Govt. of Singapore pays $29.5M for Manhattan retail bldg

December 11, 2009
Singapore Democrats

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Sean Glenn

CoStar Group

The Government of the Republic of Singapore acquired 318 E. 48th St. in Manhattan from Chapman Consulting Group for $29.5 million, or $787 per square foot.

The five-story, 37,500-square-foot former parking garage was built in 1940 and renovated in 1956. It is in the Plaza District. The Government of Singapore plans to convert the property into a modern office building.

Gil Robinov of NAI New York City represented Singapore. David Noonan of Newmark Knight Frank represented the seller, Chapman Consulting Group.