Top 5 NYC Office Building Sales—July 2021

PropertyShark compiled the metro's top deals of the month for the sector.

Source: PropertyShark, a Yardi Systems Inc. company

  1. 576 Fifth Ave., Manhattan
    Sale Price: $101,000,000

576 Fifth Ave., Manhattan

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.

  1. 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.

  1. 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.

  1. 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.

  1. 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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