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Brookfield Trades Manhattan Offices at $105M Loss
A fund affiliated with Brookfield Properties sold its office building at 333 W. 34th St. for $150 million, representing a $105-million haircut, the New York Business Journal reported. Brookfield paid $255 million to acquire the 286,000-square-foot office building from New York REIT in 2018.
Published reports identified the mystery buyer of the Midtown Manhattan property as B&H Photo Video, which operates a superstore nearby at 420 Ninth Ave. The Business Journal reported that the new owner plans to occupy the property.
“The sale of 333 W. 34th St. to a user is a win for both parties, granting the strategic buyer control over its future home and allowing Brookfield to deploy capital toward high-performing assets elsewhere,” a spokesperson for Brookfield said in a statement.
The sale comes two years after Brookfield entered a $105-million loan agreement on the property with German bank Landesbank Baden-Württemberg, reported the Business Journal.
- ◦Sale/Acquisition
