Home Foreclosure Top 5 New York Office Building Sales — March 2022

Top 5 New York Office Building Sales — March 2022

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Source: PropertyShark, a company of Yardi Systems Inc.

  1. 23-15 44th Road, Queens
    Selling price: $176,000,000

Stawski Partners has sold the 1.3 acre development site at Hunters Point along with the adjacent 3,092 square foot office building to 43-16 24th Street. at Carmel Partners. In 2016, the seller planned to build a 66-story residential tower with 921 units, according to CityReal Estate. The buyer also paid $24 million for the site development easement, which secures over 950,000 square feet of total surface development rights, among other things.

  1. 221 W. 41st Street, Manhattan
    Selling price: $161,109,000

Candler Tower. Image via Google Street View

Yellowstone Real Estate Investments has acquired the 24-story Candler Tower totaling 235,300 square feet in the Theater District – Times Square from EPIC. In 2017, the current seller refinanced the property with a $150 million loan issued by M&T Bank. Last November, Yellowstone acquired the note leading to EPIC subsequently providing a deed in lieu of foreclosure after nearly a decade of ownership to avoid foreclosure proceedings.

  1. 615 W. 50th St., Manhattan
    Selling price: $95,000,000

SL Green Realty has sold the three-story office building totaling 18,417 square feet as well as the 103,788 square feet 707 11th ave. in Hell’s Kitchen at Beacon Capital Partners. ACORE Capital provided a $60 million acquisition loan for the ownership of two buildings. The 1940-built complex was last traded in early 2020, when Kenneth Cole Productions Inc. sold it for $90 million.

  1. 348-350 W. 44th St., Manhattan
    Selling price: $14,000,000

Shalimar Management has sold the 5,925 square foot warehouse along with the adjacent three story office building totaling 4,835 square feet to 346 W. 44th St. in Hell’s Kitchen. The buyer, ZHL Group, secured a $7 million acquisition loan issued by Valley National Bank. According to the New York Department of Buildings, permits have already been filed to demolish existing structures originally built in 1940.

  1. 6 W. 20th St. #8, Manhattan
    Selling price: $8,350,000

A private investor has acquired a single unit as part of the 11-story mixed-use building totaling 45,400 square feet in the Flatiron neighborhood. Completed in 1910, the property includes 20,450 square feet of office space, 4,500 square feet of retail space as well as nine residential units with floor plans averaging 2,272 square feet. The unit last traded in mid-2015 for $4.5 million.