Olmstead Properties pays $104M to ATCO for two office buildings in NoMad

Olmstead Properties through the entity PAS Owner LLC paid $104 million to ATCO Properties & Management through the entity 373-381- Pas Associates, LLC for the office building (O6) at 381 Park Avenue South in NoMad, Manhattan and office building (O6) at 373 Park Avenue South in NoMad, Manhattan.
The deal closed on November 19, 2025 and was recorded on November 26, 2025. The two properties have 298,352 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $348 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 ATCO Properties & Management was Katherine Hemmerdinger Goodman . The signatory for Olmstead Properties was Samuel Rosenblatt . The contract date was May 8, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Olmstead Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller ATCO Properties & Management had not purchased any other properties and sold two properties in two transactions for a total of $96.2 million over the same time period. The two properties with a total of 298,352 square feet of built space generated revenue of $17.4 million per year or $58 per square foot. The sale price per square foot was $349.

The property

The office building in NoMad has 298,352 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 53 feet and is 162 feet deep with a total lot size of 12,449 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $56 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $5,630 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.4 times the average sales volume among other neighborhoods with $410.2 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, NoMad has 1.9 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On the tax block of 381 Park Avenue South, PincusCo has identified the owners of 16 of the 28 commercial properties representing 603,753 square feet of the 735,470 square feet. The largest owner is ATCO Properties & Management, followed by Library Hotel Collection and then Milsmith.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 735,470 square feet of built space are office buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that ATCO Properties & Management owned at least three commercial properties with 316 residential units in New York City with 567,698 square feet and a city-determined market value of $133.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 53 percent of the 567,698 square feet of built space are office properties, with elevator properties next occupying 47 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Olmstead Properties owned at least four commercial properties in New York City with 971,129 square feet and a city-determined market value of $275.5 million. (Market value is typically about 50% of actual value.) The portfolio has $255 million in debt, borrowed from Lincoln Life & Annuity Company of New York and Citibank. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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