A joint venture of Cove Property Group and Baupost Group have purchased 441 Ninth Avenue, an eight-story, 423,000 square foot office building between 34th and 35th Streets on the west side of Manhattan. The $330 million transaction was acquired from Emblem Health which was represented by CBRE Capital Markets. Originally built as a warehouse in 1962, the property was converted to office use in 1983 and features 50,000 sqf floorplates and 14’ ceilings. The property is located one block east of Hudson Yards and one block west of Penn Station. The buyer intends to renovate the property and build atop the existing building with the approximately 210,000 sqf of available floor area ratio (FAR) that can be incorporated into the site.
