NEW YORK CITY—Habib American Bank has acquired 150 East 45th St., in Midtown East. The 32,270-square foot building, also known as the Lord Memorial Building for Children's Aid, traded for $28.25 million, or $875 per square foot.
JLL Capital Markets brokered the sale of the seven-story, mixed use property.
The building, designed by Gibbons, Heidtmann & Salvador, was constructed in 1950 as a three-story building for Children's Aid. The office building was then developed into seven stories in the mid-1960s, adding approximately 5,168 square feet of retail space on the ground floor and around 27,102 square feet of office space on the second through seventh floors.
The property is currently occupied by Children's Aid, a nonprofit that will be vacating the space upon the sale of the property.
The mixed-use building was constructed in a "T" shape, with floorplates averaging around 5,400 square feet. Protected air is secured by an easement with the neighboring property, 712 Third Ave.
The JLL brokers overseeing the sale include Bob Knakal, Jonathan Hageman, Clint Olsen, Ellen Herman, George D'Ambrosio and Albert Mamiye. Financial advisory services were provided by Max Herzog. The buyer was represented by Jonata Dayan, EVP of Co-op and Condo Sales, and Brett Weiss with HSP Real Estate Group.
"It is a great shot in the arm for the local investment sales market to see this kind of confidence expressed by a prominent foreign bank under current market conditions", said Knakal. "150 East 45th Street offered an excellent opportunity for Habib American Bank to purchase a boutique office property with potential to be a headquarters building for them."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
