RXR Realty is selling a roughly 50% stake in six office buildings in New York City to Blackstone Group, according to sources. The deal values the properties, which include the Starrett-Lehigh Building, 620 Sixth Ave., 1330 Sixth Ave. and 340 Madison Ave., at $4 billion.
General Growth Properties is seizing on rising New York rents, acquiring stakes in three retail properties in Manhattan for nearly $450 million. The REIT is acquiring 50% stakes in 685 Fifth Ave., 530 Fifth Ave. and 218 W. 57th St.
General Growth Properties and Thor Equities are partnering on two acquisitions in Manhattan. One deal is the office and retail building at 685 Fifth Ave., which retailer Gucci is reportedly selling for more than $475 million. The other is an office tower at 530 Fifth Ave., under contract for $595 million.
SL Green Realty and private-equity firm Stonehenge Partners will acquire eight New York-based multifamily and retail properties for $416 million. They include 724 Fifth Ave., which houses Prada, and 402 rental units in midtown.
Vornado Realty Trust is said to be injecting tens of millions of dollars into a rescue package that would give it a 50% stake in Jared Kushner's 666 Fifth Ave. building in midtown Manhattan, according to sources. Kushner reached an agreement with troubled loan specialist LNR Property to modify a $1.2 billion mortgage on the property.