Top 5 NYC Office Building Sales—February 2022

Source: PropertyShark, a Yardi Systems Inc. company

1. 375 West Broadway, Manhattan
   Sale Price: $130,000,000

J.P. Morgan Investment Management sold the fully leased building totaling 76,605 square feet in SoHo to Macquarie Asset Management. JLL Capital Markets arranged the sale of the boutique office asset and Deutsche Pfandbriefbank AG facilitated the deal with a $65.9 million loan. Financial services firm, Block Inc. formerly known as Square Inc., occupies the office segment of the five-story building, while Gucci leases the ground-floor retail space.

2. 25-11 49th Ave., Queens
   Sale Price: $82,500,000

Gantry Point. Rendering courtesy of Columbia Property Trust

Prestigious auction house, Sotheby’s, acquired the 237,718-square-foot Gantry Point in Long Island City from Columbia Property Trust. Cushman & Wakefield brokered the sale of the office property originally built in 1919 as a manufacturing building and converted to its current use in 2021. The nine-story property features more than 7,000 square feet of outdoor terrace space and floorplates between 8,779 and 82,550 square feet.

3. 142 Greene St., Manhattan
   Sale Price: $39,000,000

Susan Penzner Real Estate arranged the sale of the 24,200-square-foot cast-iron building with a 40-foot frontage in SoHo. Completed in 1900, the five-story office property underwent renovations in 2006 and features a 9,680-square-foot retail space on the ground floor. The office building last traded in early 2006 for $27.3 million.

4. 868 39th St., Brooklyn
   Sale Price: $4,750,000

A private investor acquired the 11,400-square-foot property in Sunset Park along with the adjacent parking lot at 864 39th St. Hanmi Bank facilitated the purchase with a $3.6 million loan, that includes a variable interest rate and a 25-year maturity period. The two-story building was completed in 1997 and renovated five years later.

5. 315 Avenue U, Brooklyn
   Sale Price: $2,500,000

Flushing Bank provided a $1.9 million acquisition loan to Biz Advance Now Inc. for the purchase of the narrow three-story building encompassing 4,269 square feet in Gravesend. The office property has three commercial units with floor to ceiling front windows and is leased to Ako Interior LLC, a furniture company.