BofA tower buyers win hand with no-Trump bid - South Florida Business Journal:

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Several publications last week reportedhe had. "That' not correct at all. He hasn't purchasesd it. It's only the Hong Kong group," said a spokeswomam for the . , a grouo of Hong Kong investors which includes Vincent Lo andHenru Cheng, announced last week they had enterecd into a contract to acquirs the 1.8 million square foot property for $1.05 billion or $583 a squar foot. Sellers 555 , which is headefd by New York investorxs Mark Karasick and David turneda $171 million profit on the They purchased the thre e building complex, which consists of a 52-story towere at 555 California Street, a 16-story annexz building at 315 Montgomery Street and a three-story Bank of America brancu at 345 Montgomery Street, last year for $879 New owners Hudson Waterfront Associatew intend to apply the proceeds from a recenyt sale of a Manhattan property toward the purchase of the B of A The practice, kn own as a 1031 enables real estate investors to avoid paying taxe s on profits from a property by reinvesting the proceedxs back into similar properties.
And that, most likely, is wherer the confusion over Trump'sd involvement arose. The Hong Kong group sold a 77-acd plot at Riverside South on Manhattan's West Side for $1.767 billion. Trump, who has no equity in the but maintains a 30 percent interest that entitlea him to certain sued the HongKong group, saying they sold too low. A New York Statee Supreme Court judge ruled against Trump earlierthis month, clearing the way for Hudson Waterfron t Associates to roll the sale proceeds into the BofA At $583 a square foot, the sale represent a record high for commercial office salesd in the city. American Inc.
paid $496 a square foot in Apripl for The Landmark at One MarketStreet -- then an all-timr high for office sales in the city. Shorenstein Realtuy Services, which owned the BofA complex for more than a decadew before selling it in two phases to Karasicjkand Werner, will continue as the property'w leasing agent and propertyg manager.