Another Manhattan record-breaker: 11 Madison Ave sells for $625M.Zar Realty owner, Tamir Sapir An immigrant from the former Soviet republic of Georgia, Tamir Sapir (birth name Temur Sepiashvili) arrived in the United States in 1973, becoming a taxicab driver in New York City. Saving up to buy an electronics store, he catered primarily to Russian clientele. , is set to complete Manhattan's second biggest sale this year with his $675M purchase of 11 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. . The 71-year old art deco office tower, owned by Met Life since it was built, is under contract to be sold to Sapir, with a minority share going to investor, David Werner. A source close to the deal said the breakdown of ownership was unclear, but Sapir would retain a "significant majority" ownership of the 2.2 million s/f building. The deal is expected to close by the New Year. The 30-story building is under contract to be sold for $675 million or $310 a s/f. The building serves as headquarters for Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and several retail tenants. Another source said the bank, the building's primary tenant, was expected to remain. The Carlton Group arranged the financing for the deal, which is the second largest of 2003, behind the $1.4B sale of the GM Building The deal was brokered by Eastdil Realty's Douglas Harmon, who did not return a phone call seeking comment. Published reports indicated Sapir beat out several bidders, including S.L. Green, Tishman Speyer, Jamestown and RFR RFR Radio Frequency Radiation RFR Request For Resources RFR Right of First Refusal RFR Radio Free Roscoe (TV show) RFR Risk-Free Rate (investing) RFR Rio Frio, Costa Rica Realty. A source close to the deal said this list, however, was incomplete. "Those people were bidders, but there were more," he said. Last month, Sapir, who also owns two Madison Avenue buildings, settled a lawsuit with the Metropolitan Transportation Authority over 2 Broadway, a property the MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. had rented since 1998 and one that came to symbolize the MTA's legal woes. The MTA hired a former ZAR executive to remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. the building. The executive, Fred Contini, pleaded guilty last year to trying to cheat the agency out of millions of dollars. |
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