Top 5 NYC Office Building Sales—July 2021
PropertyShark compiled the metro's top deals of the month for the sector.
- 576 Fifth Ave., Manhattan
Sale Price: $101,000,000
Severn Realty Partners sold the nearly 80,000-square-foot building to SJD, an entity that secured $60 million in acquisition financing through KEB Hana Bank. The seller had held the 11-story mixed-use property for more than four decades. The Midtown asset had been listed for $113 million last October. Built in 1907, the building includes 8,500 square feet of first- and second-floor retail space.
- 461 Fifth Ave., Manhattan
Sale Price: $28,353,439
An affiliate of Karp Family Associates sold the fee interest of the 201,000-square-foot building to SL Green. The developer acquired the leasehold interest for the 28-story property in 2003 for $62.3 million and has held the contractual option to purchase the land of the asset as well. SL Green exercised its option earlier this year in April. The 1988-built Murray Hill building is LEED Gold certified and underwent upgrades in 2014.
- 98-60 Queens Blvd., Queens
Sale Price: $10,950,000
The 15,500-square-foot Rego Park funeral home changed hands in early July with help from a $7.5 million acquisition loan. Known as Parkside Memorial Chapels, the property was completed in 1961 and is known for its exterior star-patterned walls. The building is listed in the American Institute of Architects Guide To New York City. Parkside merged with Schwartz Brothers funeral home last year and relocated to 114-03 Queens Blvd.
- 1414 65th St., Brooklyn
Sale Price: $3,200,000
L.P.H. Realty Corp. sold the 7,300-square-foot commercial property to a private investor, who secured a $2.7 million loan with JP Morgan Chase Bank to finance the acquisition. The two-story Bensonhurst asset last changed hands in 1974. Nearby transportation options include the D/N subway lines accessible at the SE corner of New Utrecht Avenue and 62nd Street, as well as the B64 bus line at the intersection of Bay Ridge and 13th avenues.
- 2546 E. 17th St., Brooklyn
Sale Price: $3,075,000
The nearly 6,500-square-foot Sheepshead Bay property changed hands with help from a $1.8 million acquisition loan originated by Webster Bank. The long-term mortgage is scheduled to mature in 2031 and carries a 6.75 percent interest rate. The three-story building came online in 2010 and previously traded for $2.7 million in 2019. The B/Q subway lines accessible at the SE corner of 15th Street and Sheepshead Bay Road are among nearby transportation options.
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