Fee Sale of Plaza District Office Property Fetches $1,194/sf

Titan Golden Property Investor LLC has purchased the land beneath the 22-story, 164,615-square-foot office building on the corner of East 60th Street at 645 Madison Avenue. The sale of the Pan Ocean Building by 34% stakeholder BLR Madison Realty, associated with National Realty & Development Corp. and majority 66% stakeholder 645 Madison Properties LLC, associated with Gibraltar Management Co. attracted a price of $196,592,300, or about $1,194 per square foot according to city records. About 70,000 square feet of retail and office space is currently being marketed on Costar. In November 2021, Titan had purchased the ground lease for $26.6 million, or $162 per square foot from East West Bank, the lender becoming the leaseholder for a brief time upon seizing the property in the form of an assignment of lease in lieu of foreclosure according to reports at the time of the takeover.

Source:    https://www.pincusco.com/titan-golden-capital-pays-196-6m-to-national-realty-development-and-gibraltar-management-for-office-in-lenox-hill/