Good Year Isn't Enough to Save Some Office Deals
December 20, 2010
By: WSJ Staff

This has been a good year for values in New York’s office building market. But the rising tide still hasn’t been enough to save the deals that were launched at the top of the market.

Consider losses suffered in two recent sales by British real estate firm Rock New York, founded by Paul Kemsley, which bought two New York office buildings in 2007 and 2008.

Rock New York has sold the 255,000-square-foot, Class B office building, at 183 Madison Avenue, at 34th Street, for $85 million, or $334 a square foot, to Rigby Asset Management’s Peter Armstrong and Argentine firm IRSA’s Daniel Elsztain. Mr. Kemsley bought the building in April 2007 for $107.5 million, or $422 a square foot. The recent sale was brokered by Woody Heller and Will Silverman of Studley. ...

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