“148 Lafayette presented us with a compelling opportunity to capitalize on the strengthening New York City office leasing environment by acquiring a top-quality, boutique asset in one of the city’s most dynamic neighborhoods,” Albert Schmool, managing director at Tishman Speyer, said in a statement, according to the CO.

“This acquisition represents the perfect addition to an office portfolio defined by highly amenitized, best-in-class environments in the world’s most sought-after locations.”

Of course, 148 Lafayette isn't the only office asset to sell at a discount this year in the city. Most notably, in Manhattan, B&H Photo in March swooped up an office at 333 West 34th Street for $105 million less than Brookfield Properties paid for it in 2018. In 2024, more than a third of all national office sales traded at a discount, according to a report from CommercialEdge, as prices plunged by 11 percent.

While leasing in Manhattan's office sector cooled off in April, there were still some positive signs for the month, as highlighted in a report from Colliers. The availability rate of 15.7 percent dropped to its lowest level since February 2021 and net absorption was positive for the 10th straight month.