Top 5 NYC Office Building Sales—August 2022
PropertyShark rounded up the leading office transactions recorded last month.
Source: PropertyShark, a Yardi Systems Inc. company
Sale Price: $24,100,000
Largo Investments sold the four-story building totaling 18,994 square feet in Williamsburg. First Republic Bank facilitated the transaction with an $11.7 million acquisition loan. The ground floor is home to SPEAR, a physical therapy practice with more than 25 locations across New York City. Nearby transportation options include the L subway line at the corner of Bedford Ave. and N. Seventh St. as well as the B32 bus line at the Wythe Ave. and N. Nineth St. intersection.
2. 25 W. 31st St. #12, Manhattan
Sale Price: $4,750,000
A private investor sold the commercial unit, which is part of a 12-story office building totaling 60,133 square feet in Koreatown. Completed in 1912, the high-rise was last renovated in 1985 and includes 3,500 square feet of retail space. In early 2020, unit 11 fetched $4.5 million, while eight years previously units 7 and 8 traded for $2.1 and $2.8 million, respectively.
Sale Price: $2,100,000
After nearly a three-decade ownership, The Dime Community Bank, previously known as the Dime Savings Bank of Williamsburgh, sold the property totaling 3,800 square feet in Midwood. Burke Leighton Group acquired the bank building with two commercial units. The asset last traded in late-1993, when Hamilton Federal Savings F.A.—now part of Capital One—sold the two-story building completed in 1931.
Sale Price: $1,600,000
A private investor sold the 3,080-square-foot office building in Madison. Bank of America provided a $1.4 million acquisition loan, guaranteed by the United States Small Business Administration. Completed in 1925, the two-story low-rise is home to Baron Associates P.C. Nearby transportation options include subway lines B and Q at the southeast corner of 15th St. and Avenue U.
5. 40-48 Junction Blvd., Queens
Sale Price: $1,301,000
A private investor sold the 2,680-square-foot building in Elmhurst, which last traded a decade ago for $750,000. Completed in 1927, the two-story structure encompasses two commercial units and includes Hispaniola Pediatrics P.C. among its tenants. The office low-rise is easily accessible, near subway line 7 at the corner of Junction Blvd. and Roosevelt Ave. and within a mile of Long Island Expressway and the Grand Central Parkway.
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