Real Estate
Pimco Landlord’s NYC Building Sells for Less Than Value of Its Debt
- Purchase price of $255 million is 6% below mortgage from BXMT
- Savanna is buying the relatively new building at 799 Broadway
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A Manhattan office building backed by a Pacific Investment Management Co. landlord sold for about 6% less than the value of its debt from Blackstone Mortgage Trust Inc., a rare glimpse at the strains of the city’s property market.
The building’s owners, Pimco’s Columbia Property Trust and partner Cannon Hill Capital Partners, sold 799 Broadway to real estate investment manager Savanna for $255 million, according to a statement Tuesday.