A century-old Manhattan office property known for a famous cast-iron clock featuring a wizard has been sold at a 40% discount to its last sales price.
Williams Equities, whose portfolio includes other historic Manhattan properties, said in a statement Monday it bought 470 Park Ave. S for $147.5 million. The 300,000-square-foot property, made up of two interconnected “loft-style” office buildings with ground-floor retail space, adds to Williams’ portfolio of "classic assets" that also include 136 Madison Ave. and 28 and 40 W. 23rd St., it said.
Williams, which bills itself as “stewards of architectural gems in Midtown South,” said it plans to “make additional capital improvements” to the property, which already has been renovated to feature “modernized systems and interiors,” among other upgrades.
“As an ownership group that takes long-term positions, we see a window of opportunity right now to make investments that will position us well as we head into the next cycle and beyond,” said Michael Cohen, a Williams principal who also serves as chair of the Flatiron Nomad Business Improvement District into which 470 Park falls, in the statement.
A spokesperson for the buyer declined to specify the sellers.
The property, opened in 1925 and renovated in 2022, was previously co-owned by SJP Properties and PGIM, which together bought the property in late 2018 for $245 million, according to CoStar data. That translates to a 40% discount for Williams.
Global real estate firm Jamestown, which was an investor with Williams, continues its role as limited partner on the property, also known as the Silk Building, with its famous cast-iron clock depicting a wizard calling upon the “Queen of Silk,” Williams said.
The property, with 12 stories in the North Tower and 18 stories in the South Tower, is less than a mile each south of Grand Central Terminal and east of the Penn Station transit hub.
Williams, which recently sold 655 Madison Ave. north of 60th Street, said it used proceeds of that sale for the most recent purchase to capitalize on “the current valuation of Manhattan office buildings.”
For the record
In addition to Cohen, Williams principals Andrew Roos and Robert Getreu, as well as general counsel William Stempel and Colliers vice presidents Jessica Verdi and Mac Roos, assisted in the negotiating and underwriting of 470 Park. The sale was brokered by Eastdil Secured’s Will Silverman on behalf of the sellers.