The library sold six commercial condo units at 445 Fifth Avenue for $34 million to Stream Line LLC, according to city records. The library purchased the space, a block south of its flagship Bryant Park branch, in 2014 for use by its back-office staff.
The staff located at the condos will be moved to other Midtown buildings, including recently leased space, according to a library spokesperson.
The library sold two of its floors in the building in 2019 for over $21 million, funds that contributed to the expansion of its main branch, according to a library spokesperson.
The library bought eight commercial condos at 445 Fifth Avenue in 2014 for $34.5 million from the Church Pension Group, a financial services provider for the Episcopal Church. It had started leasing space at the building a year prior.
Perhaps taking a page from its own playbook, the New York Public Library has decided it’s better to borrow than own.
“The Library received favorable terms,” said Iris Weinshall, NYPL’s chief operating officer, in a statement. “The funding will go towards supporting the operations — including programs, staff, and collections — of the institution.”
The 33-story building also includes residential condos and retail space.
In 2015, Harbor Group bought the retail portion from Thor Equities for $68 million. A lender is now seeking to foreclose on the space, alleging that Harbor Group missed payments on a $40 million loan.
Contact Keith Larsen