Top 5 NYC Office Building Sales—July 2024
Source: PropertyShark, a Yardi Systems Company
Sale Price: $297,000,000
Canada-based Carlo Bellini, through its real estate investment arm 99C, purchased the approximately 1.2 million-square-foot Class A office high-rise in Manhattan’s Financial District in early July. The buyer took a $193.1 million acquisition loan though an amended and restated note, originated by ING Group. The seller was CalSTRS, which held the majority of the ownership interest through Clarion Partners in a joint venture with MHP Real Estate Services. The property previously changed hands back in 2015 for $470 million. Originally built in 1982, the 41-story glass tower is currently occupied by a tenant roster that includes The Jude Group, KLC Architects, Liberty Lending and NYIAX.
Sale Price: $177,000,000
Sovereign Partners acquired the 490,020-square-foot Class A office building from seller Nuveen Real Estate. The office tower in Manhattan’s Turtle Bay neighborhood became subject to a $20 million acquisition loan held by Metropolitan Life Insurance Co. Nuveen owned the asset since 1999, when it bought it for $161 million. The 50-story office building is currently occupied by tenants such as Fannie Mae, Bank of Korea, Intercontinental Capital Group, Brompton Cross Capital Advisers and World Wrestling Entertainment Inc., among others.
Sale Price: $166,000,000
BLDG Management Co., together with David Werner Real Estate Investment, acquired the 463,664-square-foot Financial District office tower from Barings, the investment arm of MassMutual. The acquisition was financed with a $95 million, 10-year loan originated by Northwind Group. The 1969-built office building rises 29 stories and last changed hands in 2015 for $270 million. 100 Wall St. is currently home to significant tenants, such as Cushman & Wakefield, Bank of Taiwan, The Hanover Insurance Group, Loeb Partners Corp. and TD Bank.
Sale Price: $30,000,000
Metropolitan Life Insurance Co., through MetLife Investment Management, took over the 145,372-square-foot office building in the Garment District through a foreclosure note. The former lender picked up the asset from ATCO Properties & Management, after the previous owner defaulted on a $72.8 million loan from 2018. The 1924-built office asset rises 17 stories and last changed hands for $108 million in 2016.
Sale Price: $23,350,000
The 258,000-square-foot TriBeCa office building changed hands between two related entities. District Council 37, through an entity called DC 37 Benefits Funds Trust, acquired the property from District Council 37 AFSCME, that also has an office at the 10-story building. According to Hunter Roberts Construction Group, the 1932-built office asset is currently undergoing significant renovations. The modernization strategy includes the addition of three roof terraces, the removal of the existing façade and the creation of a more efficient and environmentally friendly space. The general contractor is working together with The Switzer Group, tapped as architect of record, for revitalizing the building.
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