Top 5 NYC Office Building Sales—December 2024
A roundup of recent major transactions put together by PropertyShark.
Sale Price: $ 170.4 million
American Exchange Group has acquired the 464,951-square-foot office building at 1375 Broadway, also known as Lefcourt State Building. The Garment District asset changed hands from Savanna Fund. The buyer closed the deal with a loan sale agreement that closed in August. The note included the acquisition of the debt behind the property, a $200 million loan dating back to 2020 originated by Aareal Capital.
American Exchange Group also secured $165 million in acquisition funds through an amended and restated note with Sail Harbor Capital as lender. The seller, Savanna Funds, will continue to operate the property, according to The Real Deal. The office asset rises 27 stories, dates back to 1927, includes 35,382 square feet of retail space and is LEED Gold-certified.
Sale Price: $27 million
Zar Property N.Y. purchased the 14-story office building in the Central Park South neighborhood of Manhattan from GFP Real Estate. JPMorgan Chase issued a $26.5 million acquisition loan. The property also became subject to a $36 million loan as part of a consolidation and extension agreement that includes an office building in the Flatiron District.
Designed by architect Emery Roth, the office asset at 199 W. 57th St. was originally completed in 1926 and totals 112,147 square feet. The property also comprises 10,000 square feet of retail space.
Sale Price: $26.9 million
The 4,115-square-foot office building at 79 N. 10th St., together with the 30,953-square-foot building at 97 N. 10th St. changed hands from Cayuga Capital Management to BLDG Management. The buyer landed a $22.7 million acquisition loan originated by Manufacturers and Traders Trust Co.
The first property is a single-story building, while the second one rises two stories. Both properties are part of Brooklyn’s Williamsburg neighborhood.
Sale Price: $21.5 million
Another Garment District asset changed hands in early December: Pyrus Management picked up the 80,500-square-foot office building at 15 W. 36th St. from Walter & Samuels. Avison Young represented the seller, according to New York Business Journal. The same source shows that the property was 61 percent leased at the time of the deal, and it has potential to be converted to multifamily use. The building rises 16 stories, came online in 1917 and includes 4,000 square feet of retail space.
Sale Price: $9 million
Real estate developer Shalom Stahler, through two legal entities, acquired the 12,393-square-foot office property in Brooklyn’s Crown Heights from two individual sellers. The two-story property was completed in 1920 as a heavy manufacture factory and comprises two residential units totaling 4,337 square feet. It is located in an Opportunity Zone and also includes 25,083 square feet of additional air rights.
—Posted on January 27, 2025
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