San Francisco-based Spear Street Capital has acquired 74 Eighth Ave., a 10-story office building at the corner of Eighth Avenue and West 14th Street in Manhattan, N.Y., for $50.5 million. The seller was New York investment firm G4 Capital Partners. The sale was recorded in public filings last week.<\/p>\n
Completed in 2023, the building was designed by Gene Kaufman Architect and developed by Sang Lee, Noviprop and Plus Development. It encompasses roughly 30,000 square feet of office space and above ground-floor retail leased to Wells Fargo. According to JLL, the property was fully leased at closing with an average of four years remaining on existing terms. JLL\u2019s David Giancola, Andrew Scandalios, Drew Isaacson, Vickram Jambu and Jennifer Zelko worked on the disposition.<\/p>\n
The deal closed on April 10 and was recorded on April 17. Spear Street CEO, John Grassi, signed for the buyer using the entity 76 8th Avenue Owner LLC. G4 Co-Founder, Jason Behfarin, signed on behalf of the seller.<\/p>\n
The site has changed hands several times. Sang Lee acquired the parcel in March 2019 from Chun Woo Realty for $18 million and brought the building online in 2023. G4 Capital Partners, which had extended a construction loan on the project in 2019, took title to the completed building in 2024 in a transaction valued at $44 million. The sale to Spear Street represents a step up from that 2024 basis, rather than a direct comparison to the $18 million raw-land price from 2019.<\/p>\n
Spear Street, founded in 2001, owns and operates office assets across the U.S., Canada and Europe. According to the firm, it has been involved in more than 85 investments representing more than $11 billion in total value. The buyer has been active on the East Coast of late. It paid $40 million for a landmarked SoHo office building in March 2025 and $110 million for a 28-story Midtown Atlanta tower last June.<\/p>\n
G4 Capital Partners, a private investment firm focused primarily on lending, opened its first office outside of New York in Los Angeles earlier this month.<\/p>\n
On an office-only basis, the 74 Eighth Ave. trade priced at roughly $1,680 per square foot \u2014 well above Manhattan\u2019s $707 average and a sign that newly built, fully leased product is still commanding a premium. Notably, Manhattan office investment has rebounded sharply. The borough recorded more than $1.8 billion in year-to-date office sales through the first quarter of 2026, which is more than any other U.S. market and well ahead of Miami ($892 million) and Dallas ($859 million), according to Yardi Research data for March. Vacancy also tightened 340 basis points year-over-year to 13.1% in March \u2014 second-lowest among the country\u2019s largest office markets after Miami\u2019s 12.5% and well below the national rate of 17.8%.<\/p>\n
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San Francisco-based Spear Street Capital has acquired 74 Eighth Ave., a 10-story office building at the corner of Eighth Avenue and West 14th Street in Manhattan, N.Y., for $50.5 million. The seller was New York investment firm G4 Capital Partners. The sale was recorded in public filings last week. Completed in 2023, the building was designed by Gene Kaufman Architect and developed by Sang Lee, Noviprop and Plus Development. It encompasses roughly 30,000 square feet of office space and above ground-floor retail leased to Wells Fargo. According to JLL, the property was fully leased at closing with an average of…<\/p>\n","protected":false},"author":3163,"featured_media":6824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-news"],"acf":[],"yoast_head":"\n