McDonald’s sells Penn Plaza building owned for 47 years for $35M

429 Seventh Avenue (Credit: Google)

By Adam Pincus

The entity Buvet Fee Owner LLC paid McDonald’s $35 million for 429 Seventh Avenue in Penn Plaza. The deal closed on December 6, 2019, and was recorded on December 20, 2019. The transaction consists of 1 parcel, including the tax class diners, franchised type stand (K5). The property is 5,829 square feet. The parcel(s) have total development potential of 20,805 square feet.
The average sale price per square foot is $1,682.

The buying entity was identified as having an address at 888 Seventh Avenue, where Vornado Realty Trust is located (and it owns the building), indicating the possibility that Vornado is the buyer. However, it’s a large building and it could be another new owner in the building. Vornado has announced plans for significant development in Penn Plaza.

PincusCo first reported that the adjacent parcel, 427 Seventh Avenue, sold on December 10 for $30 million. The buyer entity has an address at the Oved Group.

429 Seventh Avenue is one of the first locations McDonald’s purchased in New York City. It opened its first restaurant at 215 West 125th Street in Harlem in 1972 according to the New York Times. This Seventh Avenue location was acquired more than 47 years ago by the fast food giant on February 17, 1972. New York Magazine in 1974 did a large analysis of McDonald’s rapid expansion into New York City.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 17, 2018.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,150,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $140,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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