Westbrook Partners Throws in the Towel on 475 Fifth Ave. Will Surrender the Building to Creditors

Westbrook Partners just bought the building in April ’07 for $162MM putting $30MM down.

They sought to reposition the offices with higher quality tenants…no such luck.

 

Barclays Capital was lead lender; they will take possession and dump it on the (slumping) Manhattan commercial real estate market. In this economy it might fetch $60-$70MM if they can find bidders. L&L Holding will run the place in-the-mean-time. (Read More at crainsnewyork.com)

 

Commercial Mortgage Loans – Private and Institutionally Funded – MasterPlan Capital LLCApply Online – Quick Responce – Professional Service

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