Consumer Products Company Buys Murray Hill Office Building at a Discount

Enchanté Accessories recently purchased the entirely vacant 147-149 Madison Avenue for $77 million. Despite having recently completed a full redevelopment, seller Columbia Property Trust incurred a loss, having acquired the 12-story, 121,000-square-foot office building in 2017 for $87.7 million, with the REIT taking full control of the asset in 2018 when the 60-year leasehold expired. In 2018 WeWork had signed a lease to occupy the entire building, however the co-working firm never moved in, ultimately abandoning the space during the onset on the pandemic in early 2020. According to city records, City National Bank originated a $9.363 million gap mortgage and assumed roughly $44.537 million in unpaid principal provided by Goldman Sachs Bank and to close on the transaction.

Source:    https://preview.therealdeal.com/new-york/2023/02/08/columbia-property-trust-takes-haircut-on-149-madison/