An investment group consisting of Raymond Chalme along with Adam Popper’s new company, Heyman Properties, signed a contract to buy 61 Broadway for $131 million, but the seller thinks prices are overheated and wants to get out of real estate.
The seller, Devar Rad’s Crown Properties, has held the office building since Dec. of 1997 when it was purchased for $58 million from Met Life.
Rad told The Post that it’s time to get out of real estate and he intends to pay Uncle Sam the capital gains taxes and not reinvest through a so-called Section 1031 like-kind exchange.
“Prices are too high, and I have made enough money,” the Iranian-born Rad said, declining to confirm the sales price. “This country has been good to me.”
Rad is selling the building through the four member Cushman & Wakefield’s capital markets team with Ron Cohen taking the lead on this sale.
Public records show Crown only has a $67 million mortgage.
Met Life had taken the building back after the bankruptcy of the former owner.
This particular property had been previously obtained from a partnership of Harry Helmsley and David Baldwin.