APF properties expands holdings out of thin air.APF APF, n the abbreviation for acidulated phosphate fluoride. Properties, the Manhattan-based real estate investment firm, is using the proceeds from the sale of air rights at a Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town office building to buy the equivalent amount in another location and get two additional office buildings. Kenneth Aschendorf and Berndt Perl of APF Properties LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control bought 286 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and 290 Madison Avenue from SL Green Realty Corp. for $63 million or slightly more than $400 psf. The two properties, located near Grand Central Station, have combined leases totaling 155,500 s/f.. Perl said 286 Madison Avenue also includes 47,000 s/f of air rights--just slightly less than the air rights APF is in the process of selling at 1156 Avenue of the Americas. APF is in contract to sell the air rights at the building to an undisclosed buyer for $14.9 million or more than $300 per square foot. "It was a sound and significant investment. We are selling air rights in one location and using the equity to acquire two office buildings and about the same amount of air rights in another very desirable location," Perl said. "The air rights make one of the two properties especially attractive for future development." APF is purchasing the two properties through a reverse 1031 exchange with 1156 Avenue of the Americas air right sale, which will enable it to defer substantially all of the taxable gain Taxable Gain The portion of a sale that is liable to taxation. Notes: When redistributing mutual fund shares that have increased in value, returns may be subject to taxation. See also: Capital gain, Income Tax on sale. Aschendorf said that 286 and 290 Madison Avenue are centrally located in the heart of Manhattan and have significant untapped potential. "SL Green maintained the buildings very well and we plan to build on this foundation by adding more value," he explained. Although the buildings are primarily office space, they also have more than 8,000 s/f of street level retail, Aschendorf said. Perl added that the existing leases in both buildings are considerably below market values. However, even at current income levels, the buildings are operating at a cap rate of almost 5%. Built in 1918, 286 Madison Avenue is a 22-story tower facing 40th Street. The lobby, elevator cabs, mechanicals and common corridors were recently renovated. The building is 99.8% leased to tenants including Certified Movings & Storage, Doctors' Council Welfare Fund, Rivellas, Pawa & Blum LLP LLP - Lower Layer Protocol , Bechtel Corp. and McGovern & Company. The second property, 290 Madison Avenue, is a six-story building built in 1951. The 37,500 square-foot building is fully leased to Career Blazers Inc., The Villa OPC (1) (OpenGL Performance Characterization) A project group within GPC that manages OpenGL benchmarks. OPC endorses the Viewperf and GLperf benchmarks. Viewperf was created by IBM and OPC provides viewsets for it, which are combinations of tests using specific Inc., Young & Rubicam and a retailer, Britches. APF Properties LLC, formed in 1995, is a real estate investment partnership comprised of Berndt Perl, Kenneth Aschendorf and German developer, Robert Faktor. The firm invests in real estate in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Germany. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion