Real Estate

Top 5 NYC Office Sales – February 2024

Source: PropertyShark, a Yardi Systems Inc. company

Sale Price: $80,000,000

Madison Realty Capital acquired the Flushing Landmark Building, a 100,500-square-foot, three-story office building in downtown Flushing. The seller is an entity related to Victoria Realty Group’s Jeffrey Wu, which initiated a bankruptcy proceeding in 2020 that included two other companies related to properties in Manhattan, Queens and Long Island, according to The Real Deal. The properties associated with the seller held a combined $15.3 million debt when the company filed for bankruptcy, with Emigrant Bank as the lender.

Sale Price: $11,500,000

An entity related to Transition Acquisitions sold the 30,137-square-foot, five-story office property to Crown Field Services. Pursuit Lending provided a $4.8 million SBA loan, while Cross River Bank issued two other loans totaling $5.9 million and $4.7 million, respectively. The 1920-built property previously traded in 2015 for $5.2 million.

Sale Price: $5,000,000

A private investor is the new owner of the 14,000-square-foot, two-story office property in Queens’ Laurelton neighborhood. The1950-built, Class C property changed hands from a seller affiliated with Preventive Medical Health Care Services of America P.C., a company that is also among the property’s tenants. Kearny Bank originated a $3.4 million loan.

Sale Price: $2,581,875

A private entity sold the 29,794-square-foot, seven-story office building to an entity related to Jun’s Construction Inc. Built in 2002, the office asset previously traded in 2019 for $10.2 million, while in 2018 it changed hands for $6.9 million. Hentze-Dor Real Estate’s Dimitrios Sidiropoulos is the leasing broker currently marketing the property for lease.

Sale Price: $2,350,000

A Melville, N.Y.,-based private entity sold the two two-story office properties totaling 4,956 square feet to a private investor. Empire State Bank originated a $1.1 million acquisition loan. The office buildings are situated within the Fresh Meadows neighborhood and are built in 1989 and 1950, respectively.

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