Case Study :: IFF – NYC

Property: International Flavors and Fragrances 521 – 533 West 57th Street New York, New York Assignment: – Sale of a 416,000 square foot, multi-tenanted, Class B Manhattan office building with IFF leasing back 40% of the building

Challenges:
– Mixed-Use Building – Combining corporate headquarters and storage uses
– Fringe Location – Far Midtown West Submarket
– IFF lease at above market rent

Conclusion:
– Achieved $93 million in sales proceeds (7.3% cap rate)
– Creative deal structure maximized sale proceeds – creating a condominium structure allowed the IFF floors to be financed via a CTL bond financing structure and the remaining floors to be financed conventionally
– Garibaldi’s Strategic Marketing Process generated 21 qualified offers, with final round bidders waiving all due diligence