Top 5 NYC Office Building Sales—April 2021

PropertyShark compiled the top office building sales recorded last month in New York City.

Source: PropertyShark, a Yardi Systems Inc. company
  1. 341 39th St., Brooklyn
    Sale Price: $41,573,620

The April transaction marked an interest sale between entities affiliated with Madison Realty Capital and New Gable Capital. In 2016, Madison Realty acquired two vacant warehouses at 341-353 39th St. in Sunset Park and converted them into office space in 2019. Known as Sunset Yards, the 200,000-square-foot mixed-use development includes 13,000 square feet of retail space and is proposed for LEED Silver certification.

2. 11 E. 26th St., Manhattan
Sale Price: $32,900,000

11 E. 26th St., Manhattan

Rockrose Development acquired a 14 percent stake in the 218,000-square-foot NoMad high-rise from Adams & Co., which has owned the property since 1968. The newly purchased share provides Rockrose a 42.5 percent tenant in common interest in the building. Constructed in 1912, the 21-story building is known as 11 Madison Square North and faces Madison Square Park.

3. 35 E. 62nd St., Manhattan
Sale Price: $25,000,000

An entity affiliated with MacAndrews & Forbes sold the 19,200-square-foot building to The Chapman Group. The seller had owned the six-story Lenox Hill property since 1989. Nearby transportation options include the F line accessible via the NW corner of Lexington Avenue and 63rd Street, as well as several bus lines accessible at the intersection of Madison Avenue and East 62nd Street.

4. 323 E. 79th St., Manhattan
Sale Price: $13,725,000

An entity affiliated with Spruce Capital sold the 8,000-square-foot property to Boomerang Development. The seller acquired the asset for $12.8 million in 2017 and filed construction permits for a 17-story residential project in 2019. The new owner also revealed conversion plans for a condo building and secured a $26 million financing package that includes acquisition and project loans.

5. 39 E. 62nd St., Manhattan
Sale Price: $10,000,000

The five-story property is adjacent to the 35 E. 62nd St. building and it also traded between MacAndrews & Forbes and The Chapman Group, a family-owned business. The sales price marks a significant discount from what the seller paid for the 15,270-square-foot asset in 2004, when the property changed hands for $14.6 million. Completed in 1948, the building underwent upgrades in 2003.

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