Top 5 Office Building Sales

PropertyShark compiled the top 5 sales in office recorded in May 2019 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 521 Fifth Ave., Manhattan
    521 Fifth Ave., Manhattan

    Sale Price: $379,283,537

Purchased by Savanna from SL Green Realty, the sale was subject to a $242 million loan held by Deutsche Bank, according to Yardi Matrix. Originally constructed in 1929, the property last underwent cosmetic renovations in 2008. The asset encompasses 500,199 square feet, with 20,000 of that designated for retail space located underground. Current tenants of the building include Equinox, Amity Search Partners, InkWell, Cortina Asset Management and more. According to Yardi Matrix data, there are still 10 available spaces for lease, totaling 54,575 square feet. The asset was previously named the Lefcourt National Building and stands 39 stories.

  1. 460 W. 34th St., Manhattan
    Sale Price: $291,734,080

This 19-story property, known as the Master Printers Building, was built in 1927 and is located in Manhattan’s Chelsea neighborhood. The 538,520-square-foot asset last underwent cosmetic renovations in 1989 and includes 12,000 square feet of ground floor retail space. The building was purchased by SL Green Realty from the Kaufman Org. The sale was subject to an acquisition and development loan of $465 million funded by United Overseas Bank, according to Yardi Matrix. The total sale price was $440 million, but this accounts for SL Green’s 66.3 percent interest acquired in the property. Current tenants include the Culinary Tech Center, Barr & Barr, LiveOnNY, RCS Real Estate Advisors, S9 Architecture and more.

  1. 428 W. 14th St., Manhattan
    Sale Price: $129,500,000

Home to tenants such as Thor Equities, LUMAS, Vans and Paige Premium Denim, this 1900-built property was last renovated in 2001. The five-story building comprises 61,357 square feet, with 19,500 square feet dedicated to retail. The asset was purchased from ASB Capital Management by RFR Realty and is currently fully leased. Prior to this transaction, the property last changed hands back in January 2013, when ASB acquired the building from the Yucaipa Cos., for $96.4 million, according to Yardi Matrix.

  1. 949-959 Southern Blvd., Bronx
    Sale Price: $10,750,000

Located in the Foxhurst neighborhood with convenient access to the 6 subway line at the corner of Hunts Point Avenue and 163rd Street, this property comprises 86,800 square feet across four stories. The asset features 21 commercial units split up among 54,700 square feet of office, 18,100 square feet of retail and 14,000 square feet of storage space. According to The Real Deal, building last changed hands back in 2015 when it was placed on the market for $44 million by Ashkenazy Acquisition Corp. The property was constructed in 1913 and last altered in 1991.

  1. 5024 Fifth Ave., Brooklyn
    Sale Price: $7,600,000

Previously home to Payless ShoeSource, this Sunset Park property is estimated to have been built in 1931 and was last upgraded in 2018. Housing one commercial unit comprising 7,500 square feet, the asset is situated on a 3,000-square-foot lot. Standing three stories, the building is located within walking distance from the R subway line at the intersection of Fourth Avenue and 52nd Street.