APF sells 1414 6th Avenue for double original buy price.Riding what may be the crest of a surging commercial real estate investment market, APF APF, n the abbreviation for acidulated phosphate fluoride. Properties is selling Manhattan's 1414 Avenue of the Americas office building for $120.5 million, or around $912 per square foot. APF Properties, a real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. with properties in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Philadelphia and Germany, has the 19story/132,000-square-foot tower under contract to David Werner David Werner is Co-founder and Director of HealthWrights (based in Palo Alto, California) and a Visiting Professor at Boston University International School of Public Health. and Murray Hill Properties. The transaction is scheduled to close on October 16, 2007. "The objective of this sale is to realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. our portfolio and, most importantly, increase liquidity for our investors," said APF Properties Principal Berndt Perl. Now is the time to effect these changes, he notes, "because the prevailing deal climate--marked by ultra-low cap rates, very aggressive leasing and growth assumptions, cheap debt and bottomless sources of equity--may well be getting ready to change." The sale of this building not-withstanding, "We continue to believe in the underlying strength of the commercial real estate market in Manhattan," said APF Properties Principal Kenneth Aschendorf. "We still hold a large number of investments here to enable us to take full advantage of favorable developments. Nothing has changed over the past few weeks, 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. is still the world's financial capital." The Manhattan market has been very good to APF Properties. The firm acquired 1414 Avenue of the Americas from SL Green Realty Corp. in 2005 for $60.3 million, or $457 per square foot, and is essentially doubling its money with this sale. "We achieved our pricing goal of getting top dollar for this asset," said Aschendorf, "thanks largely to its location, and in spite of the current crisis in the financial markets." |
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