Asian Money Flowing into Minskoff’s 51 Astor
The Korean Teachers’ Credit Union has picked up a 49% stake in Edward Minskoff's 51 Astor Place for $113M. The credit union also recently borrowed $175M for 150 East 42nd St in a $1B JV with TIAA-CREFF.
IBM expanded to around 150k SF in the building recently, bringing the 400k SF building to full occupancy for the first time. The building holds the current rent PSF record for the Midtown South office market, with Tudor Investment Management and Claren Road Asset Management each paying a bit over $100/SF. CVS also closed a deal for retail space in the building over the summer with an asking rent of $350/SF. [TRD]