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Acquisitions

GreenOak pays $280M for 271 West 47th Street

This is one of the late Jack Parker’s buildings

271 West 47th Street (Credit: CoStar)

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).

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