Habib American Bank snags $28.3 mln New York office building

Habib American Bank has closed on the purchase of 150 East 45th Street, also known as the Lord Memorial Building, in New York’s Midtown East submarket for $28.3 million.

150 East 45th Street, which totals 32,270 square feet, has about 5,168 square feet of retail space on the ground floor and around 27,102 square feet of office space on the second through seventh floors.

Constructed and designed as a three-story building for Children’s Aid in 1950, the office building, which was later upgraded to seven stories in the mid-1960s, was bought from JLL Capital Markets.

More so, Habib American Bank noted that it will carry out an extensive renovation on the mixed-use office building and also plans to use the property as the new headquarters.