NYC has been a Flippers Paradise for Giant Office Buildings
Most of the most profitable resales of office properties in recent years have been in New York City, according to new research from Yardi’s Commercial Cafe.
Yardi made a list of the 15 transactions from 2012 to 2017 in which the seller realized the largest gain after holding the property less than three years. Of the 15 resales, nine were in New York City.
For example, the sale of 550 Madison Ave. (pictured) in 2016 brought The Chetrit Group a $300 million gain for the 828,000-square-foot Manhattan office. The New York development company had purchased the property in 2013 for $1.1 billion, and three years later sold it off to Olayan Group for $1.4 billion.
The list emphasizes the high property values in New York City, and the sharp increases in the last few years. Of course — as always — past results are no guarantee of future performance.
For comments, questions or concerns, please contact Bendix Anderson