Top 5 New York Office Building Sales — May 2022

PropertyShark has compiled the city’s best deals of the month for the area.

Source: PropertyShark, a company of Yardi Systems Inc.
  1. 475 Fifth Avenue, Manhattan
    Selling price: $291,000,000

A partnership between Nuveen Real Estate and Norges Bank Investment Management (NBIM) has sold the 24-story office building totaling 275,738 square feet to Murray Hill. RFR Realty acquired the LEED Silver-certified tower through a $180 million acquisition loan from JPMorgan Chase. The property was last traded in 2011, when Nuveen paid $143.9 million for the building constructed in 1926, while NBIM acquired a 49.9% stake two years later.

  1. 645 Madison Avenue, Manhattan
    Selling price: $196,592,300
645 Madison Ave. Image via Google Street View

With the current agreement, Titan Golden Capital has become the sole owner of the property totaling 164,615 square feet in Lenox Hill, following the $26.6 million acquisition of the ground lease on the 22-story tower last November. Eric Anton and Nelson Lee of Marcus & Millichap arranged the transaction. Completed in 1971, the Class A office building comprises 33,697 square feet of retail space.

  1. 529 W. 20th St., Manhattan
    Selling price: $32,000,000

A&R Kalimian has sold a nearly 67% stake in the 111,329 square foot building also known as The Arts Building. Eagle Point Properties became the majority owner of the 11-story property in Chelsea. The area is home to a wide variety of galleries, the list of tenants includes ACA Galleries, Bruce Silverstein Gallery and the Fine Art Conservation Group among others.

  1. 513 W. 20th St., Manhattan
    Selling price: $23,333,334

Eagle Point Properties has also acquired a controlling interest in this 83,240 square foot office building in the same neighborhood from the same vendor. The seven-story mid-rise was completed in 1910 and underwent renovations in 1988. Adjacent to the 1.5-mile-long linear park dubbed The High Line, the property’s tenants include Crozier Fine Arts and Oui2 Entertainment.

  1. 857 Broadway, Manhattan
    Selling price: $22,000,000

Trans World Equities Inc. has acquired the four-story office building totaling 11,636 square feet in the Flatiron District. As part of the transaction, the buyer also secured a $4 million deferral loan from the seller. Completed in 1910, the building includes seven commercial units, 6,090 square feet of office space and a 5,546 square foot commercial portion.

Sallie R. Loera