Blackstone Unit Sells Manhattan Office Asset

January 12, 2026

Office Investment New York News More Northeast

This property changed hands for slightly less than its 2024 trade.

Exterior shot of the building at 61-63 Crosby St. in Manhattan — Originally completed in 1900 as a residential building, this property now includes office and retail spaces. *Image courtesy of Yardi Matrix*

Vertex has acquired 61–63 Crosby Street, an office building in the SoHo district of Manhattan. Blackstone’s Perform Properties sold the asset for $53 million, the Commercial Observer reported. A Newmark team arranged the all-cash transaction.

The historic property changed ownership after less than two years. Perform had acquired it for $54.5 million in November 2024, according to Yardi Matrix information.

The five-story, 32,400-square-foot structure was fully leased at the time of sale. The upper floors, totaling about 24,300 square feet of office space, house several creative and technology tenants, including Comcast Ventures, Aptos Labs and SISTER Group.

Patagonia’s New York City flagship store anchors the retail component under a lease that runs through 2040.

Originally developed in 1900 as a residential property, the low-rise was converted to office use in 2016 and underwent redevelopment in 2018. The improvements, which include modernized interiors, upgraded systems and the addition of a penthouse level with a private terrace, align with the current office building trends.

Newmark’s Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Meaghan Philbin brokered the deal. Olmstead Properties will serve as property manager going forward.

Vertex has been an active buyer lately. In November, the company bought 373 and 381 Park Ave. S., another Manhattan office asset, from ATCO Properties & Management for $104 million.

Busy times for Manhattan’s office market

Manhattan continues to led the nation in office asset investment sales, according to a Yardi Matrix report. The borough was tops in both sales volume and prices, with nearly $7.3 billion in deals for 2025 as of November and a $514 per square foot average sale price. The runner-up remained the Bay Area, with $4.4 billion in sales and a per-square-foot price averaging $386.

One of the larger office transactions in Manhattan recently was the sale of 346 Madison Ave. for $85 million. SL Green Realty acquired the 140,280-square-foot Central Midtown property in November from an entity affiliated with Italian businessman Claudio Del Vecchio’s Catalyst Brands.