Andover Realty Sells 62 W. 45th St. for $37.25M
Renaissance Properties bought the Midtown office building, which ABS Partners has been hired to lease.
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.