Jon Stryker pays $38M to New York Public Library for six Midtown office condos
Billionaire philanthropist Jon Stryker through the entity 445 Fifth Office Holdings LLC paid $38 million to the New York Public Library for six commercial office condominium units (CC) at 445 Fifth Avenue in Midtown, Manhattan.
The deal closed on September 17, 2021 and was recorded on September 30, 2021.
The six properties have 44,932 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $845 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 New York Public Library was Iris Weinshall. The signatory for Jon Stryker was Mark O’Donnell at care of Stryker’s Stream Line Circle LLC based in the Meatpacking District.
The buyer is the billionaire heir of a medical devices fortune, Jon L. Stryker. The library acquired eight commercial condos in 2014 for $34.5 million, then sold two of them to Stryker for $21.7 million previously.
Jon Stryker in care of Stream Line Circle LLC at 450 West 14th Street 9th Floor has made numerous donations to Democratic election campaigns.
Within a 400-foot radius of 445 5th Avenue, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $27.7 million and one permit with a total initial cost of $2.4 million. The most recent of these three items was the filing on September 27, 2021 for a 429,570-square-foot B building with 0 residential units at 420 Fifth Avenue.
Of those 11 items, four were sales above $5 million totaling $1 billion. The most recent of the four was SL Green Realty Corporation which bought the 201,387-square-foot, eight-unit office building (O4) on 461 5th Avenue for $28.4 million from Karp Family Associates on July 13, 2021.
Of those 11 items, four were loans above $5 million totaling $172.0 million. The most recent of the four was McSam Hotel Group which borrowed $75.0 million from Oak Hill Advisors secured by the 82,634-square-foot, 162-unit hotel (H2) on 16 East 39th Street on July 13, 2021.
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