Key Takeaways:
- The 10 buildings sold with the largest discounts last year represented just a quarter of NYC’s $4.5B office sales volume
- All 10 office buildings changed owners for at least $100 million off their previous sale price, with three trading for at least $300 million off
- Iconic properties include Lefcourt State Building, the MONY building and the former Western Electric Building
- 1740 Broadway sold at a whopping $415 million discount
- Former Sports Illustrated headquarters sold with a 97% price cut for just $8.5 million
- Financial District and Theatre District-Times Square area each home to 3 of the 10 priciest discounts in 2024
- TPG picks up two of the 10 most discounted properties
- Three buildings are undergoing or slated for residential conversion
Although the U.S. office sector faces continued headwinds, sales activity has picked up pace across the country’s largest office markets with Manhattan a leading example. So, while the borough closed 2023 with $2.7 billion in office sales, in 2024 it surpassed $4.2 billion. That brought New York City’s total office sales volume for 2024 to around $4.5 billion, per the latest CommercialEdge office data.
Notably though, 2024 was marked by headlines on office buildings selling far below their previous purchase price, a trend confirmed by year-end sales data showing that a significant portion of NYC’s 2024 office sales volume was represented by properties unloaded at a significant loss. In fact, the 10 office buildings that sold at the largest discounts totaled $1.16 billion or around 26% of the city’s office sales volume. Even more so, in some cases, that price cut was well over $300 million. Overall, these properties sold at a loss of $107 million to $415 million.
Beyond the large losses incurred at sale by their previous owners, these 10 office buildings share another trait: All are located below 60th Street. Additionally, they’re concentrated in six neighborhoods, with the Financial District and the Theatre District-Times Square area claiming three each.
1. 1740 Broadway, Theatre District-Times Square
Discount: $415,017,581
Acquisition price: $600,912,769
2024 sale price: $185,895,188

Originally acquired in 2014 for $601 million by EQ Office (Blackstone’s U.S. office portfolio company), the former MONY building sold at a $415 million discount — the largest recorded in NYC’s office market in 2024. Yellowstone Real Estate Investment bought 1740 Broadway in April for a cool $186 million or 69% below its previous sale price.
Despite the significantly discounted sticker price, the 519,600-square-foot, LEED Silver-certified property was still among the five most expensive NYC office sales in 2024. Notably, the 26-story high-rise had been facing financial woes for a few years, with investors in the debt backed by 1740 Broadway took significant losses. Looking forward however, 1740 Broadway is set for residential conversion, one of three buildings in our top 10 that is slated for office-to-residential reuse.
2. 222 Broadway, Financial District
Discount: $354,500,000
Acquisition price: $502,000,000
2024 sale price: $147,500,000

Purchased in 2014 for $502 million by DWS — Deutsche Bank’s asset management arm — 222 Broadway sold for nearly $355 million off to make it the second-largest discount in NYC office sales last year. It was picked up by Jeff Gural’s GFP Real Estate in partnership with Texas-based TPG for close to $148 million or 71% less than what its previous owners had paid.
Similarly to the former MONY building, despite this staggering price cut, the sale of 222 Broadway was nevertheless among the city’s 10 most expensive in 2024. Sprawling 756,000 square feet across 31 stories, the former Western Electric Building lost its anchor tenant last year when Bank of America decided not to renew its nearly 600,000-square-foot lease.
Today, 222 Broadway is undergoing extensive redevelopment: Close to $100 million in permits have already been approved as it converts to residential use with up to 800 units planned. TPG was also involved in the purchase of 250 Church St., which traded for a $109 million discount and is also being converted to residential units.
3. 135 W. 50th St., Theatre District-Times Square
Discount: $324,000,000
Acquisition price: $332,500,000
2024 sale price: $8,500,000

On the heels of a two-day online auction, the sale of 135 W. 50th Street made waves in early August after fetching just $8.5 million — a staggering 97.4% less than the nearly $333 million previous owners UBS had paid back in 2006. Picked up by Texas-based Thakkar Developers, the new owners have yet to announce future plans for the 23-story high-rise.
Built in 1963, the nearly 866,000-square-foot property is certified LEED Gold. It underwent renovations back in 2022 and 2023 in an effort to attract more tenants in NYC’s challenging, post-COVID office market. However, the property remains more than two-thirds vacant after once having housed Sports Illustrated and the New York Telephone Company.
4. 1375 Broadway, Garment District
Discount: $264,596,250
Acquisition price: $435,000,000
2024 sale price: $170,403,750

Picked up for $435 million just a few months into the pandemic by Savanna, the former Lefcourt State Building sold at a $265 million loss. It was purchased by Alen Mamrout’s American Exchange Group for just $170 million with Sail Harbor Capital financing the deal.
Notably, Savanna’s history with the 27-story high-rise is a complicated one: It originally bought 1375 Broadway in 2010 for $89 million, then sold it to Westbrook Partners five years later for $310 million, only to repurchase it in 2020 for $435 million.
It’s worth mentioning here that American Exchange Group also scored another Manhattan high-rise at a major discount — 292 Madison Ave., which sold with a $90 million price cut.
5. 180 Maiden Lane, Financial District
Discount: $173,000,000
Acquisition price: $470,000,000
2024 sale price: $297,000,000

Canadian biotech entrepreneur Carlo Bellini secured his second Manhattan office building with the $297 million purchase of 180 Maiden Lane. Bellini picked up the Continental Center through their real estate firm, 99c, for 37% less than what previous owners Clarion Partners and MHP Real Estate had paid in 2015. Despite the discount, 180 Maiden Lane was still among last year’s three most expensive office deals in NYC.
The purchase of 180 Maiden Lane consolidated Bellini’s presence in the Financial District after the biotech entrepreneur picked up the 456,000-square-foot 175 Water St. in 2022. By comparison, 180 Maiden Lane totals 1.1 million square feet of office space.
6. 100 Wall St., Financial District
Discount: $154,000,000
Acquisition price: $270,000,000
2024 sale price: $116,000,000

NYC real estate investors David Werner and Lloyd Goldman secured 100 Wall St. in mid-July for $116 million, locking in a 57% lower sales price than what the previous owners had paid for the 29-story, LEED Silver-certified property.
The seasoned investors partnered though their respective firms, David Werner Real Estate and BLDG Management Co., to buy 100 Wall St. from Barings, the investment arm of investment firm MassMutual. Barings had paid $270 million for the 463,000-square-foot high-rise in 2015.
7. 360 Lexington Ave., Murray Hill
Discount: $114,500,000
Acquisition price: $180,000,000
2024 sale price: $65,500,000

Savanna took another major hit on the sale of 360 Lexington Ave., trading the property to Capstone Equities at a loss of $114.5 million. That resulted in a 64% shortfall for Savanna, which had paid $180 million for the high-rise in 2019, buying it from AEW Capital Management.
The 21-story high-rise comprises 226,000 square feet of office space along with 12,000 square feet of ground floor retail. Built in 1959, the Murray Hill office building is certified LEED Gold.
Notably, Savanna also sold 1375 Broadway at a major loss later in 2024, taking a $265 million cut on that property.
8. 321 W. 44th St., Clinton-Hell’s Kitchen
Discount: $112,000,000
Acquisition price: $152,500,000
2024 sale price: $40,500,000

Namdar Realty Group picked up 321 W. 44th St. from Related Companies for just over $40 million. Not only was that 73% less than the nearly $153 million that Related Companies had spent back in 2019, but it was also just $5 million more than what Thor Equities paid for the building back in 2003. What’s more, the sale price was well below the property’s outstanding debt, which was reported to be north of $100 million.
The 181,000-square-foot property has deep ties to NYC’s music scene, having been home to the city’s famed Birdland Jazz Club and the Record Plant Studios of John Lennon fame.
9. 250 Church St., TriBeCa
Discount: $109,000,000
Acquisition price: $205,500,000
2024 sale price: $96,500,000

Columbia Property Trust took a $96.5 million loss on the sale of 250 Church St., also known as 101 Franklin St. In partnership with Normandy Real Estate Partners, Columbia Property Trust originally paid $205 million for the 202,000-square-foot property back in 2019.
Now under the ownership of Texas-based TPG (in partnership with Cannon Hill and Skylight), the 202,000-square-foot mid-rise is set for extensive redevelopment to convert to residential use.
To that end, 250 Church St. stood out as one of the best-suited properties for residential conversion, scoring 96 out of 100 on PropertyShark’s Conversion Feasibility Index. Additionally, the property is across the street from 56 Leonard, where units sold at a $4.95 million median sale price last year.
10. 9 Times Square, Theatre District-Times Square
Discount: $106,796,169
Acquisition price: $170,296,169
2024 sale price: $63,500,000

American Strategic Investment sold 9 Times Square late last year for $63.5 million — a significant 63% below the $170 million that it was originally purchased for. Also known as 200 W. 41st St., 9 Times Square was purchased by The Jackson Group, the company owned by the Chehebar family. The new owners secured financing from Capital One to finance the purchase of the 21-story high rise.
Considering that The Jackson Group describes its investment strategy as identifying and repositioning undervalued commercial assets located in high-traffic areas, there may be notable upcoming changes at 9 Times Square. Currently, the property holds 137,000 square feet of office space and 13,000 square feet of retail space.
More Discounted Sales in 2025? Perhaps.
Although Manhattan closed 2024 with one of the lowest office vacancy rates among the country’s leading markets, its 16.2% vacancy rate was still slightly up (+20 basis points) year-over-year (Y-o-Y). Similarly, Manhattan’s $68.42 per square foot listing rate is the second-highest in the country, although that figure was also down, sliding 2.3% Y-o-Y.

With 2025 shaping up to be another challenging year for the U.S. office sector and billions in office loans due, more office buildings are likely to hit the market at steep price cuts. For example, the sale of 470 Park Ave. S. suggests that discounted office sales similar to last year will again shape NYC’s office market.
Sold in late December and registered in ACRIS in early January, 470 Park Ave. S. was picked up for $147.5 million by Williams Equities. The new owner paid $98 million less than what PGIM Real Estate and SJP Properties paid in 2018, marking a loss of 40% on the previous sale price.
For more details on the NYC office buildings that sold with the largest price cuts in 2024, explore the table below:
Methodology
This study included all NYC office sales recorded in ACRIS between January 1, 2024, and December 31, 2024. Sales with a document date logged in 2024, but with an ACRIS recordation date in 2025 were excluded.
Office sales volume data for 2023, office sales volume estimates for 2024 and office vacancy rates were provided by CommercialEdge.
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