Prewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe
- Aug 11, 2011
August 11, 2011
By Nicholas Ziegler, News Editor
One of the more coveted addresses in New York City multi-family real estate has just moved off the books of the Katz 737 Corp. and into the hands of Harry Macklowe for a $253 million purchase price. The building, a pre-war, 103-unit rental building at 737 Park Ave., has not been on the market for more than 65 years. The deal was executed by Jones Lang LaSalle.
“We saw a tremendous amount of interest,” Jon Caplan, vice chairman of JLL said to Commercial Property Executive. “It’s a rare offering, a prewar residential building at a prime Park Avenue location.”
Built in 1940 and designed by noted architect Sylvan Bien, 737 Park is directly across the street from two of Manhattan’s most exclusive co-operative apartment buildings, 720 and 740 Park Avenue. Most of the vintage, luxury apartment buildings are co-ops,. and many investors pursuing 737 pegged it for condo conversion, because “condo pricing in the New York City market has been extremely strong,” Caplan said.
Despite concerns that property prices in the city are rising quickly, the property didn’t wait very long before being snapped up. “We conducted numerous property tours and received initial offers after just a few months due to the strong investor response,” said Caplan.