Top 5 NYC Office Building Sales—October 2024
Sale Price: $159.4 million
Extell Development Co. bought the 198,347-square-foot office building in Manhattan’s Lenox Hill neighborhood from Williams Equities, at a sale price of $803.8 per square foot. The acquisition was financed with a $150 million consolidated mortgage provided by Tyko Capital. Dating back to 1951 and rising 24 stories, the office building’s tenant roster includes Knotel, Tisch Financial Management Co., Garnet Group Inc. and Trinity Place Holdings Inc., among others. Fried Frank represented the seller and advised the lender in securing the financing package.
Sale Price: $32.2 million
CIM Group foreclosed on the 70,642-square-foot office building in Greenwich Village. The seller was Arch Cos., which defaulted on a nearly $71 million refinancing package secured in 2022 and backed by the property. The building dates back to 1906, rises 11 stories and had previously traded in 2015 for $70 million, when WeWork and its partner acquired it.
Sale Price: $29.5 million
Charitable organization Pearl Foundation Inc. purchased the 72,700-square-foot office asset in Brooklyn’s Gowanus neighborhood from Samson Management. The seven-story property was built in 1968 and last upgraded in 2014. The asset previously changed hands in 2015, when Samson Management acquired it for $73 million. Since the start of the year, occupancy at the property has posed issues, especially with long-time tenant Bond Collective leaving and freeing up 50,000 square feet, according to The Real Deal.
Sale Price: $22.8 million
The 71,180-square-foot building in the borough’s Koreatown area traded between Starwood Property Trust and Empire State Equities. Starwood Property Trust bought back the property via its affiliate, LNR Partners, that acted as a loan servicer through a foreclosure auction deal. The seller defaulted on a $41 million loan originated in 2019 after it owned the 1911-built, 12-story asset since 2007.
Sale Price: $22.8 million
Built in 1987, the 43,307-square-foot office building changed hands between Tarsat Properties and ASB Real Estate Investments. The Maryland-based seller owned the property in partnership with George Comfort & Sons since 2015, when it purchased the nine-story building for $43.8 million. The Flatiron District property includes 4,000 square feet of retail space and is currently occupied by Harmony Partners, Uppercut Edit and Data Courier Systems, among others.
—Posted on November 26
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