Eurasia Group pays $13.4M for adjacent office buildings in Flatiron

The political consultancy firm Eurasia Group through the entity Realestatepolitik LLC paid $13.4 million to two separate owners for adjacent office properties in the Flatiron neighborhood in Manhattan.
In the first, the Eurasia Group through the entity Realestatepolitik LLC paid $6.7 million to Writers House through the entity 23 West 26th Street Realty Associates, Inc. for the office building (O2) at 23 West 26th Street in Midtown, Manhattan.
The deal closed on October 29, 2021 and was recorded on November 24, 2021.
The property has 5,877 square feet of built space and 18,813 square feet of additional air rights for a total buildable of 24,690 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,140 and the price per buildable square foot is $271 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Writers House was Amy Berkower. The signatory for Eurasia Group was Ian Bremmer.

The Eurasia Group is a political risk analysis and consultancy firm with offices at 149 Fifth Avenue. Writers House is Amy Berkower’s literary agency. 

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In the second transaction, Eurasia Group through the entity Realestatepolitik LLC paid $6.7 million to Albert J. Zuckerman through the entity AZ Associates, L.P. for the office building (O2) at 21 West 26th Street in Midtown, Manhattan.
The deal closed on October 29, 2021 and was recorded on November 24, 2021.
The property has 5,250 square feet of built space and 19,431 square feet of additional air rights for a total buildable of 24,690 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,276 and the price per buildable square foot is $271 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Albert J. Zuckerman was Albert J. Zuckerman. The signatory for Eurasia Group was Ian Bremmer.

Within a 400-foot radius of 21 West 26th Street, PincusCo identified 14 commercial real estate items of interests occurred over the past 24 months.
Of those 14 items, one was in new building development. It was a new building permit issued on July 14, 2021 for a 24,325-square-foot R-1 building with 52 residential units at 1162 Broadway.
Of those 14 items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $2 million and one permit with a total initial cost of $353,000. The most recent of these two items was the filing on October 14, 2021 for a 129,640-square-foot R-1 building with 168 residential units at 1170 Broadway.
Of those 14 items, six were sales above $5 million totaling $1.9 billion. The most recent of the six was Mohammad A. Mahmood which bought the 9,165-square-foot, nine-unit rental (C5) on 29 West 27th Street for $5.8 million from Tauber Properties on November 5, 2021.
Of those 14 items, five were loans above $5 million totaling $235.3 million. The most recent of the five was Yucaipa Companies and Sydell Group which borrowed $80.0 million from Prospect Ridge secured by the 9,763-square-foot, seven-unit hotel (HB) on 1164 Broadway and one other property on August 6, 2021.

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