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Office Deal Gives NYC Investment Sales “Great Shot in the Arm”

JLL Capital Markets has completed the sale of 150 E. 45th St., also known as the Lord Memorial Building, in Midtown East for Children’s Aid. Habib American Bank acquired the 32,270-square-foot mixed-use property for $28.25 million, or approximately $875 per square foot.

“It is a great shot in the arm for the local investment sales market to see this kind of confidence expressed by a prominent foreign bank under current market conditions,” said JLL’s Bob Knakal, who led the sales effort. “150 E. 45th St. offered an excellent opportunity for Habib American Bank to purchase a boutique office property with potential to be a headquarters building for them.”

The JLL team also included Jonathan Hageman, Clint Olsen, Ellen Herman, George D’Ambrosio and Albert Mamiye. Financial advisory services were provided by JLL’s Max Herzog. The buyer was represented by Jonata Dayan and Brett Weiss with HSP Real Estate Group.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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