Top 5 NYC Office Building Sales—September 2023
PropertyShark compiled the city's top deals of the month for the sector.
Source: PropertyShark, a Yardi Systems Inc. company
Sale Price: $26,835,000
Silk & Halpern Realty Associates sold the 19-story office building totaling 79,290 square feet in Central Midtown to Sioni Group. As part of the transaction, the buyer also assumed an $11 million loan originated in 2016. Financed by Valley National Bank the loan has an approximately $9.3 million unpaid balance and is set to mature in 2026. The 1932-built high-rise includes 5,000 square feet of retail space.
Sale Price: $3,400,000
A private investor acquired the 3,600-square-foot and the adjacent 247 86th St. totaling 3,600 square feet in Bay Ridge. ConnectOne Bank provided a $2.9 million acquisition loan with a variable interest rate and guaranteed by the Small Business Administration. The two buildings were completed in 1910, underwent renovation in 2016 and include a combined 2,400 square feet of residential space.
Sale Price: $2,700,000
A private investor sold the 7,211-square-foot property in Sheepshead Bay. Webster Bank facilitated the transaction with a $1.7 million acquisition loan. Built in 2007, the two-story building includes four commercial units. The tenant list includes a physical therapy clinic, a self defense school as well as a wrestling school.
Sale Price: $1,200,000
A private investor acquired the three-story office building totaling 3,300 square feet in Concourse. The buyer secured an $840,000 acquisition loan funded by Spring Bank. The property last traded in early 2019, when the current seller paid $458,213 for the 1929-built building. The property includes four commercial units across 2,100 square feet of office space and 1,200 square feet of retail space.
Sale Price: $950,000
After 36 years of ownership, a private investor sold the two-story building totaling 4,000 square feet in Borough Park. Built in 1925, the property includes three commercial units. Nearby transportation options include the N subway line at the southeast corner of Bay Parkway and 66th Street and the B6 bus line at 65th Street & Bay Parkway.
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