T
he Vanbarton Group has sold its 26-story Art-Deco office building at 292 Madison Avenue to 60 Guilders and Sentry Realty, the real estate arm of American Exchange Group, for approximately $90 million. This sale comes after the company defaulted on a nearly $90 million loan on the property earlier this year. Vanbarton had purchased the building in 2016 for nearly $180 million and renovated it in 2018.

    The sale price breaks down to around $450 per square foot, with the building spanning 200,000 square feet. Deutsche Bank had provided the original loan, which expired this year after two years plus three one-year extensions. Newmark's team negotiated the deal on behalf of the bank.

    American Exchange Group is confident in the New York commercial real estate market and sees the property as a trophy asset. The company has also recently acquired debt on another Midtown building from Aareal Bank, with plans to own the equity soon. Vanbarton has been experiencing financial difficulties at other properties, including a San Francisco building it retained through a bid last year.