Top 5 NYC Office Building Sales—June 2021

Source: PropertyShark, a Yardi Systems Inc. company

1. 524 Broadway, Manhattan
   Sale Price: $235,750,000

524 Broadway, Manhattan

Northwood Investors acquired the 144,000-square-foot mixed-use SoHo building from Tahl Propp Equities. The acquisition was part of a $323.5 million portfolio deal that also included the adjacent, 66,000-square-foot mixed-use building at 520 Broadway. Ares Commercial Real Estate provided $227 million in acquisition financing. The 520 Broadway building was built in 1900, while the 524 Broadway property was completed in 1902.

2. 111 Wall St., Manhattan
   Sale Price: $220,000,000

Nightingale Properties and Wafra Capital Partners acquired the building’s fee interest from Omnispective Management. The partnership secured a $500 million financing package, which will be used to redevelop the 24-story office building. The lender group included SKW Funding, PIMCO, Oaktree Capital and Bain Capital. Nightingale and Wafra purchased the leasehold interest in the 1.1 million-square-foot office building last year for $175 million.

3. 641 Ave. of the Americas, Manhattan
   Sale Price: $203,775,000

SL Green sold the Midtown asset to Speer Street Capital in a $325 million portfolio deal that included the adjacent building at 635-639 Ave. of the Americas. The eight-story office property totals 267,000 square feet and includes 36,000 square feet of retail space. Completed in 1902, the property underwent a comprehensive renovation in 2015, which consisted of upgraded elevators, a new lobby and a rooftop with outdoor event space. The largest tenant is software company Infor.

4. 909 Third Ave., Manhattan
   Sale Price: $191,670,794

601W Cos. sold the building’s fee interest to an entity affiliated with Colonnade Management. Vornado Realty Trust has owned the leasehold interest in the 1.3 million-square-foot property since 1999. Completed in 1967, the 32-story tower is LEED Silver certified and includes first-floor retail space. Vornado has invested in improvements valued at $187 million. The office building is atop a 490,000-square-foot warehouse, which serves as the U.S. Postal Service’s primary handling facility in New York.

5. 323 Hudson St., Manhattan
   Sale Price: $134,142,403

Jamestown Properties sold the 240,000-square-foot property to San Francisco-based DivcoWest. United Overseas Bank provided a $112.2 million financing package that funded the acquisition and includes a $5.7 million project loan. The $106.5 million acquisition loan carries a 5.4 percent interest rate and a 2031 maturity date, while the subordinate mortgage carries a 6.5 percent interest rate and is scheduled to mature in 2026. Jamestown had owned the 10-story asset since 2012.