Top 5 Office Building Sales

PropertyShark compiled the top 5 sales in office recorded in June 2019 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company

 

  1. 511 W. 25th St., Manhattan
    Sale Price: $148,254,147

Sold along with 521 W. 25th St., the three-building Iron Works property was an adaptive reuse project that kicked off as industrial constructed in 1910 and 1917, which was later converted to office in 2002. It includes 4,575 square feet of retail and a 3,500-square-foot showroom. The property was completely renovated in 2013. According to Yardi Matrix, current tenants include the Paul Kolker Gallery, WeWork, Target and BPCM. Artemis Real Estate Partners acquired a 95 percent interest in the property from PGIM Real Estate. The sale was subject to a $105 million loan held by Aareal Bank. L&L Holding still has a 5 percent ownership stake in the property from back in 2014, when it purchased the share from the Related Cos., which sold its portion of the building share to PGIM. The property totals 198,064 square feet across two, four and nine stories.

  1. 142 W. 36th St., Manhattan
    Sale Price: $81,500,000

Alduwaliya Asset Management purchased this fully-leased building from Waterman Interests. The sale was part of a larger $138 million portfolio transaction along with 234 W. 39th St. The sale was funded by a $59.9 million loan held by a private lender, according to Yardi Matrix. Built in 1922, the property underwent cosmetic renovations in 2014 and again in 2018. Totaling 119,000 square feet, that includes 5,000 square feet of retail and a 5,000-square-foot showroom. Current tenants include Elite SEM, Becca Cosmetics, SG Cos., Gilberto Designs and Peter’s Flowers. Cushman & Wakefield is the building manager.

  1. 22 W. 38th St., Manhattan
    Sale Price: $60,500,000

Located in Murray Hill, this 12-story building was last owned by Dalan Management, which purchased the asset back in 2015 for $43.5 million. Current tenants include Knotel, The Michael Alan Group, Winston Retail Solutions and Carleo Hair Salon. There is currently one unoccupied space available on the eighth floor, totaling 5,881 square feet. Originally constructed in 1912, the property was last renovated in 2016. The asset totals 70,000 square feet, 4,000 of that which is designated as retail.

  1. 1000 Dean St., Brooklyn
    Sale Price: $55,950,000

Acquired by LIVWRK from BFC Partners, this four-story adaptive reuse property started off as industrial in 1965 and was converted to office in 2013. The sale was subject to a $33.6 million loan held by Invesco Real Estate. Current tenants of the 150,000-square-foot Crown Heights building include nC2 architecture, the Brooklyn Community Foundation, JCA and Soll Industries. The asset includes 9,000 square feet of retail space and currently has three spaces available for lease, totaling 7,812 square feet.

  1. 137 Second Ave., Manhattan
    Sale Price: $18,000,000

Dubbed Ottendorfer Library, this three-story property in the East Village was constructed in 1900 and last updated in 2000. Totaling 17,066 square feet, the building is occupied by Gehl and is located closest to the 6 subway line at the corner of Fourth Avenue and Eighth Street, as well as the M15 bus route at the intersection of Second Avenue and Ninth Street.