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99 Park Ave sells for $100M.

99 Park Ave sells for $100M

A private investor group has purchased 99 Park Avenue from the Equitable Life Assurance Society of the United States for just over $100 million.

Equitable's pooled pension, fund, the $3.4 billion Prime Property Fund, has purchased the 26-story MID town building at the bottom of the market in 1977 for $20 million.

"It has an excellent location at 40th and Park," said Equitable spokesman Jonathan D. Miller, "so it commanded a very solid price for a leased property. We're very happy."

Equitable's management arm, Compass Management and Leasing, will continue the management of the property, Miller said.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Dec 18, 1991
Words:104
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