Metro Loft Management and David Werner Real Estate Investments have acquired full control of the ground lease for the Grand Central office building at 235 East 42nd Street for $18 million, in a deal that places the building’s value at $45 million, according to city records.
The final ownership stake for the Midtown building — formerly the headquarters of pharmaceutical company Pfizer — was acquired through the entity 235 East 42 Owner from Alexandria Real Estate Equities (ARE), which sold it through the entity 42nd & Second Holding, property records show. PincusCo. first reported the deal, which city records show closed on Oct. 8 and was made public Wednesday.