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BankNote Building’s Owners Sell the Land Under It
Savills Capital Markets represented Lafayette Avenue LLC in the sale of the land underlying the historic BankNote Building in the South Bronx. The seller was a joint venture between Perella Weinberg Partners Capital Management’s Asset Based Value Strategy, and Madison Marquette, which paid $114 million for the redeveloped property in 2014.
Buyer and pricing for the land beneath the property at 890 Garrsion Ave. weren’t disclosed. The deal closed on August 1.
“We provided Lafayette Avenue with transaction structuring advice and a comprehensive marketing process identifying highly-qualified buyers from outside the United States, 1031 investors and traditional institutional investors,” said Michael Rotchford, vice chairman for Savills, who co-leads capital markets for the firm and structured the deal.
The 400,000-square-foot BankNote Building was built in 1909 as the home of the American Bank Note Company. Its previous ownership converted it to creative office and retail.
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- ◦Sale/Acquisition
