Overall the building has created a return of about 90% on equity annually – for 15 years!
1156 Avenue of the Americas was purchased in September 1999 for $16.5 million with an equity investment of $5.2 million.
In a three year complex restructuring, five different retail leases were terminated to create one large 7,000 SF retail space on the high traffic corner of Avenue of the Americas and 45th Street. This desirable retail location with high ceilings was rented to its current tenant, Wells Fargo Bank in 2004.
This restructuring enabled APF Properties to refinance the debt with a new $35 million mortgage. In 2006, the building sold its air-rights for $14.9 million and purchased 286 Madison Avenue utilizing a tax-free exchange. The building’s NOI has risen steadily since its acquisition, and the $29 million mortgage balance was refinanced in 2015 with a $48 million loan.
In 2015 Ownership has completely upgraded the building by opening up the entrance with large panes of glass, creating a new double height lobby and renovating the elevators and public areas to further enhance the appeal and boost returns for years to come.