Meadow Partners Drops $288M Buying Office Building From RFR
Aby Rosen’s RFR Realty sold an eight-story office property just north of Hudson Square to Meadow Partners for more than $1K per foot, records filed with the city show.
The building at 95 Morton St. spans 220K SF, and is rented to companies like PayPal and Venmo. Rosen’s firm paid $206M for the building — a converted factory built in 1911 — five years ago.
Meadow Partners paid $288.2M for the property in the deal that closed on June 28. The building has just over 154.3K SF feet of built space, per PincusCo, and price per built SF comes to $1,867. The building is fully leased, according to RFR’s website. Earlier this year, sports e-commerce company Fanatics reportedly inked a deal for 75K SF across three floors.
Investment sales have been on the road to recovery in New York City, though rising interest rates are expected to slow the market down through the rest of the year.
Around $5.84B of commercial properties traded across New York City in the second quarter of this year, per Avison Young data. That total is 52% higher than the trailing four-quarter average, but a 19% decrease from the first quarter. The biggest office sale deal of Q2 was SL Green’s purchase of 450 Park Ave. for $445M.
Office leasing in Manhattan is also improving from the worst of the pandemic, though it has not returned to its pre-pandemic levels, with leasing in the borough still down 4% from the five-year quarterly average, according to CBRE.
A representative for RFR Realty declined to comment and a message left with Meadow Partners was not returned by press time.
