Per NYguy
A pension fund last month reportedly tapped Silverman’s team at Eastdil to market 590 Madison Ave. for $1.1B.
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They have 1.1B lying around but are trying to get a government loan for 175 Park Avenue?
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Adding to the portfolio
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$785M of the $1.08bn came as a loan from Apollo - leaving $295M of equity. Of that equity need - Elliot Management and Baupost provided over 90% of it, leaving RXR to put in roughly $20M of cash into this deal (if that). Put that $20M into perspective of what kind of equity check you’d need to build 175 Park
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