Off Market Office Building | 26 stories | 209k SQFT
Class A Office Building | Value Add | 209,786 SqFt
Marketing description
🏢 PROPERTY OVERVIEW
Asset Type: Class A Boutique Office Building
Investment Type: Value Add / Core+
Investment Sub-Type: Office / Retail Mixed Use
Stories: 26
Buildings: 1
Zoning: (Not listed — may require NYC DOB lookup)
Year Built: ~1980s (Skidmore, Owings & Merrill design; exact year not listed)
Gross Building Area (GBA): 209,786 SF
Net Rentable Area (NRA): 209,000 SF
Occupancy: 83% (vacancies: ~24,889 SF office, ~13,906 SF retail)
Unit Type: Office floors + Ground Floor Retail
Current Tenants: Everest Reinsurance, Hewlett Packard, Foros Advisors, Sushi Ginza Onodera, Toray Industries
💼 FINANCIALS
Asking Price: $170,000,000 - $200,000,000
Buyer Fee: 2%
Current NOI: $8.5M
Adjusted In-Place NOI: $7.62M
Projected NOI (Fully Stabilized): $11M+
Pro Forma NOI: $11M (w/ lease-up)
Cap Rate (Current): ~4.7%
Cap Rate (Stabilized): ~6.1%
Day 1 Cash-on-Cash Return: ~5.8%
Projected 24-Month Asset Value: $210M–$220M
Operating Expenses: $2,950,325
Real Estate Taxes: $3,986,639
📈 UPSIDE POTENTIAL
Lease-up of ~38,795 SF (office + retail) can bring stabilized NOI to $11M+
Estimated future cap rate of ~5.5% - 6.4%
Potential value increase to $220M with full stabilization
Owner willing to retain 10% equity and continue management
🔧 MANAGEMENT & STRATEGY
Optional Retention: SL Green (top-tier NYC office manager)
Ownership: Current owner open to staying in the deal
Investment Profile: Mid- to Long-Term value enhancement via lease-up and rent increases
🌇 LOCATION ADVANTAGES
Overlooks Bryant Park
Immediate access to 6 subway lines
Close to Grand Central & Penn Station
Surrounded by $15B in public-private development
✅ HIGHLIGHTS
Trophy Postmodern architecture
High-credit tenancy with WALT of 5.6 years
Prime Midtown Manhattan location
Day 1 income with future value growth
Boutique office asset with retail upside
Investment highlights
📍 Prime Midtown Location
Surrounded by over $15 billion in public-private investments within a six-block radius
Excellent access to Grand Central Station, Penn Station, and six major subway lines
🏢 Institutional-Quality Asset
Designed by Skidmore, Owings & Merrill — a rare Postmodern icon
26-story Class A boutique office tower totaling 209,786 SF
High-credit tenancy with 83% occupancy and a Weighted Average Lease Term (WALT) of 5.6 years
💰 Strong In-Place Income with Upside
Current NOI: $8.5 million
Stabilized NOI: $11 million+ with lease-up of vacant office and retail space
Day 1 Return: ~5.8% cash-on-cash
Pro Forma Cap Rate: ~6.4% at stabilization
Projected Asset Value in 24 Months: $210–220 million
🧾 High-Quality Tenant Roster
Anchor tenants include Everest Reinsurance (28% of NRA), Hewlett Packard (9%), and Foros Advisors (7%)
Mix of institutional office tenants and premier retail (e.g., Sushi Ginza Onodera at ~$493 PSF gross rent)
🔧 Operational Flexibility & Management
SL Green available for continued professional property management
Current owner willing to retain a 10% equity stake and remain in a management role — ensuring operational continuity
🚀 Value-Add & Core+ Potential
Vacant office (24,889 SF) and retail (13,906 SF) space provide significant upside
Opportunity to reposition, increase rents, and boost cash flow in an undersupplied boutique Class A market
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