A Pair of Park Avenue South Buildings Trade for $104M

Olmstead Properties reportedly purchased 373 Park Avenue South and 381 Park Avenue South, marking the company’s first acquisition since 2016. The buildings located between East 26th and 27th Streets offer a combined total of about 337,000 square feet. The sale by long time owner Atco Properties and Management reportedly fetched $104 million and was financed by “roughly $82 million in total acquisition financing from Bank of New York,” representing a 60% loan-to-valuation at $140 million. Press in May 2025 had indicated that Empire Capital went into contract to purchase the two buildings for $130 million but subsequently flipped the deal to Olmstead Properties and opted instead to retain a small stake in the assets. Although the larger of the two buildings, 381 Park Avenue South, was reportedly a good candidate for a residential conversion, new ownership plans to maintain office use and instead “modernize the properties, including updated amenities and prebuilt suites.”

Source:    https://therealdeal.com/new-york/2025/11/20/olmstead-properties-buys-381-373-park-avenue-south/