525 West 52nd St

Mitsui Fudosan America is aiming to sell its 75% stake in a 392-unit Hell’s Kitchen apartment building, developed with Taconic Partners, for $275 million. Developed in 2017 at 525 West 52nd Street, the property was refinanced with a $200 million loan from Wells Fargo in 2019. The building benefits from a 421-a tax abatement expiring in 2039, providing future rental income potential. The sale follows a trend of Class A apartment buildings remaining attractive in the investment market. Taconic Partners will retain its 25% stake. Newmark is managing the sales process.