Plaza District Office Building Enters Contract for $445M

SL Green Realty has entered into contract to purchase 450 Park Avenue. The pending sale by Oxford Properties fetched a price of $445 million, or about $1,320 per square foot, having last changed hands in May 2014 for $545.75 million according to city records. Located at the corner of East 57th Street, the 33-story building offers a mix of office and retail space, the latter to soon be the home to luxury British sportscar manufacturer Aston Martin’s first ever Manhattan showroom. The sale is expected to close in the 2nd quarter of 2022; and is the REIT’s first office acquisition since 2018.