148 Lafayette Street sold for 105.5 million It went for 126.5 million in 2012 That’s a 17 percent drop over 13 years And it’s in SoHo One of the few neighborhoods still pulling retail foot traffic
9 West 54th Street sold for 38.2 million It was bought for 55 million in 2019 That’s a 30 percent haircut in just six years The building sits in Central Midtown A block from Fifth Avenue And still couldn’t hold value
256 West 38th Street sold for 21.5 million It last traded for 63.3 million in 2017 That’s a 66 percent collapse The building is in the Garment District 14 stories Retail on the ground floor But the buyer paid less than a third of the previous price
229 West 36th Street sold for 19.3 million It was bought for 93.5 million in 2017 That’s an 80 percent wipeout Same seller as 256 West 38th Same buyer Same week Same lender This wasn’t a sale It was a portfolio purge
The buildings weren’t distressed They were repositioned And the buyers didn’t overpay They waited Then scooped them up for pennies
This isn’t just about interest rates or remote work It’s about repricing the entire office sector And the new floor is lower than anyone expected
https://www.commercialsearch.com/news/top-5-nyc-office-building-sales-june-2025
https://www.optimalspaces.com/june-2025-nyc-buildings-for-sale
https://www.avisonyoung.us/web/new-york/office-market-report
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