Dalan buys Midtown office buildings for $36M

Developer considering residential conversion down the road

10-12 East 33rd Street and Timour Shafran
10-12 East 33rd Street and Timour Shafran

UPDATED, 11:11 a.m., Feb. 4: Dalan Management acquired a pair of 12-story Midtown office buildings from Adee Associates for $36 million.

The properties at 10 East 33rd Street and 12 East 33rd Street, between Fifth and Madison avenues, total 61,100 square feet. There are a total of 22 full-floor office lofts and 4,000 square feet of ground-floor retail space at the building.

Sign Up for the undefined Newsletter

Citicore’s Timour Shafran and Phil Fierro represented Dalan, while Pavan Uttam of Up Real Estate Advisors represented Adee. Adee, which bought the buildings in the 1980s, put them on the market for $35 million in 2012, but then opted not to sell, the New York Observer reported.

Dalan plans to renovate the buildings and eventually either convert them to residential or sell them to a developer that would. [NYO]Mark Maurer

Correction: This article previously misstated the purchase price for the two buildings. It is $36 million.