Ramirez Asset Mgmt pays $14.8M to Macklowe for office in Midtown East, owns adjacent

Ramirez Asset Management through the entity Ram Hq II, LLC paid $14.8 million to Macklowe Properties through the entity 12 East 52nd Street Devco LLC for the office building (O6) at 12 East 52nd Street in Midtown East, Manhattan. The expected use is owner-occupied. Ramirez Asset Management paid $19.5 million for the adjacent building, 14 East 52nd Street, in October 2023.
The deal closed on April 9, 2025 and was recorded on April 18, 2025. The property has 20,210 square feet of built space and 9,949 square feet of additional air rights for a total buildable of 30,150 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $733 and the price per buildable square foot is $491 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 seller bought the property on February 5, 2016, for $32 million. The signatory for Macklowe Properties was Andrew W. Albstein . The signatory for Ramirez Asset Management was Samuel A. Ramirez Jr. . The contract date was April 9, 2025.

Macklowe sold 17 East 47th Street on April 8, 2025, for $7.9 million.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Ramirez Asset Management purchased one property in one transaction for a total of $19.5 million and has no record it sold any properties over the past 24 months.
The seller Macklowe Properties had not purchased any other properties and sold one property in one transaction for a total of $7.9 million over the same time period. The 20,210-square-foot property generated revenue of $1.4 million or $68 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown East has 20,210 square feet of built space and 9,949 square feet of additional air rights for a total buildable of 30,150 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 100 feet deep with a total lot size of 3,015 square feet. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $5.4 million. The most recent loan totaled $15 million and was provided by Emerald Creek Capital on February 13, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $655 in ECB penalties, and $655 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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 19.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 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 this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 1,882,360 square feet of the 2,067,997 square feet. The largest owner is Vornado Realty Trust, followed by Rudin Management and then Feil Organization.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 2.1 million square feet of built space are office buildings, with mixed-use buildings next occupying 2 percent of the space.

The seller

The PincusCo database currently indicates that Macklowe Properties owned at least two commercial properties with 15 residential units in New York City with 34,918 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) The portfolio has $946.2 million in debt, with top three lenders as Deutsche Bank, Fortress Investment Group, and Emerald Creek Capital respectively. Within the portfolio, the bulk, or 58 percent of the 34,918 square feet of built space are office properties, with elevator properties next occupying 42 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Ramirez Asset Management owned at least one commercial property in New York City with 21,776 square feet and a city-determined market value of $9.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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