{"id":1004162087,"date":"2016-12-15T03:09:26","date_gmt":"2016-12-15T11:09:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004162087"},"modified":"2020-04-15T03:44:39","modified_gmt":"2020-04-15T11:44:39","slug":"nycs-441-ninth-ave-gets-two-new-owners-makeover","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/","title":{"rendered":"NYC’s 441 Ninth Ave. Lands Two New Owners, Makeover"},"content":{"rendered":"

By Gail Kalinoski<\/p>\n

\"441<\/a>

441 Ninth Ave., New York<\/p><\/div>\n

New York City\u2014<\/strong>Cove Property Group and Baupost Group have teamed up to buy 441 Ninth Ave., an eight-story office building on Manhattan\u2019s Far West Side, near the Hudson Yards and 1 Manhattan West mega-developments, for $330 million. The new owners plan to renovate the asset into Class A office space.<\/p>\n

The joint venture purchased the 423,000-square-foot building from EmblemHealth, which had owned the property since 1994. It was originally built as a warehouse in 1962 and converted to offices in 1983.<\/p>\n

CBRE Capital Markets arranged the sale. Darcy Stacom, Bill Shanahan, Eric Negrin, Ryan Spector and Paul Haskin of CBRE\u2019s Midtown Manhattan office represented the seller, which will be vacating the building in 2017 after a short-term leaseback.<\/p>\n

Shawn Rosenthal and Jason Gaccione of CBRE Capital Markets\u2019 Debt & Structured Finance team in Midtown Manhattan secured the acquisition financing for the buyers.<\/p>\n

The new owners received a $220 million acquisition loan from Deutsche Bank, according to The Real Deal<\/em>.<\/a><\/p>\n

The property is one block east of Hudson Yards<\/a>, the major mixed-use development being built by Related Cos. and Oxford Properties Group, and one block west of Penn Station. It is located between 34th<\/sup> and 35th<\/sup> streets along the entire block front on Ninth Avenue and across the street from Brookfield Property Partners\u2019 One Manhattan West<\/a>, a 2.1 million-square-foot, 67-story office tower under construction. The building is also close to the new seven\u00a0train extension servicing the Hudson Yards district, as well as the Lincoln Tunnel and bus lines.<\/p>\n

The asset has expansive 50,000-square-foot floor plates with 14-foot ceilings. Cove\u2019s business plan is to reposition the property as a Class A office development aimed at TAMI (technology, advertising, media and information) tenants as well as fashion, financial and legal firms. The joint venture also expects to build atop the existing building, adding about 210,000 square feet of available floor area ration to the site, according to CBRE.<\/p>\n

In March, Cove and another joint venture partner\u2014<\/strong>Multi-Employer Property Trust, advised by Bentall Kennedy LLP\u2014<\/strong>acquired a 26-story, 476,000-square-foot office building at 2 Rector St.<\/a> in Manhattan\u2019s Financial District for a reported $225 million. Cove and MEPT planned to renovate and reposition the 1907 building into Class A offices. Like 441 Ninth Ave., that property is near another major Manhattan development\u2014<\/strong>the new World Trade Center site.<\/p>\n","protected":false},"excerpt":{"rendered":"

A partnership between Cove Property Group and Baupost Group paid $330 million for the 423,000-square-foot building.<\/p>\n","protected":false},"author":1068,"featured_media":1004162088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1600,21742,10,21747],"tags":[32789,33174,33175],"class_list":["post-1004162087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-cove-property-group-llc","tag-the-baupost-group"],"acf":[],"yoast_head":"\nNYC's 441 Ninth Ave. Lands Two New Owners, Makeover - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC's 441 Ninth Ave. Lands Two New Owners, Makeover\" \/>\n<meta property=\"og:description\" content=\"A partnership between Cove Property Group and Baupost Group paid $330 million for the 423,000-square-foot building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-15T11:09:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T11:44:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"608\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/\",\"name\":\"NYC's 441 Ninth Ave. Lands Two New Owners, Makeover - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg\",\"datePublished\":\"2016-12-15T11:09:26+00:00\",\"dateModified\":\"2020-04-15T11:44:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg\",\"width\":799,\"height\":608,\"caption\":\"441 Ninth Avenue\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NYC’s 441 Ninth Ave. Lands Two New Owners, Makeover\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"NYC's 441 Ninth Ave. Lands Two New Owners, Makeover - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/","og_locale":"en_US","og_type":"article","og_title":"NYC's 441 Ninth Ave. Lands Two New Owners, Makeover","og_description":"A partnership between Cove Property Group and Baupost Group paid $330 million for the 423,000-square-foot building.","og_url":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-12-15T11:09:26+00:00","article_modified_time":"2020-04-15T11:44:39+00:00","og_image":[{"width":799,"height":608,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg","type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/","url":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/","name":"NYC's 441 Ninth Ave. Lands Two New Owners, Makeover - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg","datePublished":"2016-12-15T11:09:26+00:00","dateModified":"2020-04-15T11:44:39+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg","width":799,"height":608,"caption":"441 Ninth Avenue"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/nycs-441-ninth-ave-gets-two-new-owners-makeover\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"NYC’s 441 Ninth Ave. Lands Two New Owners, Makeover"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/441NinthAve_CoverImage.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004162087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004162087"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004162087\/revisions"}],"predecessor-version":[{"id":1004417926,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004162087\/revisions\/1004417926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004162088"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004162087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004162087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004162087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}