The sale of 511-521 West 25th Street is official, according to Friday’s property records.
L&L Holding Company and Prudential bought the property for $160 million from Related Companies, which picked up the 200,000-square-foot property for $92 million in 2012. The building is located close to the High Line and is home to Victoria Beckham’s fashion label as well as Target’s creative staff. Darcy Stacom and Bill Shanahan of commercial brokerage CBRE marketed the site.
The sale was first reported by Crain’s in March.
Related first listed the property, located between Tenth and Eleventh avenues, for sale in February.
The new owners took out a $54 million mortgage on the property, according to records filed with the city. – Claire Moses