Avison Young and SERHANT. broker $81.5 million sale of 281 Park Ave. South
Manhattan, NY Avison Young and SERHANT. arranged the sale of 281 Park Ave. South, a six-story, 39,800 s/f Beaux-Arts building for $81.5 million. The property offered an opportunity to acquire one of the borough’s most recognizable assets at the southeast corner of Park Ave. South and East 22nd St. in Gramercy Park.
Avison Young’s James Nelson, Alexandra Marolda, Brent Glodowski, Lea Voytovich and SERHANT.’s Ryan Serhant and Bernadette Brennan represented the seller, RFR.
Originally constructed in 1894 and known as the Church Missions House, the property was commissioned by donors including Cornelius Vanderbilt and J. Pierpont Morgan and designed by Robert Gibson and Edward Neville. The design, which includes a steel structure and a medieval-inspired façade, was inspired by the town halls of Haarlem and Medieval Amsterdam in the Netherlands. In recognition of its historical significance, the property was designated a NYC landmark in 1979 and added to the National Register of Historic Places in 1982.
“281 Park Ave. South is a truly special asset with a rich history and a character that cannot be replicated,” said Nelson. “Throughout the marketing process, it was important to identify a buyer who recognized the property’s significance, appreciated its unique architectural heritage and was committed to being a thoughtful steward of its next chapter.”
We are pleased to have achieved an outcome that honors the building’s legacy while positioning it for continued success.”
“Opportunities to acquire a Manhattan landmark of this significance are exceptionally rare. 281 Park Ave. South commanded serious attention from the moment it hit the market, and the level of interest reflected just how singular this property is. We’re proud to have brought this sale across the finish line for such an extraordinary piece of the city’s architectural fabric,” said Brennan.