Top 5 Office Building Sales—November 2020
- Dec 16, 2020
- 590 Fifth Ave., Manhattan
Sale Price: $84,525,199
SL Green added the 96,130-square-foot property to its portfolio after the previous owner, Thor Equities, defaulted on a $25 million mezzanine loan from SL Green. The new owner also gained control of the $83 million senior note on the property. SL Green assigned the mortgage previously held by Midland Life Insurance Co. to Wells Fargo. The 19-story building, completed in 1987, includes four floors of retail space totaling 24,500 square feet.
- 85 Fifth Ave., Manhattan
Sale Price: $59,032,957
SL Green acquired the retail leasehold at 85 Fifth Ave. from a partnership between Wharton Properties and Brookfield Properties. The 13-story building includes some 90,000 square feet of office space and 12,946 square feet of retail. Located in Union Square, the property is home to clothing store Anthropologie and encompasses 13 privately owned co-op units. Constructed in 1901, the building underwent renovations in 2011.
- 48-00 Grand Ave., Queens
Sale Price: $51,000,000
Family Stations Inc. sold the 5-acre site in Maspeth to industrial giant Prologis, who will use the lot for parking and storage. The site also houses a 3,600-square-foot commercial building. The seller, also known as Family Radio, uses the site for its radio towers while it transitions to another location. Family Stations had owned the asset since 2015 when the organization acquired it from Radio Disney New York.
- 128 E. 125th St., Manhattan
Sale Price: $15,000,000
An entity affiliated with charter school Harlem RBI sold the 21,556-square-foot property in mid-November to Maddd Equities. The three-story East Harlem building was developed in 1908 and includes three commercial units. Among nearby transportation options are the 4-5-6 subway lines accessible on the SW corner of Lexington Avenue and 125th Street. The M60+ bus line is accessible at the same intersection.
- 219 Jay St., Brooklyn
Sale Price: $12,500,000
Abra Construction sold the 8,671-square-foot building to Tankhouse, a Brooklyn-based developer and architecture firm. The three-story property, situated in an opportunity zone, offers an additional 37,549 buildable square feet. Developed in 1930, the building is within the Brooklyn Tech Triangle, at the intersection of Downtown Brooklyn, DUMBO and Brooklyn Heights. The property provides access to Manhattan and the other boroughs with the A, C, F, 2, 3, N, Q and R subway lines.