TIAA-CREF has paid $60 million, or roughly $1,000/sf, for a 60,000-square-foot retail building at 1511 Third Ave. in Manhattan's Upper East Side.
Massey Knakal Realty Services had offered the building for sale on behalf of Related Cos., which had purchased it in 2002 for $23.4 million, or $390/sf, for the property in 2002. It had financed its acquisition with a $20 million loan that was securitized through GE Capital Commercial Mortgage Corp., 2002-3. That loan was paid off last August with proceeds of a $20...
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