Top 5 NYC Office Building Sales—November 2024
Sale Price: $360 million
Apollo Global Management has acquired a $360 million ownership and equity stake in the 1.1 million-square-foot office building, from RXR Realty. The seller will continue to hold the property as majority owner, in partnership with SL Green. The LEED-certified Times Square asset originally came online in 2000. It rises 38 stories, and features 40,000 square feet of space.
The property last traded in 2016 when RXR Realty paid $1.6 billion for it. At the same time as the sale, the asset became subject to a $1.3 billion loan originated with Corebridge as senior lender. Apollo Global Management became the property’s mezzanine lender in 2022 and decided to convert its position into equity with this deal, becoming part of the ownership.
Sale Price: $90.5 million
American Exchange Group acquired the 170,230-square-foot office mid-rise in Murray Hill from Vanbarton Group. The buyer also secured $77.2 million in acquisition financing provided by Deutsche Bank, through a consolidated and restated mortgage agreement. The acquisition follows Vanbarton Group’s default on a $90 million loan secured by the Midtown property. The Art Deco building dates back to 1923, rises 24 stories and features 5,810 square feet of retail space.
Sale Price: $90 million
ShopCore Properties has acquired the 45,000-square-foot office building in SoHo from ASB Real Estate. The buyer is one of Blackstone Group’s divisions and the deal was part of a $197 million portfolio transaction, according to PincusCo. The office building last changed hands for $41 million in 2012, when ABS Real Estate picked it up from a private seller. The five-story asset includes three residential units totaling 11,250 square feet and 18,500 square feet of retail space.
Sale Price: $65.5 million
AmTrust Realty Corp. purchased the 238,294-square-foot, 24-story office property from Savanna Fund. The buyer landed a $52.4 million acquisition loan from Allstate Funding Corp. and acquired the property in joint venture with Capstone Equities, TheRealDeal reported. The Murray Hill building features 12,234 square feet of retail space and last changed hands in 2019 for $180 million, with AEW Capital Management as seller.
Sale Price: $54.5 million
The 27,930-square-foot office building was part of Blackstone Group’s portfolio deal in SoHo, made through the company’s ShopCore Properties division. The same ASB Real Estate sold the asset, which dates to 1900. The seller owned the two office properties in partnership with L3 Capital, according to TheRealDeal.
—Posted on December 27, 2024
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