Vulcan Real Estate Acquires Office Building In Manhattan From New York Public Library For $93M

The office property located at 188 Madison Avenue in Manhattan has been sold in a closing transaction on December 28, 2016. The property, owned by the New York Public Library, was purchased by Vulcan Real Estate for a total price of $93,000,000.00. The office asset spans a total of 102,500 square feet and has a price per square foot of $907. This transaction signifies a significant investment in the Manhattan office market.

Summary of transation details

• Property Type: Office
• Transaction Amount: $93,000,000.00
• Address: 188 Madison Avenue, New York
• Market: Manhattan
• Seller: New York Public Library
• Buyer: Vulcan Real Estate
• Price per Square Foot: $907

Vulcan Real Estate, a prominent buyer in the real estate industry, represented by their broker, played a key role in this transaction. The New York Public Library, as the seller, decided to divest the office property, in line with their strategic objectives. This deal marks an important milestone for both the buyer and seller in the Manhattan office market.