Top 5 NYC Office Building Sales—March 2022

Source: PropertyShark, a Yardi Systems Inc. company

1. 23-15 44th Road, Queens
   Sale Price: $176,000,000

Stawski Partners sold the 1.3-acre development site in Hunters Point as well as the adjacent 3,092-square-foot office building at 43-16 24th St. to Carmel Partners. In 2016, the seller was planning to build a 66-story residential tower with 921 units, according to CityRealty. They buyer also shelled out $24 million for the site’s development easement, which secures more than 950,000 square feet of total floor area development rights, among others.

2. 221 W. 41st St., Manhattan
   Sale Price: $161,109,000

Candler Tower. Image via Google street view

Yellowstone Real Estate Investments acquired the 24-story Candler Tower totaling 235,300 square feet in Theatre District – Times Square from EPIC. In 2017 the current seller refinanced the property with a $150 million loan originated by M&T Bank. Last November, Yellowstone acquired the note leading to EPIC subsequently providing a deed in lieu of foreclosure after nearly a decade of ownership to avoid foreclosure proceedings.

3. 615 W. 50th St., Manhattan
   Sale Price: $95,000,000

SL Green Realty sold the three-story office building totaling 18,417 square feet as well as the 103,788-square-foot 707 11th Ave. in Hell’s Kitchen to Beacon Capital Partners. ACORE Capital provided a $60 million acquisition loan for the two-building property. The 1940-built complex last traded in early 2020, when Kenneth Cole Productions Inc. sold it for $90 million.

4. 348-350 W. 44th St., Manhattan
   Sale Price: $14,000,000

Shalimar Management sold the 5,925-square-foot warehouse along with the adjacent three-story office building totaling 4,835 square feet at 346 W. 44th St. in Hell’s Kitchen. The buyer, ZHL Group, secured a $7 million acquisition loan originated by Valley National Bank. According to NYC Department of Buildings, permits have already been filed to demolish the existing structures originally built in 1940.

5. 6 W. 20th St. #8, Manhattan
   Sale Price: $8,350,000

A private investor acquired a single unit part of the 11-story mixed-use building totaling 45,400 square feet in the Flatiron District. Completed in 1910, the property includes 20,450 square feet of office space, retail space encompassing 4,500 square feet as well as nine residential units with floorplans averaging 2,272 square feet. The unit last traded in mid-2015 for $4.5 million.