Top 5 Office Building Sales

PropertyShark compiled the top 5 sales in office recorded in May 2018 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 501 W. 30th St., 10 Hudson Yards, Manhattan

    501 W. 30th St. (10 Hudson Yards), Manhattan
    Sale Price: $ $431,864,832

Comprising 1.8 million square feet, this LEED Gold certified Chelsea high-rise features 52 floors and was constructed in 2016. Owned by The Related Cos., the Class A asset had Allianz Real Estate of America acquire a 44.3 percent ownership stake in the property for $420 million in August 2016. STRS Ohio recently acquired a 19.8 percent ownership stake in the property, totaling the $431 million. Current tenants at 10 Hudson Yards include L’Oreal, Coach, The Guardian Life Insurance Co., Stuart Weitzman and Crescent Capital Group. According to Yardi Matrix, there are still three available spaces left to lease, ranging from 5,992 to 43,135 square feet.

  1. 305 E. 46th St., Manhattan
    Sale Price: $ $118,500,000

The RMR Group sold the United Nations Building to Vanbarton Group. The sale was subject to a $61 million loan held by Manufacturers and Traders Trust Co., according to Yardi Matrix. The property is fully leased to the United Nations Language Careers, totaling 187,060 square feet. Formerly known as the Albano Building, the 16-story asset was constructed in 1928, last undergoing renovations in 2008.

  1. 9 E. 40th St., Manhattan
    Sale Price: $ $70,250,000

Located in Manhattan’s Murray Hill neighborhood, this 18-story property comprises 79,738 square feet. Built in two phases in 1913 and 1931, the Class B building includes 6,550 square feet of retail. Current tenants include Gassman Financial Group, Datomia, Quinn McCabe and Pear Core Solutions. According to Yardi Matrix there are currently five available spaces for lease, ranging from 838 to 8,200 square feet. Eretz Group purchased the asset—which was subject to a $50.4 million loan held by Aareal Bank—from Joseph P. Day Realty.

  1. 37-14 34th St., Queens
    Sale Price: $17,153,663

This one-story building in Long Island City is located at the future site of a mixed-use residential and commercial property. According to New York Yimby, the project will comprise two seven-story buildings, constructed in two phases. The end result will offer 80 apartments across 53,275 square feet, along with 13,060 square feet of ground floor commercial space. The current property features 6,600 square feet of office and 3,400 square feet of storage space. This asset will be torn down to start phase two of the new development.

  1. 1527 Southern Blvd., Bronx
    Sale Price: $12,700,000

Home to Bronx Developmental Services, this two-story property comprises 35,000 square feet on a 17,500-square-foot lot. Located in the Fairmont-Claremont Village neighborhood, the asset was constructed in 1953 and last altered in 1991. The building is located within 0.22 miles of the 2/5 subway station, located at the corner of Boston Road and 174th Street.