The Real Deal New York

Queens landlord picks up Midtown office building for $27M

Seven-story office building sits near One Vanderbilt site

May 11, 2015 03:05PM
By Rich Bockmann

Suresh Sani and 12 East 44th Street

Suresh Sani and 12 East 44th Street

First Pioneer Properties bought a seven-story office building not far from the planned One Vanderbilt tower late last month for $26.5 million, property records show.

The company, a Queens-based landlord headed by Suresh Sani, purchased the 23,800-rentable-square-foot building at 12 East 44th Street from the Tristar Group, according to records filed Monday with the city. Tristar had paid $3 million back in 1995 for the building and its neighbor.

First Pioneer could not be immediately reached for comment. The company owns a handful of other small office buildings in Midtown, according to its website.

Rents on the office floors range from $43 to $54 per square foot, according to CoStar.

The building sits just west of Madison Avenue and just a stone’s throw away from where SL Green is planning to build the 1.6 million-square-foot One Vanderbilt office tower. Just last week, the project passed a major hurdle when the City Council’s zoning committee approved rezoning the area around the tower.