TIAA-CREF buys 425 Park Avenue land for $315 million

425 Park Avenue, PropertyShark

By Roland Li

TIAA-CREF, a major New York-based pension fund manager and institutional investor, has purchased control of the land beneath 425 Park Avenue for $315 million, according to city records.

The seller was the Goelet family, which rose to become a major landowner in the early 19th century.

“TIAA-CREF continually seeks to improve the quality of its portfolio, including through carefully identified acquisitions,” said a spokeswoman for the group.

Officials at Goelet weren’t immediately available to comment.

The deal follows TIAA-CREF’s purchase last week of the Corner, a luxury rental building at 200 West 72nd Street, for $209 million.

However, at 425 Park, the large fund will only have ownership of the land, barring further deals, meaning they will collect rent from a long-term ground lease of the site.

David Levinson and Robert Lapidus’ L&L Holdings is set to take control of the ground lease in 2015 from another company, after purchasing the lease in 2006. L&L will have the option of demolishing the 567,330 s/f building and developing the site, which spans an entire city block between 55th and 56th Street. The leases of existing tenants of the 31-story building are also set to expire in 2015.

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  • Many people relocate to Spain for the climate, but there are many other reasons to move to Javea on the Costa Blanca. This is especially the case if you want Spanish culture, but also the confidence that there are other UK Expats living there that are always willing to help and offer advice to fellow compatriots.

  • Many people relocate to Spain for the climate, but there are many other reasons to move to Javea on the Costa Blanca. This is especially the case if you want Spanish culture, but also the confidence that there are other UK Expats living there that are always willing to help and offer advice to fellow compatriots.

  • Gotta love buys like these.  Depressed prices, but assets that will rise over the next decade.  Tiaa is no dummy.

  • Every summer the port plays host to the Javea International Festival. The festival has marquees representing the various nationalities and cultures in Javea. Often the center point of the festival is the stage with a variety of performers of different nationalities.

  • These properties are just a small selection but you will find most properties prices have fallen by over 30% and remember these prices are the asking price so there is probably still some opportunity for offering a lesser figure.

  • Drinking and Driving in Spain is normal. Death is cheap on the motorways. Every weekend families say goodbye to loved ones as the jaws of death scrape the mangled bodies of young and old from a twisted up piece of metal that used to be a car. Beer is not considered a dangerous drink, yet it has a 5% alcohol content. If you do need to get one you can go through the Drive-Thru window at your nearest McDonalds. Both wine and spirits are very cheap in Spain – so it is an alcoholic’s dream come true.

  • Of course, the UK has always been the main driving force for property sales in Javea and along the Costa Blanca. The extremely cheap airfares from various airports in the UK to Alicante and Murcia have contributed immensely to the attractiveness of Javea as a property investment haven.
    At the same time, statistics show that apart from the Brits, other europeans too are flocking in increasing numbers to buy property on the Costa Blanca. According to real estate agents, these buyers are impressed by the sun and a perfect living climate — and they seem prepared to pay a premium for it.

  • Besides tourism, there is another important feature of Javea. The raisin industry market is central to the town,

    to its history and to its economy. Each summer, almost all of the locals head to the villas near town and

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    Javea renowned for its raisins. Since there are so many products that use raisins, this has been a great boon to

    the local economy.

  • Robbert Pattinson

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    Holiday Villas In Spain

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