Top 5 NYC Office Building Sales—August 2024
A recap of recent major transactions compiled by PropertyShark.
Sale Price: $320.2 million
AEW Capital Management sold the 20-story office building totaling 519,783 square feet in Central Midtown to JP Morgan Chase Asset Management. The new ownership acquired the 1924-built asset in partnership with Hines, TheRealDeal reported. JPMorgan was set to acquire the building back in June, as part of its expansion strategy across the Park Avenue area, where the bank is developing its new headquarters. AEW Capital Management was the owner the property, also known as The Postum Building, since 1998. Notable tenants of the LEED Gold-certified property include M&T Bank, Regus and Verus Commercial Real Estate Finance.
Sale Price: $71.2 million
El Ad Group, a member of the Israel-based Tshuva Group of Cos., picked up the 160,114-square-foot office building in Manhattan’s NoMad neighborhood from Walter & Samuels, which owned the asset since 1978. As part of the deal, the buyer assumed a $50 million loan held by Apple Bank for Savings, originated in 2016, totaling $57.5 million. Additionally, El Ad Group also received a $7.5 million bridge loan from a private lender. The 20-story property dates back to 1927 and was last upgraded in 2013. The new owner plans to convert the office asset into residential, with plans calling for some 100 condo units scheduled for delivery in 2026, TheRealDeal reported.
Sale Price: $60.0 million
Alexandria Real Estate Equities sold the 300,000-square-foot office property in Manhattan’s Turtle Bay neighborhood to David Werner Real Estate. The building rises nine stories and is now subject to a $75 million loan held by Northwind Group. The former Pfizer headquarters previously sold for $142 million in 2018, in a deal where Alexandria entered into a five-year leaseback agreement with Pfizer. Now, the property that was acquired with Metro Loft Management as joint venture partner, will be redeveloped and converted into a 29-story multifamily building with up to 660 units, Mann Publications reported.
Sale Price: $48.0 million
Prosper Property Group, as majority owner, acquired the 104,526-square-foot downtown Brooklyn office building from Meadow Partners. The transaction also includes GRA Equities and Zuccarello Zerillo & Co. as the other parties with ownership stakes in the building. Originally completed in 1929, the six-story property became subject to a $31.2 million loan held by Argentic Real Estate Finance. The seller purchased it back in 2017, for$54 million.
Sale Price: $35.0 million
Flex office provider Jay Suites picked up the 112,120-square-foot building in Manhattan’s Garment District from the Felder family. The 12-story asset includes 11,500 square feet of retail space and will serve as the buyer’s new conference rental business, that will be located at the property’s third floor. Notable tenants at the building include American Council of Engineering Companies of New York, Axis Enterprises, N&A General Construction and The Dessy Group.
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