JLL sells 150 East 45th Street in New York for $28.25M

NEW YORK, May 26, 2020 — JLL Capital Markets has completed the sale of 150 East 45th Street, also known as the Lord Memorial Building, in New York’s Midtown East submarket 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.

The seven-story 150 East 45th Street was designed by Gibbons, Heidtmann & Salvador and constructed in 1950 as a three-story building for Children’s Aid. The office building was enlarged to seven stories in the mid-1960s and totals 32,270 square feet, with approximately 5,168 square feet of retail space on the ground floor and around 27,102 square feet of office space on the second through seventh floors.

The office building is located in New York’s Midtown East submarket, just steps from Grand Central Terminal and a few blocks from The United Nations Headquarters at 760 United Nations Plaza. The property is currently occupied by Children’s Aid, a nonprofit that will be vacating the space upon the sale of the property.

The mixed-use building was constructed in a unique “T” shape to provide excellent light and air to the space, allowing for a higher percentage of quality, usable space throughout each floor. The floorplates average around 5,400 square feet, with protected air secured by an easement with the neighboring property, 712 Third Avenue.

The JLL professionals overseeing the sale of 150 East 45th Street for Children’s Aid includes Chairman of New York Investment Sales Bob Knakal; Managing Directors Jonathan Hageman and Clint Olsen; Executive Vice President Ellen Herman; and Directors George D’Ambrosio and Albert Mamiye. Financial advisory services were provided by JLL Executive Managing Director Max Herzog. The buyer was represented by Jonata Dayan, Executive Vice President of Co-op and Condo Sales, and Brett Weiss, Senior Associate, with HSP Real Estate Group.

“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 Knakal. “150 East 45th Street offered an excellent opportunity for Habib American Bank to purchase a boutique office property with potential to be a headquarters building for them.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For more than 165 years, Children’s Aid has been committed to ensuring that there are no boundaries to the aspirations of young people, no limits to their potential. We know what it takes to ensure children and youth grow up strong and healthy, and ready to thrive in school and life: excellent education and health care, social-emotional support, and strong stable families. Today, we serve nearly 50,000 children, youth, and their families at more than 40 sites in four under-resourced neighborhoods in New York City.  To learn more, visit ChildrensAidNYC.org.