Third Avenue Building Sells to Lender at a Loss

Ownership of 850 Third Avenue has changed hands, following the sale of the 617,000-square-foot building by the Chetrit Group to its lender, HPS Investment Partners. Amid efforts to keep the building out of foreclosure following an October 2021 $342 million refinancing by HPS and the loss of the building’s top tenant Discovery Inc. The sale of roughly $266 million was significantly lower than the $422 million Chetrit paid in 2019.