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1370 Avenue of the Americas
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New York, NY
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Acquisition date:
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June 2002
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Total capitalization:
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$160 million
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Invested equity:
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$39 million
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Disposition date:
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March 2006
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Disposition proceeds:
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$220 million
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IRR:
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25.8%
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Upon acquisition, this world-class, 35-story office tower with panoramic, breathtaking views of Central Park was only 70% leased. Normandy successfully repositioned the property by implementing a plaza and building façade renovation, upgrading the ground floor retail tenancy, and quickly increasing the building’s occupancy to over 98%. Having accomplished the business plan ahead of pro-forma, we sold the property for $220 million, generating a substantial profit.
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