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David Werner acquiring Harlem office leasehold for $60M
Brookfield unloading legacy property from Forest City takeover
New York /
UPDATE, Apr. 1 2021, 1:55 p.m.: David Werner is betting on Harlem.
The prolific real estate investor will acquire the 55-year leasehold of a Harlem office complex at 317 Lenox Avenue from Brookfield Asset Management. The deal is still pending, but is expected to close for approximately $60 million.
The seven-story, 160,000-square-foot complex sits atop 100,000-square-foot retail space whose tenants include CVS and Marshalls. The property is controlled by a partnership led by Madison International Realty, according to Real Estate Alert, which first reported the news. The average remaining lease term for office tenants is about nine years.