GreenOak pays $280M for 271 West 47th Street

This is one of the late Jack Parker’s buildings

GreenOak Real Estate and Slate Property Group have closed on its acquisition of 271 West 47th Street from the Jack Parker Corporation for $280 million, according to CO+TRD. The partnership landed $225 million in financing from Mesa West Capital to close the deal. 

Dig Deeper: The new loan consolidates $115.3 million in previous debt provided to Jack Parker. It also includes a new $22.9 million gap mortgage and a $13.6 million building loan.

Worth Noting: The The Midtown rental tower (AKA the Biltmore) spans 463,143 SF, and contains 464 apartments. It also consists of a retail unit (15,000 SF), an office component (20,000 SF), and a garage (12,200 SF).

Be Smart: The family has now divested three rental assets that contain a total of 2,082 units. As a quick review… it recently sold the Parker Towers housing complex in Forest Hills to Blackstone for $500 million, and the Truffles Tribeca building on Desbrosses Street to Related for $250 million. Jack Parker’s grandkids have led the effort along with Steven Pipes, but still haven’t sold the Le Parker Meridien hotel on West 56th Street (729 keys).