Shimizu Realty Development pays $147M to Vanbarton Group for office property in Midtown East

Shimizu Realty Development through the entity SRD Office NYE46, LLC paid the Vanbarton Group’s 305 East 46th Strategic Venture LLC $147.0 million for 305 East 46th Street in Midtown East. The deal closed on November 14, 2019, and was recorded on November 20, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 153,689 square feet. The parcel(s) have total development potential of 153,689 square feet.
The average sale price per square foot is $956.
The estimated cap rate is 5.1%
Shimzu announced the sale price as $152 million, but the transfer sale price was recorded as $147 million. A team from Eastdil Secured had the listing to sell the property. The last time the property sold was May 15, 2018, when Vanbarton bought it for $118,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 22, 2012.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,715,955.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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