Top 5 NYC Office Building Sales – May 2024

PropertyShark collected the city’s top deals for the sector. The post Top 5 NYC Office Building Sales – May 2024 appeared first on Commercial Property Executive.

Source: PropertyShark, a Yardi Systems Company

1370 Ave. of the Americas, Manhattan

Sale Price: $160,979,906

Barrings purchased 1370 Ave. of the Americas, also known as The Continental Tower, in early May. The 311,501-square-foot, 1970-built Midtown Manhattan office building was subject to a $150 million loan held by Mass Mutual, the parent company of Barrings. The 32-story office tower changed hands from seller Principal Real Estate Investors, which has been its owner since 2007. Newmark negotiated the deal, according to The Real Deal.

8 W. 14th St., Manhattan

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. The joint venture also secured a $37.5 million acquisition loan held by Maxim Capital Group. Originally built in 1946 and upgraded in 2001, the six-story office building traded from seller Phillips International, the property’s owner since 1998. The property was fully occupied by New York City’s Human Resources Administration, a lease that expired in January 2023, according to a press release by Avison Young.

124 W. 36th St., Manhattan

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. Originally built in 1922, the property traded from seller ASM Realty Group, that owned it since 1981.

3030 Nostrand Ave., Brooklyn

Sale Price: $6,800,000

The Ha’Or Beacon School acquired the 15,000-square-foot, three-story office building in Brooklyn’s Madison neighborhood. The school also secured a $3.9 million construction loan from Provident Bank. A private individual sold the property that dates back to 1989.

156 W. 29th St., Manhattan

Sale Price: $6,300,000

A private investor purchased the Chelsea office property, that is totaling 7,410 square feet across four stories, from a private seller. The buyer also secured a $3.1 million acquisition loan, originated by The Bank of Princeton. A Cushman & Wakefield team brokered the deal.

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