Sales Deals of the Week: $100M Goes ‘Poof’ in Hell’s Kitchen Office Deal

The top five sales across the country from June 10 to June 14

By The Editors June 17, 2024 6:00 am

Photo: Getty Images

Now you see it, now you don’t. Related sold 321 West 44th Street to Empire Capital and Namdar Realty Group for less than $50 million this week, wiping away two-thirds of the value of the 10-story office building. Meanwhile, on the East Side, Douglaston Development dropped $114.5 million on a 90-unit apartment building, which it plans to partially demolish to make way for a better apartment building. Plus, Tishman Speyer parked $100.2 million in South Florida. The Rockefeller Center landlord is now also the Rock Lake Business Center landlord, its first industrial acquisition in that state.

Amount	Address	Buyer	Seller	Brokers	Asset
$114.5 million	1450 Third Avenue, New York	Douglaston Development	Valeray Real Estate Company	N/A	Multifamily
$100.2 million	3150-3250 NW 33rd Street, Pompano Beach; Fla.	Tishman Speyer	IDI Logistics	N/A	Industrial
Less than $50 million	321 West 44th Street, New York	Empire Capital and Namdar Realty Group	Related Fund Management	CBRE’s Doug Middleton, Jack Stillwagon and Pat Arangio	Office
$27.5 million	1670 West Broadway, Anaheim; Calif.	David Yazdinian	Dana Springer, Michelen Yamashita and Clark Biggers III	Marcus & Millichap’s Tyler Leeson, Matt Kipp, Nicholas Kazemi and Drew Holden	Multifamily
$23.5 million	Palm Beach Gardens, Fla.	GL Homes	Landstar Development Group	N/A	Residential
N/A	Desert Hot Springs, Calif.	Shopoff Realty Investments	N/A	N/A	Development site

Sales Deals of the Week reflect deals closed or announced from June 10 to June 14. Information on sales can be sent to editorial@commercialobserver.com.