Top 5 Office Building Sales—January 2021
- Feb 26, 2021
- 460 W. 34th St., Manhattan
Sale Price: $809,912,583
SL Green sold the 636,000-square-foot building also known as 410 Tenth Avenue to The 601W Cos. following a purchase agreement announced in November 2020. J.P. Morgan provided $565 million in acquisition financing. SL Green Realty acquired the 20-story property from the Kaufman Organization for $409.9 million in 2019. Amazon leases more than 330,000 square feet in the building, while First Republic Bank occupies nearly 212,000 square feet.
- 504-506 E. 74th St., Manhattan
Sale Price: $42,000,000
ABS Partners Real Estate sold the 34,375-square-foot property to the Hospital for Special Surgery. On the same day, the parties closed on another deal involving the adjacent 14,142-square-foot building at 510 E. 74th St., which traded for $28 million. The new owner will use the properties for clinical and administrative purposes, Crain’s New York reported.
- 7601 Fourth Ave., Brooklyn
Sale Price: $24,030,000
A radiologist affiliated with ProHealth sold the 24,000-square-foot professional building to William Lerner, president of Imperial Parking Systems. Following the acquisition, the new owner secured a $16.6 million loan from VNB New York, which also includes a portfolio the buyer purchased in December. The assets are located at 9020 Fifth Ave., 7115 13th Ave., 7117 13th Ave., 7119 13th Ave. and 7121 13th Ave.
- 37-30 Review Ave., Queens
Sale Price: $15,097,377
An entity affiliated with Alan Dern sold its 50 percent stake in the 31,300-square-foot Long Island City property. The buyer, an entity affiliated with James Juliano, already owned 50 percent in the asset and became the sole owner following the deal. The partners paid $16.3 million for the two-story building in 2019, when they also secured a $16.3 million loan from M&T Bank. The new owner assumed the outstanding balance of $15.8 million after taking sole ownership in January 2021.
- 110 Fifth Ave., Manhattan
Sale Price: $12,040,000
The January transaction marked an interest transfer, which was followed by six similar transfers amounting to a total $55.7 million. Samson Management and Rabina Properties own the 176,000-square-foot Gramercy Park office building, completed in 1900 and renovated multiple times over the years. The property includes 2,500 square feet of retail space. In 2019, the partnership secured a $109 million loan from New York Community Bank, which is scheduled to mature in April 2024.