{"id":1004031544,"date":"2011-08-11T05:56:18","date_gmt":"2011-08-11T13:56:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004031544"},"modified":"2020-04-08T12:01:20","modified_gmt":"2020-04-08T20:01:20","slug":"prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\/","title":{"rendered":"Prewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe"},"content":{"rendered":"
\"\"<\/a>

Image courtesy of 737parkavenuenyc.com<\/a><\/p><\/div>\n

August 11, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

One of the more coveted addresses in New York City multi-family real estate has just moved off the books of the Katz 737 Corp. and into the hands of Harry Macklowe for a $253 million purchase price. The building, a pre-war, 103-unit rental building at 737 Park Ave., has not been on the market for more than 65 years. The deal was executed by Jones Lang LaSalle.<\/p>\n

\u201cWe saw a tremendous amount of interest,\u201d Jon Caplan, vice chairman of JLL said to Commercial Property Executive<\/em>. \u201cIt\u2019s a rare offering, a prewar residential building at a prime Park Avenue location.\u201d<\/p>\n

Built in 1940 and designed by noted architect Sylvan Bien, 737 Park is directly across the street from two of Manhattan\u2019s most exclusive co-operative apartment buildings, 720 and 740 Park Avenue. Most of the vintage, luxury apartment buildings are co-ops,. and many investors pursuing 737 pegged it for condo conversion, because \u201ccondo pricing in the New York City market has been extremely strong,\u201d Caplan said.<\/p>\n

Despite concerns that property prices in the city are rising quickly, the property didn\u2019t wait very long before being snapped up. \u201cWe conducted numerous property tours and received initial offers after just a few months due to the strong investor response,\u201d said Caplan.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the more coveted addresses in New York City multi-family real estate has just moved off the books of the Katz 737 Corp. and into the hands of Harry Macklowe for a $253 million purchase price.<\/p>\n","protected":false},"author":1269,"featured_media":1004031545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10],"tags":[],"class_list":["post-1004031544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast"],"acf":[],"yoast_head":"\nPrewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe\" \/>\n<meta property=\"og:description\" content=\"One of the more coveted addresses in New York City multi-family real estate has just moved off the books of the Katz 737 Corp. and into the hands of Harry Macklowe for a $253 million purchase price.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-08-11T13:56:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T20:01:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/08\/081111-737-Park-Avenue-Building-Photo-2010.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"961\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Prewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe\",\"datePublished\":\"2011-08-11T13:56:18+00:00\",\"dateModified\":\"2020-04-08T20:01:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/\"},\"wordCount\":230,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/08\\\/081111-737-Park-Avenue-Building-Photo-2010.jpg\",\"articleSection\":[\"Featured\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/prewar-park-avenue-apartment-building-sells-for-253m-to-harry-macklowe\\\/\",\"name\":\"Prewar Park Avenue Apartment Building Sells for $253M to Harry Macklowe - 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