Sixth Avenue Building In Contract for Price Just Shy of $350M Sought by Sellers

Empire Capital Holdings has entered into contract to purchase 1330 Avenue of the Americas for about $325 million, or just shy of the $350 million sellers Blackstone Group and RXR Realty were hoping to fetch. The sale is expected to close by the end of the year, the contract vendee planning to put new debt on the property to fund the purchase. News of the pending sale comes about 6 weeks following initial reports of the 40-story building formerly known as the Financial Times Building being offered for sale, having been purchased by an RXR-led investor group in 2010 for about $400 million in 2010, with Blackstone acquiring majority ownership in 2015 as part of an approximately 50% stake in a 6-building RXR office portfolio.