Summit Properties buys 444 Madison leasehold in $41.7M deal [Yahoo! Finance]
Camden Property Trust (CPT)
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Source: Yahoo! Finance
Summit Properties, which owns 2.66 million square feet of apartments in 90 New York City buildings, took an opportunistic — and surprising — first plunge into the sizzling Manhattan office market, Realty Check has learned. Summit bought the leasehold of 444 Madison Ave., an Art Deco-style, 42-story tower between East 49th and 50th streets, sources said. The price was $41.7 million, according to public records. The news came as something of a surprise. It was widely reported last month that a different New York developer and landlord, Savanna, was the buyer of 444 Madison or that it was partners with Summit in the purchase. Summit Properties bought the leasehold at 444 Madison Ave. for was $41.7 million. JLL In fact, said an insider, the two highly respected firms “were originally going to buy it together but ended up with Summit alone as the owner.” The seller was Westbrook Partners which defaulted on a $120 million mortgage. Zohar Levy, Summit's chairman and main sharehold
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- Looking at the Narrative for Camden Property Trust After Analysts Adjust Outlook and Guidance [Yahoo! Finance]Yahoo! Finance
- Camden Property Trust (NYSE:CPT) was downgraded by analysts at Barclays PLC from a "strong-buy" rating to a "hold" rating.MarketBeat
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