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Vanbarton Group has purchased a mixed-use building in Midtown for $320M, likely as a value-add play.
990 Sixth Ave., named the Vogue, is a 25-story building with apartments, office space and ground-floor retail. Isidore Karten built it in 1987, and passed along ownership to his children, Harry Karten, Marcia Toledano and Bernice Bookhammer, when he died in 1999. They are selling the building virtually unchanged to Vanbarton, Crain's New York reports.
The Vogue totals 400K SF, with 320 apartments sitting above 60K SF of offices, which in turn sits atop 12K SF of retail and a 120-space parking garage. Cushman & Wakefield's power duo of Adam Spies and Doug Harmon represented the owners in the sale.
Vanbarton Group has been fairly active and diverse in New York and San Francisco since spinning off from Emmes Group. Since 2015, it has purchased an office building on Madison Avenue, a retail condo on the Upper West Side and a shopping center in the Bronx. Last year, it reportedly raised a $1B investment fund to expand into other markets.
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