Kodansha USA Publishing Acquires Office Building In Flatiron, Manhattan For $27M

The office property located at 25 East 22nd Street in the Flatiron neighborhood of Manhattan has been sold for a price of $27,000,000. The building spans 17,185 square feet, resulting in a price per square foot of $1,571. The buyer of the property is Alvin Liu, the representative of Kodansha USA Publishing. On the other hand, Audrey Cappell, representing the Foundation For A Just Society, served as the seller in this transaction.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $27,000,000
• Square Footage: 17,185
• Price per Square Foot: $1,571
• Address: 25 East 22nd Street
• Market: Flatiron, Manhattan

The buyer's representative in this deal is Simon Anderson from Douglas Elliman, while the seller's representatives include Craig Waggner, John Ciraulo, Jack Stephen, Carri Lyon, and Mark Mandell from Cushman & Wakefield.

The property was previously utilized by a trio of nonprofits affiliated with the Simons Foundation, namely Felicity House, Foundation for a Just Society, and the AC & JC Foundation. Due to their growth, these foundations have decided to relocate within the neighborhood to 23 West 20th Street. The building itself has a notable history, having served as the headquarters for Nike in the past. It underwent extensive redevelopment and renovation under the ownership of David Chiu, the founder of Nautica. Chiu added two additional floors, which were initially intended as a luxurious pied-à-terre but were eventually utilized as offices by the Foundation for a Just Society, complete with beautiful outdoor terraces. Notably, all the air rights of the property had already been sold to One Madison.

Kodansha USA, a Japanese media, publishing, and comic book company, has acquired the property as their new New York headquarters. This transaction represents one of many unique commercial office property sales executed by the Cushman & Wakefield team during the COVID-19 pandemic. These sales have predominantly been to owner-occupiers, fetching premium prices.