The Real Deal New York

Singapore sells former Midtown embassy to travel firm

Frosch to own and occupy East 51st Street property
By Mark Maurer | January 05, 2018 03:20PM

From left: Lee Hsien Loong, Daniel Kaplan and 231-233 East 51st Street

The Republic of Singapore has sold its former Midtown East consulate to corporate travel company Frosch, which will also occupy the building.

Texas-based Frosch paid $22 million, or $917 per square foot, for the vacant five-story property at 231-233 East 51st Street, property records show.

Singapore had owned the 24,000-square-foot property, located between Second and Third avenues, since 1992.

The republic began marketing the property for sale in July. A CBRE team led by Daniel Kaplan, who declined to comment, brokered the deal. Neither the buyer nor seller could be immediately reached.

Sources said several owner-users like Frosch expressed interest in buying the boutique office building.

The Permanent Mission of the Republic of Singapore has since moved to 318 East 48th Street. Frosch, meanwhile, is based nearby at 909 Third Avenue.

Elsewhere in Midtown’s Turtle Bay neighborhood, the Albano Building, an office property entirely leased to the United Nations, hit the market for sale in September.