Top 5 Office Building Sales

PropertyShark compiled the top 5 sales in office recorded in November 2018 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 425 Lexington Ave., Manhattan
    425 Lexington Ave., Manhattan

    Sale Price: $701,000,000

The Vanbarton Group purchased this property from J.P. Morgan Asset Management, assuming the outstanding balance of a $214.4 million loan held by New York Life Insurance Co., according to Yardi Matrix. Built in 1987, the asset comprises 700,034 square feet across 31 stories, which includes 13,400 square feet of ground floor retail. The building is LEED Silver certified and is home to tenants such as LensCrafters, Market Café, Bank of America, Starbucks, Pret A Manger, Holwell Suster & Goldberg and CIBC. According to Yardi Matrix, there are still two suites available for lease on the 10th and 11th floors, totaling 39,836 square feet.

  1. 27 W. 47th St., Manhattan
    Sale Price: $40,000,000

Totaling 33,837 square feet, this four-story building was constructed in 1924 and last upgraded in 1980. Purchased by Extell Development, the firm filed demolition plans for this property along with a two-story retail structure directly in front of it. Nearby transportation includes the B/D/F/M subway lines at the corner of Sixth Avenue and West 48th Street, as well as the X1, X7 and X9 bus routes at the intersection of Fifth Avenue and West 48th Street. The asset features 61 commercial units distributed among both office and retail space.

  1. 47-01 Vernon Blvd., Queens
    Sale Price: $6,050,000

This one-story property offers 2,000 square feet of office space in the neighborhood of Hunters Point. Within close proximity to the 7 subway line at the corner of Vernon Boulevard and 50th Avenue, the building was constructed in 1950 on a 5,000-square-foot lot.

  1. 45-29 47th St., Queens
    Sale Price: $2,400,000

Built in 1925, this two-story converted house structure features three commercial units totaling 2,520 square feet. Located in Sunnyside on a 3,800-square-foot lot, the asset is close to the 7 subway line at the corner of 47th Street and Queens Boulevard.

  1. 5520 Glenwood Road, Brooklyn
    Sale Price: $1,350,000

Home to the dentist office of Harold D. Weiss D.D.S, P.C., this one-story property comprises six commercial units totaling 6,460 square feet. Situated in East Flatbush on an 18,534-square-foot lot, the building was constructed in 1960 after previously being used as a parking lot.