Top 5 NYC Office Building Sales—March 2025
The metro’s top deals for the sector rounded up by PropertyShark.
Sale Price: $161.3 million
Barings took over the 557,735-square-foot office mid-rise property in Midtown Manhattan during an auction. The seller was RXR, that lost the property after it defaulted on a $315 million loan in 2024, originated initially in 2011 by Massachusetts Mutual Life Insurance, the parent company of Barings.
The 22-story Class A office building came online in 19222 and includes 13,919 square feet of retail space. Notable tenants include PNC Bank, SPP Capital Partners and SRS Real Estate Partners, among others. The building recently underwent a $40 million improvement and repositioning program that included the addition of a new lobby and retail space, while amenities at the property feature a 10,000-square-foot amenity center.
Sale Price: $21.3 million
Empire Management sold the office component of the former Stewart Hotel building in the borough’s Chelsea neighborhood to Sioni Group. The office space is part of a 31-story high rise totaling 946,782 square feet, dating back to 1930. Sioni Group acquired a total of 83,642 square feet, out of which 2,500 square feet are used for retail.
The developer Sioni Group’s purchase comes after it filed plans for a residential development at the former Stewart Hotel building, that will include 625 units, according to New York Business Journal. The office component at the address is spread across 22 stories.
Sale Price: $20 million
Miami-based Rialto Capital Advisors took over the historic 19,478-square-foot office asset from Winta Asset Management. The sale closed after the former owner of the property filed for Chapter 11 bankruptcy last year, struggling to retain tenants at the property, and defaulted on a $15 million loan according to Crain’s New York Business. Wilmington Trust held the loan and Rialto Capital Advisors acted as special servicer on behalf of the company.
The five-story building is also known as the American Bank Note Co. Building and is situated within the borough’s Financial District. It dates back to 1908, was last upgraded in 2007 and includes three residential units totaling 4,260 square feet.
Sale Price: $19.3 million
Hudson Cos. sold the 85,897-square-foot creative office property to an entity leading to Volmar Construction Inc. The buyer secured a $14 million acquisition loan from Ladder Capital Corp.
The property last traded in 2014 for $17.8 million. At the time, the asset was an industrial warehouse that Hudson Cos. had redeveloped into an office and retail space. Now the three-story office building in Williamsburg includes a rooftop bar and retail space, as well as a skatepark.
Sale Price: $11.4 million
Two private buyers purchased the 27,324-square-foot office building in the borough’s Jackson Heights neighborhood from Vision Enterprises Management. The new ownership also secured a $7.4 million loan from Axos Bank.
The three-story building came online in 1928 and includes 4,500 square feet of retail space and 6,700 square feet of unused air rights.
—Posted on April 23, 2025
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