Top 5 NYC Office Building Sales—September 2024
A roundup of recent major transactions put together by PropertyShark.
Sale price: $160 million
Bushburg Properties purchased the 38-story, 1.1 million-square-foot office building in Manhattan’s Financial District from Rudin. The office asset known as Cocoa Exchange came online in 1961 and was renovated in 2007. The new ownership also took out a $134.4 million loan in the form of a consolidated mortgage originated by Cayman Management. This was Bushburg’s first investment in the Manhattan market, according to The Real Deal.
Sale price: $40.5 million
Related Cos. sold the 181,021-square-foot office building in Manhattan’s Hell’s Kitchen. Namdar Realty Group acquired a 97 percent ownership stake in the asset, while Empire Capital Holdings acquired the remainder. The 10-story office asset also became subject to a $24.3 million acquisition loan originated by Symetra Financial. The buyers purchased this asset at a considerable discount, in comparison with the $152.5 million that Related Cos. paid back in 2018.
Sale price: $27 million
Zar Property NY has purchased the 67,051-square-foot office building in the borough’s Flatiron District from multiple private sellers that owned the asset since 1995. The 10-story building includes 12,783 square feet of retail space. Completed in 1900, the property had four of its five top floors unoccupied, while the fifth floor includes a lease set to expire in 2028, according to MarketersMEDIA Newswire.
Sale price: $23.8 million
The 51,853-square-foot office property in Manhattan’s Garment District changed hands from Falcon Properties to Atlanta-based Mequity Cos. The new ownership secured $50.2 million in acquisition and construction financing through three loans from Elsee Partners. The eight-story building dates back to 1900 and will be converted into a 16-story self-storage property, according to Yahoo!Finance.
Sale price: $19.9 million
A private buyer acquired the 41,300-square-foot office building in the borough’s Lenox Hill neighborhood from Himmel + Meringoff Properties. The new ownership secured $17.6 million though three loans from a private lender. The eight-story structure, completed in 1947, includes 4,750 square feet of retail space.
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