Meadow Partners Acquires Manhattan Plaza District Tower for $312M; Newmark, Corebridge Arrange $155M Financing

Meadow Partners has acquired 10 East 53rd Street, a 37-story Class A office tower in Manhattan's Plaza District, for $312.2 million, with Newmark arranging $155 million in acquisition financing from Corebridge, the firms announced Aug. 25.

The deal priced at roughly $800 per square foot, with the capitalization rate falling in the mid-5 percent range.

Deal Structure and Financing

Newmark's Co-Head of U.S. Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Executive Managing Director Avery Silverstein advised the seller on the investment sale. On the debt side, Newmark's Co-Head of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, Director Tim Polglase and Analysts Stavros Giannakopoulos and Lance Tillman arranged the $155 million acquisition loan with Corebridge.

The seller, SL Green Realty Corp., has indicated that net cash proceeds of approximately $100 million from the transaction will be applied toward corporate debt repayment. The sale is part of SL Green's broader $2.5 billion disposition plan aimed at debt reduction and balance sheet strengthening.

Property Profile: 10 East 53rd Street

Known as the Harper & Row Building, 10 East 53rd Street comprises 385,224 square feet across 37 stories, situated mid-block between Fifth Avenue and Madison Avenue. The building features a block-through configuration with entrances on both East 52nd and East 53rd Streets. The property holds LEED Silver certification and was built in 1971, with substantial renovations completed around 2014.

The asset has received approximately $67 million in capital improvements over the past 15 years, encompassing a renovated lobby, upgraded common areas and modernized building systems. The property is approximately 90 to 92 percent leased to a diversified tenant roster that includes Equinox Capital Partners, Magnetar Capital, Urban Compass, Ermenegildo Zegna, Swarovski North America and the International Swaps and Derivatives Association.

Location and Market Context

10 East 53rd Street is situated in Midtown Manhattan's Plaza District, between Fifth Avenue and Madison Avenue, offering proximity to Fifth Avenue's luxury retail corridor, Central Park and a concentration of dining, hospitality and cultural destinations. The building is served by multiple subway lines, including the B, D, F, M, 4, 5 and 6 trains.

The transaction reflects continued investor appetite for well-leased, repositioned Class A towers in core Midtown locations, with value-add buyers like Meadow Partners targeting assets at pricing levels below peak trophy valuations. The deal comes as the Manhattan office investment market has shown signs of re-acceleration, with institutional capital increasingly focused on high-quality buildings that have demonstrated leasing resilience.

About the Firms

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm that generated revenues of more than $3.4 billion for the twelve months ended March 31, 2026, and operates from over 185 offices with more than 9,600 professionals across four continents. Meadow Partners is a New York-based real estate investment firm. Corebridge provided the acquisition financing for the transaction.

Sources

Newmark Press Release: Newmark Arranges Sale and Acquisition Financing of 10 East 53rd Street in Manhattan's Plaza District