A strong first quarter of property sales in Manhattan is being trailed by more deals this month, including an office deal in the West Village.
San Francisco-based Spear Street Capital paid $50.5 million to acquire the 10-story, 30,000-square-foot 74 Eighth Avenue, according to public records reported by the Commercial Observer. The deal breaks down to $1,683 per square foot.
The seller was New York-based G4 Capital Partners. The property last traded hands for $18 million in 2019.
The property at the corner of Eighth Avenue and West 14th Street was developed by Sang Lee, Noviprop and Plus Development. Gene Kaufman Architect designed the building, which includes retail space occupied by Wells Fargo.
Spear Street and G4 both did not immediately respond to requests for comment from the outlet.
Spear Street operates office properties in the United States, Canada and Europe, but has recently contended with distress in Chicago. In November, JPMorgan Chase began marketing a $270 million distressed loan associated with an office tower in the Windy City’s West Loop after Spear Street failed to pay off the mortgage when it matured in January. The firm purchased the property for $412 million in late 2019.
Occupancy at the 46-story building has fallen from 99 percent to just over 75 percent, seeing major tenants like Motorola Solutions and Antares Capital downsizing or departing.
G4, meanwhile, is making news on the opposite side of the country. The private investment firm recently opened its first office outside New York in Los Angeles to establish a position for California residential lending. The firm’s goal is to fill a lending void left by banks, which are still pulling back.
G4, co-founded in 2005 by Louis Silverman, Robyn Sorid and Jason Behfarin in 2005, has completed more than $5.8 billion across nearly 300 real estate deals. It’s been active in the New York residential market, lending $320 million in construction financing to build a 280,000 square foot condominium project in Manhattan and $320 million for a residential tower in Greenpoint.
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