avenue of the Americas.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.