Top 5 NYC Office Building Sales—September 2024
Sale Price: $160 million
Bushburg 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 was originally built in 1961 and renovated in 2007. The new ownership also took a $134.4 million loan in the form of a consolidated mortgage originated by Cayman Management. This is Bushburg’s first investment in the Manhattan market, according to TheRealDeal.
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 rest. 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 was originally completed in 1947 and includes 4,750 square feet of retail space.
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