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Office Duo Picked Up in Midtown South

NEW YORK CITY—Together, the pair of buildings spans 61,000 square feet and could become residences or a hotel.

By Rayna Katz | Updated on February 17, 2015

NEW YORK CITY—Dalan Management has bought two Midtown South office properties, at 10 and 12 E. 33rd St., for $36 million as part of a 1031 exchange. The two 12-story buildings—which are located between Madison and Fifth avenues—are comprised of 22 full-floor office lofts and ground-floor retail space.

Timour Shafran and Phil Fierro of Citicore represented Dalan in the deal. Pavan Uttam of UP Real Estate Advisors represented the seller, Adee Associates. Brian Hosey from Marcus & Millichap marketed the properties for $35 million before the owner took them off the market. Since the summer, Adee Associates has maintained a $40 million asking price, according to Shafran. Adee bought the properties in the 1980′s. Dalan has tapped William Cohen and David Emden of Newmark Grubb Knight Frank to market the office space.

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