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Reckson Associates Realty Sells Manhattan Property for $134 ... - Commercial Property News

Reckson Associates Realty Corp. yesterday sold a New York City office building for $134 million to an undisclosed buyer. Reckson will also be providing the buyer with a two-year $30 million mezzanine loan, with a 15 percent annual interest rate. In addition, Reckson obtained a release of the existing Mortgage of the office building by providing two suburban office properties as replacement collateral. The office building, 100 Wall Street (pictured), which is currently 96 percent leased, has approximately 85,000 square feet of net-space leases that will be expiring over the next 12 months. The 463,000-square-foot office building Was sold because it exists outside Reckson's core midtown Manhattan holdings. "The prospects for the midtown are much better," Michael Maturo, Reckson's CFO, told CPN this morning. Reckson will report a GAAP gain of approximately $46.4 million. But the tax gain of $43.5 million has been deferred as part of a like-kind Exchange with Reckson's October purchase of Reckson plaza. "It is a high-level trophy asset, Long Island's premiere office property," Maturo explained. "This is a strategic type of core investment." This new acquisition, a 1.1 million square foot, Class A office complex, is located in Uniondale, Long Island. SAVE | EMAIL | - More available

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