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The New York Observer

530 Park Avenue Sells for $211 M.

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June 25, 2007 | 12:52 p.m

BlackRock is in contract to purchase a rental building at 530 Park Avenue for $211 million, a source familiar with the deal said.

The building sold for $1.51 million per rental unit, one of the most expensive per-unit sales ever. The 19-story rental is at the corner of 61st Street and has 139 apartments.

BlackRock is the elite investment fund that last year merged with the asset management portion of Merrill Lynch, which created a $1.1 trillion global asset manager. Now, BlackRock can set its sights on redeveloping the 180,000-square-foot 530 Park Avenue, which will likely turn either luxury rental or condo.

There will be more on this deal – and some major leases – in this week’s edition of Commercial Breaks.

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