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80 State St, Albany, NY 11 S Pearl St, Albany, NY
The Glass Tower + South Pearl Street Garage (ZCF)
Asset ClassOffice, Special Purpose
overview of deal

Overview

Newmark is pleased to offer for sale the fee simple ownership of two (2) separate ground leased fee property interests located in the center of the Albany, New York Central Business district. Parcel I is located at 80 State Street and is a .57-acre parcel improved by Albany's most prestigious Class A office building. Parcel II is located at adjacent 11-13 South Pearl Street and is a .58-acre parcel improved by a 5-story 486 car public parking garage structure that services 80 State Street, surrounding properties and the adjacent MVP Arena. Parcel I and Parcel II are collectively referred to herein as the “Property”.

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Investment Highlights

  • 99 Year Absolute Net Lease – Fee Position Ownership
  • Fully Renovated and Leased Trophy Office Tower in Albany’s Central Business District
  • Strategic Location in New York State’s Capitol District
  • Fee/Leasehold Transaction
  • Assumable Financing
  • Investment Grade Risk Profile
  • Zero Cash Flow Structure with Paydown/Readvance
  • No Balloon Risk on Assumable Financing
  • Favorable Property Zoning
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80 State StAlbany, NY 12207

Sales Team

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Listing provided by Revere CRE