Partial interest deals are transactions in which investors take partial stakes in buildings instead of buying them outright. In 2011, partial interest deals accounted for $9.9 billion (63 percent), of the $15.7 billion in Manhattan office transactions, according to the New York Times. In 2007, when the market was at its height, less than $5.7 billion (19 percent) of Manhattan’s $30.3 billion in office transactions were partial interest deals.

In some of these deals, the owner uses the outside investor’s capital and credit to persuade the lender to restructure the debt. In exchange, the investor receives equity in the property – a process known as recapitalization. Of the 98 Manhattan office transactions over $100 million that have closed since 2010, 40 involved partial interest deals or recapitalizations.

According to the article, three market forces are fueling the partial interest/recapitalization trend:

1. The plentiful supply of capital that investors are eager to place in coveted properties.
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2. Maturing commercial mortgages that must be paid off and replaced with new financing amid conservative lending practices.

3. The seller can avoid paying a transfer tax by selling less than 50 percent of the property (combined city and state transfer tax in Manhattan is 3.025 percent – one of the highest in the nation).

Last Updated on June 23, 2012 by Ramin Seddiq