Korean JV Aims Its $1B Fund at Midtown
The Chinese aren’t the only deep-pocketed investors buying up NYCs skyline: The Korean Teachers Credit Union teamed with TIAA-CREF to stake a claim on the Socony-Mobil building, the inaugural investment for the $1 billion jv, Bloomberg reported. The partners acquired a $175 million mezz loan on the Midtown office tower last week. It was originally part of the financing for David Werner’s $900 million purchase of the property in April. The deal exemplifies the JV's investment plan -- acquire commercial real estate mortgages rather than seek equity stakes in buildings. And with hundreds of millions yet to invest, the joint venture is scouting major U.S. cities. With Asian investors on the hunt for a safe haven, Manhattan's office building values are hitting record levels, Bloomberg reported.
