Lexington Avenue Building Goes into Contract at Steep Discount
The partnership of Capstone Equities and AmTrust RE have reportedly entered into contract to purchase 360 Lexington Avenue. The approximately 270,000-square-foot office building located on the corner of East 40th Street is about 60% leased; and fetched $65 million, representing a significant discount of the $180 million paid by seller Savanna in 2019 when it was 82% leased. The $110 million loan currently encumbering the property is nearing expiration, and the lenders Barclays and PPM America directed the sales process. Although marketed as a potential office-to-residential conversion, the contract vendees plan to keep it as an office building.