Queens landlord picks up Midtown office building for $27M

Seven-story office building sits near One Vanderbilt site

New York /
May.May 11, 2015 03:05 PM

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.


Related Articles

arrow_forward_ios
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at One Vanderbilt
11 Penn Plaza and Apple CEO Tim Cook (VNO; Getty)

Apple snags more space at Vornado’s 11 Penn Plaza

Apple snags more space at Vornado’s 11 Penn Plaza
A photo illustration of SL Green's Marc Holliday (Getty; iStock; SL Green)

NYC offices get creative to lure workers back

NYC offices get creative to lure workers back
One Vanderbilt with Steven Durels and Robert Schiffer (SL Green)

Inside SL Green’s One Vanderbilt, a test case for Midtown East

Inside SL Green’s One Vanderbilt, a test case for Midtown East
One Vanderbilt (Credit: Max Touhey)

SL Green opens One Vanderbilt as leaders urge return to office

SL Green opens One Vanderbilt as leaders urge return to office
135 West 50th Street and Industrious co-founders Justin Stewart and Jamie Hodari

Industrious reaches deal for 60K square feet in Midtown

Industrious reaches deal for 60K square feet in Midtown
260 Madison Avenue and Sapir Organization’s Alexi Sapir (Credit: Getty Images)

Sapir Org inks big renewal with law firm at 260 Madison

Sapir Org inks big renewal with law firm at 260 Madison
Fisher Brothers' Winston Fisher and 55 East 52nd Street (Credit: Getty Images)

Airbnb investor takes more pricey office space on Park Avenue

Airbnb investor takes more pricey office space on Park Avenue
arrow_forward_ios

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

Loading...