Namdar in contract for Midtown office at roughly $280M, a sign of value chasing in Manhattan

Namdar Realty Group is in contract to buy 250 West 57th Street in Midtown Manhattan for roughly $280 million, according to market reports. The deal price equates to about $518 per square foot.

The reported price is below earlier pricing expectations for the property, signaling investor willingness to acquire Manhattan office assets at lower valuations than in prior cycles.

Market coverage notes the building is about 84 percent leased. Investors are increasingly targeting older office buildings in Manhattan, seeking discounted entry prices and potential upside from lease resets or repositioning.

Industry observers say the transaction is an example of value-oriented capital returning to the office market after a period of dislocation. Buyers like Namdar have shown appetite for assets where price discounts can compensate for leasing and repositioning risk.

Key details remain unclear publicly — including the seller identity, financing terms and the expected closing timeline — and the deal was reported as being in contract rather than closed. Hoodline is the primary source for the initial reporting.