Morgan Stanley is selling 2 Park Avenue, a 1-million-square-foot office building in Midtown South, to Haddad Brands for 360 m, or $360 per square foot. The sale, expected to close soon, marks a steep loss compared to Morgan Stanley’s 2007 purchase price of 519 m. Haddad Brands, a family-owned apparel company, plans to occupy the 28-story property. Newmark’s Adam Spies and Doug Harmon represented the seller. This follows Morgan Stanley’s recent sale of a 500 Park Avenue office condo to SL Green for 130 m, at $647 per square foot.
2 Park Avenue
