Top 5 NYC Office Building Sales—April 2024
Source: PropertyShark, a Yardi Systems Inc. company
Sale Price: $185,895,188
YellowStone Real Estate Investments purchased the famed Mutual of New York tower, a 519,600-square-foot office building in Manhattan’s Theater District, from Blackstone. The company bought the $308 million defaulted CMBS loan on the 26-story office property, originated by Deutsche Bank in 2014, the year when Blackstone paid $600 million for the 1950-built asset. The office building became almost vacant in recent years and reached an appraised value of $175 million as of last year, according to The Real Deal.
Sale Price: $147,500,000
TPG Inc. has acquired the Financial District 756,138-square-foot office tower from DWS, Deutsche Bank’s asset management arm. The buyer is now partnering with GFP Real Estate, as the company previously entered into a sales agreement with DWS, with the intention of starting an office-to-residential conversion, according to The Real Deal. The 31-story office tower was originally built in 1961 and last upgraded in 2013. The property previously traded ten years ago for $528 million.
Sale Price: $34,500,000
Visiting Nurse Service of New York, one of the largest community-based healthcare organization in the country, has sold the five-story, 17,726-square-foot office building in Manhattan’s neighborhood of Lenox Hill. The buyer of the 1960-built property is The Altneu, an Orthodox Synagogue, that also secured a $10 million loan from an Access Industries.
Sale Price: $31,000,000
The 85,869-square-foot office building in Manhattan’s Chelsea neighborhood was acquired by an entity affiliated with The Epoch Times, a New York City-based newspaper and media company that is part of The Epoch Media Group. The buyer secured $23.3 million in acquisition financing originated by International Bank of Chicago. The 12-story office property was originally built in 1911, with the latest upgrades completed in 2009, and changed hands from seller Samson Management.
Sale Price: $14,499,900
A private investor picked up the 8,490-square-foot, five-story office building in Manhattan’s TriBeCa, from firm The Office of Thierry W. Despont, that owned the property since 1995. The building was originally constructed in 1915 and served as the home of the late architect Thierry Despont, according to Crain’s New York Business.
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