Top 5 NYC Office Building Sales—January 2024

Sale Price: $397,395,000

An entity connected to Jeff Sutton’s Wharton Properties sold the 113,292-square-foot, 15-story office building in Central Midtown. The company owned the asset since 2006, when it picked it up in a $153 million deal. The 1954-built property’s new owner is Prada. The Italian fashion brand also purchased from the same seller the next-door property 724 Fifth Avenue, a 65,010-square-foot 12-story building where Prada occupied five floors since 1997. The two properties changed hands for a total of $835 million, according to The Real Deal.

Sale Price: $248,000,000

Bridge Industrial sold the 183,064-square-foot office building in Brooklyn’s Greenwood Heights neighborhood. The new owner is Memphis, Tenn.-based FedEx, formerly Federal Express Corp. The company plans to build a 246,000-square-foot distribution center, where approximately 175 employees will operate, according to New York Business Journal. The property previously changed hands for $214 million in 2013.

Sale Price: $51,098,282

Museum of Chinese in America, or MOCA, is the new owner of the 46,700-square-foot, six-story office property in Manhattan’s Soho, also known as 151 Lafayette St. or 215 Centre St. The previous owner was Grand Marshall Machinery. MOCA occupied the property since 2009 and received $39 million in city funds from The City of New York. In 2022, MOCA already announced its intention to purchase the property and to fully renovate it, according to New York YIMBY. The same source reveals that the improvement and expansion project is led by Ralph Appelbaum Associates and architect Maya Lin, while the costs are estimated at $118 million.

Sale Price: $27,000,000

An entity related to Kodansha USA Publishing acquired the 120-year building in Manhattan’s Flatiron District. Last upgraded in 2005, the 16,894-sqauare-foot, six-story building was sold and used by an affiliate of nonprofit organization Foundation for a Just Society. The previous owner acquired the building in 2014, for $26.9 million. Foundation for a Just Society used the property to operate Felicity House, that served as a social space for women with autism, according to New York Business Journal.

Sale Price: $21,500,000

Argentic Investment Management sold the 42,380-square-foot, seven-story office building in Manhattan’s Chelsea neighborhood. The new owner of the 1924-built property is Raymond Chan Architect P.C. The property last changed hands in 2022 for $7 million, while the second-to-last time it traded for $57 million, when it was purchased by Ashkenazy Acquisition Corp.