62 W. 45th St.
NEW YORK CITY—After holding the building for nearly 40 years Andover Realty sold its 12-story, Class B office property located at 62 W. 45th St. for $37.25 million.
ABS Partners Real Estate's Alan S. Cohen, Jay Caseley, Steven Hornstock and Alex Warner represented Andover in selling the Midtown office building to Renaissance Properties.
“In a market where there is still a dearth of building sales, we were delighted to have played an integral role in this transaction,” says Cohen, a partner and executive managing director at ABS. “This building is perfect for small to mid-size companies looking for a full-floor presence in Midtown, for which we've seen a tremendous uptick in demand.”
The 55,800-square-foot building, which is located between Fifth and Sixth avenues, is close to Times Square, Rockefeller Center, Bryant Park and Grand Central Station. The property features windows on three sides, a newly renovated lobby and elevators, and ground floor retail with 11 office units on the higher floors. The building originally constructed in 1911 is suitable for repositioning as a boutique office space. It includes 4,741 square feet of development rights.
“We look forward to working with the new ownership on leasing the upcoming available floors,” says Caseley, also a partner and executive managing director at ABS. Along with Cohen, Caseley will be leading the leasing efforts.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
