450 Park Ave. Sold For $158 Million

The New York State Common Retirement Fund and Taconic Investment Partners LLC have formed a joint venture to own and operate 450 Park Ave., a Class-A office building located on the southwest corner of 57th St. The price was $158 million or $532 per square feet. The Fund, which held a $90 million mortgage on the building, realized a $32 million profit from the transaction. The Fund anticipates strong income and appreciation opportunities from the asset because of leasing and re-development plans to be implemented immediately, including renovations to the lobby and plaza. The seller of the building is 450 Park Avenue Associates LLC, the original developers. The property, which was designed by Emory Roth & Sons and built in 1971, is 96 percent leased.