Top 5 Office Building Sales—February 2021

Source: PropertyShark, a Yardi Systems Inc. company

1. 500 W. 57th St., Manhattan
   Sale Price: $26,750,000

500 W. 57th St., Manhattan

Extell Development sold the 24,000-square-foot Hell’s Kitchen asset to CBS Broadcasting. The seven-story building previously changed hands in 2017 when Extell paid $19 million for the brick-façade property. The newly acquired lot brings CBS’ massive Hell’s Kitchen campus to 1 million square feet, The Real Deal reported. The 1913-built structure previously served as the home of Addiction Care Interventions Chemical Dependency Treatment Centers.

2. 132 E. 70th St., Manhattan
   Sale Price: $7,250,000

The five-story townhouse encompasses more than 7,200 square feet and includes an additional 10,000 buildable square footage, subject to requirements allowable in a Landmark District. Built in 1914 by architect Herbert M. Baer, the building was constructed for Julius Goldman, a prominent lawyer and son of Marcus Goldman, founder of Goldman Sachs. The first two floors of the asset are commercially zoned. Amenities include an elevator, a courtyard/garden area, double-gated entrance, a terrace on the fifth floor and storage space in the cellar.

3. 11-03 45th Ave., Queens
   Sale Price: $5,238,500

Owned by a partnership between a private investor and an entity affiliated with Century Development Group, the three-story property located in Hunters Point was originally built in 1959 as an industrial structure. Situated between 44th Drive and 45th Avenue, the building once served as a facility where Dannon yogurt container tops were made and was later used by a jewelry manufacturer. In 2001, the building underwent was repurposed for office use and is now leased to tenants including Dorsky Gallery Curatorial Programs and Design Development NYC.

4. 1010 Gates Ave., Brooklyn
   Sale Price: $2,970,000

The 8,400-square-foot Bedford-Stuyvesant property changed hands in early February. The two-story building includes one 5,300-square-foot commercial unit and 3,100 storage space. Once the home of the Neighborhood Housing Services of Bedford-Stuyvesant, the property previously changed hands for $2.5 million in 2019. Prior to that, in 2015, the not-for-profit organization revealed plans to add five stories of affordable apartments to the two-story structure, which eventually didn’t materialize.

5. 55-28 Main St., Queens
   Sale Price: $2,200,000

The 3,350-square-foot Flushing building sold along with the adjacent, 3,036-square-foot property located at 55-26 Main St. The seller provided $1.4 million in acquisition financing to facilitate the deal. The portfolio previously changed hands in 1996. The first property, a three-story building featuring three commercial units, was developed in 1961. The second property is also a three-story building—developed in 1950, the structure includes two residential units totaling 2,004 square feet.