David Werner acquired 440 Ninth Avenue in Hudson Yards for just over $100 million in cash, less than half of the $269 million paid by Taconic Investment Partners and Nuveen Real Estate in 2018. The sale was a short sale, approved by lender MetLife, and arranged by CBRE’s Doug Middleton and Jack Stillwagon. The 18-story, 411,000-square-foot property, once home to BlackRock and KKR, dates back nearly a century. Werner, active in office-to-residential conversions, recently secured a $720 million loan with Metro Loft to redevelop Pfizer’s former Midtown East headquarters. Office values in New York remain down about 37% since 2022.
David Werner
