William Macklowe and 386 Park Ave Featured on The Real Deal
The 20-story building was purchased by William Macklowe Company and Principal Financial Group for $111.5 million in September 2012. Since the purchase, the building has seen a number of full-floor leases from tenants like Interpublic Group, NewsCred and Impact Republic. Now Macklowe Company and Principal Financial Group have partnered with Eastdil Secured to sell the property for more than $200 million, nearly double the market value from a year and a half ago.
The article’s writers Adam Pincus and Hiten Samtani explained, “From the time that Macklowe, son of the developer Harry Macklowe, bought the property the asking rents in Midtown South have surged, rising more than $12 per foot to $66.58 per foot in September, up from $53.40 the same month two years ago. The asking rents at the building range higher, from $60 per foot to $80 per foot, one insider said.”
386 Park Avenue South is located next to the forthcoming 400 Park Avenue South luxury condo building, which is selling penthouses for approximately $20 million each.