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Sitt Buying 2 Herald Square for $500M

RFR Realty LLC to Sell NYC Office/Retail Bldg.
January 8, 2007
Another prominent Manhattan office/retail property is changing hands at top dollar.

In the latest deal, the Sitt family-controlled Sitt Asset Management has agreed to acquire the 316,532-square-foot building office and retail building at 2 Herald Square in Manhattan from RFR Realty LLC for $500 million.

RFR, the New York firm led by Aby Rosen and Michael Fuchs, acquired the property, also known as the Marbridge Building, in 2000 for $92 million or $290.65 per square foot. This deal pegs the price per square foot at about five times that amount.

The property is fully leased with rents averaging $47.74 per square foot, according to CoStar information. Tenants include Publicis New York and retailers H&M and Victoria's Secret.

The Cushman & Wakefield team of Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan brokered the sale of the 12-story building, which was constructed in 1909.

Founded by Ralph Tawil more than a decade ago, Sitt Asset Management is a family-owned real estate investment firm with a large portfolio of office buildings, shopping centers and residential developments. The firm is run today by Tawil's grandsons, Eddie, Ralph, David and Jack Sitt.
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