Arbor Realty Trust, Inc. (NYSE:ABR) announced the recognition of a $58 million net gain related to its investment in the 450 West 33rd Street property.
In 2007, the Company received net proceeds of approximately $58 million from the closing of this transaction and recorded a corresponding net deferred gain as a result of guarantying a portion of the property’s indebtedness.
In July 2014, the existing debt on the property was refinanced and the Company’s portion of the guarantee terminated, resulting in the recognition of the deferred gain for GAAP purposes.
The recognition of this gain will increase, on a proforma basis, the company’s previously disclosed March 31, 2014 GAAP book value per common share by $1.16 to $8.71 from $7.55 per common share.
Earliert his year, Brookfield Office Properties unveiled plans for a $200 million renovation of the office tower, also known as 5 Manhattan West.
Scheduled for completion in 2016, the architecture firm REX designed the renovations. Cushman & Wakefield’s Bruce Mosler and Josh Kuriloff are the exclusive listing agents for office space at the property.