Tribeca Associates Buys Bush Tower

Tribeca Associates, LLC, a New York-based acquisition and development company, announced the acquisition of a long-term leasehold interest in Bush Tower in the Bryant Park Office Corridor.

The 30-story tower – one of the first skyscrapers constructed in Midtown Manhattan – will be known going forward as 130 West 42nd Street at Bryant Park.

The acquisition financing was provided by Mesa West Capital. The purchase price was disclosed.

Tribeca Associates in partnership with Meadow Partners, an international investor and asset manager, acquired the leasehold interest from American Properties.

The team will now undertake a campaign to upgrade and reposition this unique asset to capitalize on its ideal location and unique attributes.

“We are delighted to have acquired the leasehold interest in the property with its proximity to Bryant Park and its adjacency to some of the finest office product in Midtown including 1 Bryant Park, 1095 Avenue of the Americas and 4 Times Square,” said Elliott Ingerman, principal of Tribeca Associates.

“We will be able to offer boutique-size tenants a full-floor presence in one of the most desired locations in Midtown and at the crossroads of all major public transportation.”

American Properties, the lessor, has owned the property since 1983, managing it through the transformation of Times Square and Bryant Park to the thriving areas they are now. Among other things American Properties added windows to several facades to improve natural light and views. “This is a wonderful asset and we’re pleased to entrust its further development to great partners like Tribeca Associates and Meadow Partners,” said Marwan Dalloul of American Properties.

“We’ve discussed the plans over a long period of time, and we believe in their vision for taking the property to the next level. 130 West 42nd Street at Bryant Park will be even better positioned to compete in the boutique office market in this stellar location.” Tribeca Associates and Meadow Partners, the new ownership team, have tapped architects Fogarty Finger, to direct the further revitalization of 130 West 42nd street.

The project will include a glass façade for the two-story 42nd Street entrance along with a new, modern lobby and elevators.

Ownership will also pre-build floors to highlight the building’s distinctive architectural details such as 12 ft. clear ceiling heights, oversized windows, efficient layouts and views on four sides. “It is rare to find full floors of 5,000 s/f in Midtown with this level of inherent beauty,” noted architect Robert Finger.

“This is a historic mid-block building that will be renovated and reintroduced to the market with the efficient floor plate of a modern tower, and the light and air you’d expect in a corner Avenue building,” said Tim Yantz principal of Meadow Partners. “130 West 42nd street is really a sort of buried treasure, and we are excited to unearth, polish and reintroduce it to the market.”

In addition, the retail on block has been transformed over the last few years with the introduction of global brands like H&M and Equinox.

“We were drawn by Tribeca’s impressive plans to reposition Bush Tower as a one-of-a-kind building located in one of the strongest performing submarkets in New York City,” added Raphael Fishbach, a principal in the New York City office of Mesa West Capital. “This is an excellent addition to our New York loan portfolio, as we continue to grow our lending platform on the East Coast. We are excited to add Tribeca Associates and Meadow Partners to our expanding roster of New York City based clients.”

Completed in 1918, the building was designed as a commercial display gallery and social space. Tribeca Associates and Meadow Partners have hired the CBRE team of David Hollander, Paul Walker and Christie Harle as exclusive leasing agents