Two-Building Sale Price Tops $1,000 per sq. ft.

Two buildings in New York, including the landmark Scribner Building, have sold for $79 million or $1,026 per sq. ft., according to Jones Lang LaSalle, which brokered the deal.

A&A Investment Co. Inc., a privately held real estate investment company based in the Middle East, purchased the properties from Edizione Realty, an entity controlled by the Benetton Family.

The properties include The Scribner Building at 597 Fifth Avenue, between 48th and 49th streets, and 3 E. 48th St. The 65,572 sq. ft. Scribner Building was built in 1913 as the flagship store for Charles Scribner’s Sons. The firm occupied the building for the next 70 years. The other property, 3 E. 48th St., measures 12,335 sq. ft.

“The buildings offered 15,000 sq. ft. of vacant office space in a surging leasing market, which created a significant value-add for A&A Investments,” says Tom Beneville, managing director at Jones Lang LaSalle. “Additionally, A&A was interested in taking advantage of the strengthening Fifth Avenue retail market — which has some of the heaviest foot traffic in Manhattan.”

The Jones Lang LaSalle New York Capital Markets team, including Beneville, Jay Miele.

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