A group of investors, including mortgage broker Robert Horowitz, purchased a $121 million note from Flagstar Bank. The note is secured by Cohen Brothers Realty’s leasehold on the 449,437-square-foot office building at 475 Park Avenue South in Midtown South, Manhattan. Cohen Brothers has held the ground lease since 1967. Horowitz, who is also an advisor to Cohen Brothers Realty, emphasized that this was an independent transaction and that the firm plans to hold the note and negotiate with the borrower, not sell it back. The building has a city-designated market value of $92.7 million.
475 Park Avenue
