Top 5 NYC Office Building Sales – May 2024
PropertyShark collected the city’s top deals for the sector.
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Sale Price: $160,979,906
Barings purchased 1370 Ave. of the Americas, also known as The Continental Tower, in early May. The 311,501-square-foot, 1970-built Midtown Manhattan property was subject to a $150 million loan held by Mass Mutual, the parent company of Barings. Principal Real Estate Investors sold the 32-story office tower after 17 years of ownership. Newmark negotiated the transaction, according to The Real Deal.
Sale Price: $57,500,000
The 110,000-square-foot office building in Manhattan’s Greenwich Village was purchased by Legion Investment Group and EJS Development from Phillips International. The joint venture also secured a $37.5 million acquisition loan from Maxim Capital Group. Completed in 1946 and upgraded in 2001, the six-story office building was home to New York City’s Human Resources Administration. That lease expired in January 2023, according to a press release by Avison Young.
Sale Price: $10,000,000
Apparel company Studio Nazar acquired the 28,000-square-foot, seven-story office building in Manhattan’s Garment District. The new ownership also landed a $5 million acquisition loan, in the form of a consolidated and extension agreement originated by Bank of America. ASM Realty Group sold the 1922-built property which it had owned since 1981.
Sale Price: $6,800,000
The Ha’Or Beacon School bought the 15,000-square-foot, three-story office building in Brooklyn’s Madison neighborhood from a private individual. The school also secured a $3.9 million construction loan from Provident Bank. The property dates back to 1989.
Sale Price: $6,300,000
A private investor purchased the Chelsea office property, totaling 7,410 square feet across four stories, from a private seller. The buyer also obtained a $3.1 million acquisition loan from The Bank of Princeton. A Cushman & Wakefield team brokered the deal.
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