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Manhattan Office Gem Fetches $1.25 Billion

Midtown Manhattan office tower 1290 Avenue of the Americas has sold for $1.25 billion. The buyer is Hudson Waterfront Associates, a partnership of several Asian investors and developer Donald Trump. The seller was a joint venture between German syndicator Jamestown and Apollo Real Estate Advisors.

The 34-story, 1.96 million sq. ft. tower at 1290 Avenue of the Americas is 96% leased. Chief tenants are AXA/Equitable Financial, Bank of New York, Microsoft, Wenner Media and law firms Bryan Cave LLP and Morrison & Foerster.

Bill Mack, Apollo Real Estate’s founder and senior partner, believes that this sale offers further proof of the New York City real estate markets cyclical recovery. Apollo first invested in 1290 Avenue of the Americas in 1993 when the building’s former owner —Olympia and York — went bankrupt. Based on this latest sale, the property appreciated by $1 billion over the ensuing 13 years.

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