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Williams Equities Picks Up 470 Park Ave. South for $147M
Williams Equities said Monday it had acquired 470 Park Ave. South in Manhattan’s Midtown South for $147.5 million. The historic 300,000-square-foot office property traded for nearly $100 million less than the $245 million SJP Properties and PGIM Real Estate paid in 2018.
However, Williams Equities principal Michael Cohen told the New York Post, “We’re now in a post-pandemic interest rate and cap rate environment, very different from what existed in 2019 and for 10 or 20 years prior. The result has been sizable adjustments in values that are not in any way reflective of the values of a building.”
Cohen and Williams Equities principals Andrew Roos and Robert Getreu, along with general counsel William Stempel and Colliers VPs Jessica Verdi and Mac Roos, assisted in the negotiating and underwriting of 470 Park South for Williams Equities.
The sale was brokered by Eastdil Secured’s Will Silverman on behalf of the sellers, who had made significant capital improvements. Williams Equities plans additional upgrades. Jamestown, an investor with Williams Equities, continues its role as limited partner on 470 Park South.
- ◦Sale/Acquisition
