Renaissance Properties paid $37M to Andover Realty

Renaissance Properties through the entity Renaissance 236 E. 5Th Street LLC paid Andover Realty’s 62 West 45Th Street Associates $37.3 million for 1 parcel, including the tax class office building with ten stories or more (side street type) (O2) at 62 West 45 Street in Grand Central. The deal closed on July 15, 2019 and was recorded on July 22, 2019. The parcel(s) have total development potential of 44,063 square feet.
The average sale price per square foot is $845.
The estimated cap rate is 2.3%

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $808,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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