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| Risanamento buys assets in New York Milan-based Italian real-estate group Risanamento S.p.A. announces the important investment in the prestigious buildings market from Broadway 660 Madison Fee LLC relative to a twenty-three story building located at 660 Madison Avenue, New York City, in the Plaza District, for $375mln (~ €276,6mln). The asset, home of Barney's the prestigious department store, measures about 24,000 square meters, for a purchase price of about €11,600 per square meter. 660 Madison Avenue is the first commercial building coming from the Upper East Side, one of the most exclusive residential areas in Manhattan, and features extremely rare characteristics for New York City buildings such as undisputed Central Park views and wide terraces. The location and the high quality of the asset has made it one of the prime and most prestigious addresses for financial boutique firms in New York City. 660 Madison's tenants are predominately private equity and hedge funds such as Colony Capital, Lexington Partners, Gleacher Partners and Drake Partners, but also includes the prestigious fashion company Dolce & Gabbana. On account of all of these elements, 660 Madison Avenue has historically commanded among the highest rents per square foot in New York City. This investment consistently follows the strategy of Risanamento, already implemented in Paris, to invest in prime, quality, highly prestigious real estate assets in exclusive locations characterized by a strong and steady demand but limited availability. The asset has been purchased through a non-recourse financing of $275mln provided by Deutsche Bank. The Risanamento investment represents the first employment of the significant amount of liquidity obtained by the issuance of the convertible bond this past May, by the refinancing of a portion of the Paris real estate portfolio made at the beginning of this past August and by the proceeds derived from the expected sales of non strategic real estate assets belonging to the Risanamento trading portfolio. The building will be managed by Fisher Brothers, a blue chip real estate company with an unrivalled long-term record of ownership and operating success, among the most respected in New York and in the United States, with whom Risanamento has developed a strong relationship. write your comments about the article :: © 2007 Construction News :: home page |