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
Eli Elefant and 452 5th Avenue (IAVA, Property Building Corp)
PBC nears $385M loan for HSBC tower after sale to Innovo collapses
PBC nears $385M loan for HSBC tower after sale to Innovo collapses
135 West 50th Street in Manhattan in NYC with George Comfort & Sons CEO Peter Duncan (Google Maps, George Comfort & Sons Inc.)
George Comfort & Sons inks 62K sf tenant in Midtown
George Comfort & Sons inks 62K sf tenant in Midtown
Burberry's Jonathan Akeroyd with 11 West 42nd Street (Getty, Google Maps, iStock)
Burberry sews up deal at Tishman Speyer building
Burberry sews up deal at Tishman Speyer building
v
Rising interest rates weighing on Vornado’s earnings, Steve Roth says
Rising interest rates weighing on Vornado’s earnings, Steve Roth says
Lyft's Logan Green,  Hudson Commons at 441 Ninth Avenue and Peleton's Barry McCarthy (Lyft, Peleton, Hudson Commons, iStock, Illustration by Kevin Cifuentes for The Real Deal)
What Peloton, Lyft and other tenants pay at Hudson Commons
What Peloton, Lyft and other tenants pay at Hudson Commons
Yellowstone CEO Isaac Hera in front of 220 West 42nd Street (Getty Images, Google Maps)
Brits hand over Candler Tower to Isaac Hera’s Yellowstone
Brits hand over Candler Tower to Isaac Hera’s Yellowstone
575 Fifth Avenue and FirstService Residential CEO David Diestel (Alpha Space NYC, FirstService Residential)
Residential property manager off to Beacon Capital building
Residential property manager off to Beacon Capital building
arrow_forward_ios

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

Loading...