Top 5 NYC Office Building Sales—May 2022

Source: PropertyShark, a Yardi Systems Inc. company

1. 475 Fifth Ave., Manhattan
   Sale Price: $291,000,000

A partnership between Nuveen Real Estate and Norges Bank Investment Management (NBIM) sold the 24-story office building totaling 275,738 square feet in Murray Hill. RFR Realty acquired the LEED Silver-certified tower with the help of a $180 million acquisition loan originated by JPMorgan Chase. The property last traded in 2011, when Nuveen paid $143.9 million for the 1926-built building, while NBIM acquired a 49.9 percent ownership stake two years later.

2. 645 Madison Ave., Manhattan
   Sale Price: $196,592,300

645 Madison Ave. Image via Google Street View

With the current deal, Titan Golden Capital became sole owner the property totaling 164,615 square feet in Lenox Hill, following the $26.6 million acquisition of the ground lease on the 22-story tower last November. Marcus & Millichap’s Eric Anton and Nelson Lee arranged the transaction. Completed in 1971, the Class A office building includes 33,697-square-feet of retail space.

3. 529 W. 20th St., Manhattan
   Sale Price: $32,000,000

A & R Kalimian sold a nearly 67 percent ownership interest in the 111,329-square-foot building also known as The Arts Building. Eagle Point Properties became the majority owner of the 11-story property in Chelsea. The area is home to a wide variety of galleries, the tenant roster includes ACA Galleries, Bruce Silverstein Gallery and Fine Art Conservation Group, among many others.

4. 513 W. 20th St., Manhattan
   Sale Price: $23,333,334

Eagle Point Properties also acquired a majority ownership interest in this 83,240-square-foot office building in the same neighborhood from the same seller. The seven-story mid-rise was completed in 1910 and underwent renovations in 1988. Adjacent to 1.5-mile-long linear park dubbed The High Line, the property’s tenants include Crozier Fine Arts and Oui2 Entertainment.

5. 857 Broadway, Manhattan
   Sale Price: $22,000,000

Trans World Equities Inc. acquired the four-story office building totaling 11,636 square feet in the Flatiron District. As part of the transaction, the buyer also secured a $4 million seller carry-back loan. Completed in 1910, the property includes seven commercial units, 6,090 square feet of office space and a 5,546-square-foot retail portion.