On Monday, Williams Equities announced their acquisition of 470 Park Ave. South in Midtown South, Manhattan for $147.5 million. This historic office property spans 300,000 square feet and was purchased at a significant discount compared to the $245 million paid by SJP Properties and PGIM Real Estate in 2018.
According to Michael Cohen, principal at Williams Equities who spoke with the New York Post , this purchase comes during a time of post-pandemic interest rates and cap rates that differ greatly from those seen in previous years. As a result, there have been notable adjustments in property values that do not accurately reflect the true value of this building.
Cohen worked alongside fellow principals Andrew Roos and Robert Getreu as well as general counsel William Stempel and Colliers VPs Jessica Verdi and Mac Roos to negotiate and underwrite this deal for Williams Equities.
The sale was facilitated by Eastdil Secured’s Will Silverman on behalf of the sellers who had made significant capital improvements on the property. Williams Equities plans to make additional upgrades moving forward while Jamestown remains involved as an investor through its partnership with Williams Equities on 470 Park Ave South.
