Commercial condo fetches high price of $1,000 per square foot

New York /
Dec.December 12, 2008 05:54 PM

 
Despite the economic downturn, a 1,635-square-foot, seventh-floor office condominium in the Bar Building in Midtown sold for a premium price of $1,000 per square foot.

The condo sale at 36 West 44th Street for $1.635 million by TGG Holdings to Solari Real Estate was finalized November 20 after going into contract in August, according to recently published city property records.

Gregg Roberts, a partner in TGG Holdings and president of brokerage CitySites Commercial Group, said the low supply of commercial condos kept the prices relatively high.

In 2007 and 2008 there were a number of full office buildings with sales prices above $1,000 per square foot, including the General Motors Building which sold in June 2008 for $1,466 per square foot. However since the credit crunch began in earnest in July, it appears that no buildings have traded at such a level.

“The time came to expand and New York was the place they wanted to be,” said Anthony Romito, New York area manager for Italy-based Solari Corporation, which is affiliated with Solari Real Estate. He said he was not authorized to speak about the price paid for the condo.

A notable recent large transaction, the purchase by New York University of 726 Broadway for $210 million, was for much less than the 44th Street buy, at $600 per square foot.

TGG Holdings bought the seventh floor in May 2007 for $6 million, and then subdivided it into individual units, property records show. Solari will be in one unit in the front of the building facing the Harvard Club.

Ivan Hakimian, an associate broker at IPRealty, said the $1,000 per square foot price would be high even in a good market.

“That is a pretty good number,” he said.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Having learned from missed opportunities a decade ago, family offices are strategically looking for distress opportunities in real estate (iStock)

Family offices gearing up to pounce on distressed real estate

Family offices gearing up to pounce on distressed real estate
A challenge of biblical proportions: Developers brace for disaster

A challenge of biblical proportions: Developers brace for disaster

A challenge of biblical proportions: Developers brace for disaster
(iStock)

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains
Nile Niami and "The One" mansion (Getty)

Country’s most outrageous spec home to hit market

Country’s most outrageous spec home to hit market
Slate Property's CEO Martin Nussbaum (West End 87)

Scale Lending originates $38M inventory loan for unsold UWS condos

Scale Lending originates $38M inventory loan for unsold UWS condos
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...