Top 5 NYC Office Building Sales – May 2024
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.
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.
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.
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.
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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