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200 Madison Ave. acquired.

A sale transaction has been closed for 200 Madison Avenue, the last of four so-called "Marcos Properties."

George Comfort & Sons and Loeb Partners purchased the 600,000-square-foot office building for $25 million.

Darcy Stacom, managing director, Cushman & Wakefield, had been retained to sell the 80 percent-occupied property by Bank of America, which had recaptured the property in October.

Actual marketing did not begin until January, however, because the ground owner, an Alex DiLorenzo entity, alleged the leaseholder had been in default.

While there was interest from other purchasers, George Comfort & Sons "stepped to the plate" quickly, Stacom, said, and much of her attention was focused on them.

George Comfort & Sons owned the property before it was acquired by who they thought was an off-shore investor but was actually Marcos. The company remained on as leasing and managing agent.

Stacom also represented the buyer, Hong Kong-based Kinson Properties, in the sale of 40 Wall Street, another Marcos property, by Citibank.

Negotiations on both sales, Stacom said, were extremely complicated and involved numerous parties: Buyer, seller, attorneys, and title companies.
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Title Annotation:George Comfort & Sons and Loeb Partners purchase New York, New York office building
Publication:Real Estate Weekly
Date:Jul 14, 1993
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