Williams Equities purchased 470 Park Avenue South in Midtown South for $147.5 million, significantly less than the $245 million paid by SJP Properties and PGIM Real Estate in 2018. While this price drop might seem indicative of recent market trends, Williams Equities emphasizes that the current interest rate and cap rate environment has led to substantial value adjustments, unrelated to the building's actual worth.
A Midtown South boutique office building has been purchased by Williams Equities for little more than half of its most recent sale price, Realty Check has learned — but there might be more to understanding the deal than the price tag indicates.
However, the low purchase price paid by Williams doesn’t necessarily reflect the recent market phenomenon of bargain-basement deals as notoriously epitomized in the $8.5 million sale of 135 W. 50th St., which previously fetched $332 million.Asked to address the seemingly low price for 470 Park Avenue South, Michael Cohen, a Williams principal, said, “We’re now in a post-pandemic interest rate and cap rate environment, very different from what existed in 2019 and for 10 or 20 years prior.
The 1912-built property consists of two, interconnected structures of 12 and 18 stories. Once known as the Silk Building for its tenant roster of silk importers, it was an unusual investment for SJP, which is mainly known as the developer of major projects such as 11 Times Square and 200 Amsterdam Avenue.
Real Estate Office Building Midtown South Williams Equities SJP Properties PGIM Real Estate
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