The repossessed property is centrally located in the Midtown Manhattan sub-segment and has a floor space of 12,000 m2 for offices and retail.
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As part of an asset deal, AFIAA Swiss Investment Foundation bought the commercial building located at 45 West 45th Street in New York from the Vanbarton Group also established in New York. The parties concerned have agreed not to disclose the purchase price. The acquisition was made for the portfolio of the AFIAA Global investment group which invests in Europe, North America and Australia. This portfolio already contains a New York building located at 119-125 West 25th Street.
The building located in the Midtown Manhattan district was constructed in 1923 and fully renovated in 2018. It offers a total floor space of 133,100 square feet (or approx. 12,000 m2) for offices and retail / gastronomy . The building is located in the Central Business District of Midtown Manhattan, near Grand Central Station. It has direct connections to major Manhattan public transportation hotspots.
The “Grand Central / 6th Avenue” sub-market where the building is located is characterized by high demand and limited supply of refurbished real estate. “Due to its location and flexible layout plan, this building is the ideal complement to our Manhattan portfolio,” explains Sebastian Feix, Head of Transactions International at AFIAA.
AFIAA defines itself as a competence center for real estate investments abroad and offers products intended for Swiss pension funds. The AFIAA Investment Foundation was founded in 2004. Its headquarters are located in Zurich. AFIAA also has offices in New York and Sydney. Through its four investment groups, AFIAA manages nearly CHF 2.6 billion in real estate assets (as of June 30, 2019). With an investment volume of 50 to 150 million francs, the AFIAA Global product is primarily focused on the acquisition of office buildings and buildings used for retail. In doing so, the investment activity is focused on properties in the Core and Core Plus segment located in the heart of the major metropolises of Europe, North America and Australia. AFIAA’s assets are managed by AFIAA Real Estate Investment SA which is a company of Avadis Prévoyance SA.
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