Top 5 Office Building Sales

PropertyShark compiled the top 5 sales in office recorded in January 2019 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 885 Second Ave., Manhattan

    885 Second Ave., Manhattan
    Sale Price: $565,754,371

Known as One Dag Hammarskjold Plaza, this 49-story high-rise was built in 1971. The office tower was purchased from Ruben Cos. by Rockpoint Group. The sale was subject to a $357.5 million loan held by Brookfield Asset Management and Wells Fargo Bank. The property last underwent cosmetic renovations in 2004 and again in 2014. Comprising 805,467 square feet, the lower level features office and retail, level one and two feature only retail and levels three through 49 feature office space. There is a total of 12,500 square feet dedicated solely to office. Current tenants include World Health Org., Brussels Trade Office, Metro Sports Physical Therapy and Omni New York. According to Yardi Matrix, there are still 10 spaces available for lease, totaling 150,208 square feet.

  1. 850 Third Ave., Manhattan
    Sale Price: $422,000,000

Comprising 613,664 square feet, the 21-story property was previously known as the Western Publishing Building. According to Yardi Matrix, the asset has an 8 percent vacancy rate, with four spaces available for lease totaling 75,579 square feet. Current tenants include Discovery Communications, Adam America Real Estate, TouchTunes, TMC Bonds and Kaplan Fox. The building was purchased from MHP real Estate Services from The Chetrit Group. The new owner assumed the outstanding balance of a $22 million loan held by Wells Fargo Bank. Originally constructed in 1960, the property was completely renovated in 1996 and then underwent cosmetic renovations in 2011. The asset is LEED Gold certified and includes 11,500 square feet of first floor retail.

  1. 462 Park Ave. S., Manhattan
    Sale Price: $245,000,000

Located in Gramercy Park, this 18-story office and retail property comprises 290,000 square feet. Built in 1912, the building underwent renovations in 205 and 2014. About 14,000 square feet of the retail space is located underground and 4,000 square feet is located on the mezzanine level. The asset was purchased from Nuveen by SJP Properties. The sale was subject to a $56 million loan held by Metropolitan Life Insurance Co., according to Yardi Matrix. There are currently three spaces available for lease at the property, totaling 29,308 square feet. Current tenants include Chipotle Mexican Grill, USI Entertainment Insurance Services, Raff & Becker, and Capital One.

  1. 7 E. 44th St., Manhattan
    Sale Price: $105,800,000

Located in the Plaza District, this 1927-built asset features 132,107 square feet across 18 stories. The property last underwent renovations back in 2009 and includes 6,000 square feet of first floor retail. Brooks Brothers purchased the building from AION Partners. The sale was subject to an $80 million loan held by Morgan Stanley. According to Yardi Matrix, the loan is cross-collateralized with a $109 million loan on 122,600 square feet of office space at 346 Madison Ave. Current tenants include The Margolis Law Firm, the Muscular Dystrophy Association, Sapporo and Knotel.  

  1. 3900 Webster Ave., Bronx
    Sale Price: $16,500,000

Home to Leesel Transportation Corp., this property in Woodlawn offers two commercial units totaling 24,493 square feet. The one-story building was constructed in 1981 and last altered in 2004. Nearby transportation options include the 2 and 5 subway lines located at the corner of White Plains Road and 225th Street. At the corner of White Plains Road and 222nd Street, the BX39 and BX8 bus routes can be found as well.