By Roland Li
Barcelona-based Renta Corporación has sold 12 Warren Street to Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) for $26.16 million, according to city records.
A spokeswoman for Renta said the sale was part of an agreement for the company to refinance its long-term syndicated debt, which involves the sale of its assets. Officials at BBVA didn’t respond to a request for comment.
According to Crain’s, Renta had sought to flip six Manhattan buildings during the boom, but was caught in the financial crisis after closing on only 12 Warren Street. It lost deposits on 276 Fifth Avenue, 38 East 32nd Street, and money on the Forbes Building at 60 Fifth Avenue, which was later purchased by New York University, according to Crain’s.
Ultimately, Renta made an almost $9 million profit on 12 Warren, although the sale came years after its purchase. According to city records, Renta bought the building for $17.35 million from Global Imports Inc., a long-time owner.
Between Church Street and Broadway and near City Hall, 12 Warren Street is a five-story, 23,000 s/f commercial building with office and retail space, according to PropertyShark.
Renta’s portfolio is primarily residential, retail and development parcels in Barcelona and Madrid.