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April 2012

April 2012 » Market Analysis » NYC Buildings For Sale

April 2012 New York Buildings For Sale

New York Buildings sold

Lloyd Goldman closed on the retail component of glassy condominium tower Yves Chelsea at 166 West 18th Street. He paid $6.6 million for the space, which is currently the headquarters of brokerage Core NYC. It was asking $7 million.

Graves Hospitality and KSK Construction announced today that they completed the sale of the Hotel Williamsburg to King & Grove Hotels for $33 million. King & Grove, the Manhattan-based boutique hotel chain backed by the Chetrit Group paid $520,000 per key at the 64-room hotel.

Cayre family’s Midtown Equities closed on the property and will bring a Whole Foods to the site. A partnership of Michael Cayre’s Midtown Equities, Bobby Cayre’s Aurora Capital and Alex Adjmi bought 242 Bedford Avenue, at North 4th Street, from Yahuda Backer for $23 million.

World-Wide closed on the $28.85 million purchase of 41-50 24th Street, a 40,000-square-foot plot just north of the Queensboro Bridge entrance, from the Criterion Group

Epic will pay Property Group close to $130 million, or $870 per square foot, for the 155,000-square-foot property at 148 Lafayette Street between, Grand and Howard streets which is twice what the current owners paid five years ago

A Park Slope development site approved for 106 residential units and on-site parking has been sold for $10.7 million. The buyer is the Naftali Group. The lot is 10,801 square feet at the corner of Fourth Avenue and 6th Street and is approved for a building of approximately 10 times FAR with 43 parking spots. It is slated for 78,883 square feet of residential space, 3,592 commercial square feet, a 639-square-foot community facility and comes with a 15-year tax abatement, which asked $14 million.

Commercial landlord SL Green Realty has partnered with residential property owner Stonehenge Partners to pay some $32 million for four contiguous properties on the Upper East Side. Retail investor Jeff Sutton is also expected to take an ownership stake at the site, located at the corner of 65th Street and Madison Avenue, where fashion retailer Giorgio Armani recently opened a rehabilitated space.
Armani has a lease at 752 Madison Avenue until 2025, but SL Green and Sutton may add to the Armani space.

SL Green and Stonehenge bought the ground leases for 752 Madison, along with 19 East 65th Street and 21 East 65th Street, for $14 million. They acquired 762 Madison Avenue for approximately $18 million. All four buildings are part of an eight-building portfolio, which was purchased for $416-million from landlord David Frankel Realty.

The eight-building deal also included the 125-unit residential building 400 East 58th Street, which SL Green and Stonehenge acquired for approximately $48 million, and the 12-story building at 724 Fifth Avenue, where high-fashion retailer Prada is a tenant, which SL Green acquired in a joint venture with Sutton. The purchase price for that building appears to have been $222.9 million. The final two properties were the five-story commercial building 44 West 55th Street, which sold for just over $4.85 million, and the 260-unit apartment building 400 East 57th Street, which sold for $109 million show.

The 80th Street Residence, New York City’s only dedicated assisted living facility specializing in memory care, has been acquired by an Coast to Coast Assisted Living Realty for $26.4 million. The seller of the 38,100-square-foot, 61-unit facility, at 430 East 80th Street between First and York avenues, was Healthcare REIT, a national real estate investment trust.

The Praedium Group, has purchased a troubled 33-unit condominium project at 109 Gold Street, the former site of St. George’s Church in Vinegar Hill, Brooklyn, in partnership with North End Equities for $14.5 million.

NYC Buildings For Sale

A trio of owners have decided to pool their four occupied properties and market them together, creating a 10,000-square-foot plot on West 30th Street that would work well for a hotel or residential development.

A 160,000-square-foot development site in Flushing once slated to become the area’s first gated mixed-use community could soon be the property of the bank. Lender, Ohio-based U.S. Bank National Association has filed a lis pendens, marking the first step in the foreclosure process, against the developer of the 3.73-acre plot at 39-08 Janet Place in Queens, claiming it owes the bank $36 million in financing it provided to the project’s owner Abs Flushing Development in 2009. The loan is guaranteed by 75 co-op units in Midtown Manhattan.

RFR Realty is selling a 16-year-old, 27-story apartment building in Lenox Hill. The building, a rental property at 300 East 64th Street and Second Avenue, could yield $100 million from the sale, equaling $715 per square foot. Whoever buys the building could convert it into a condominium or continue to operate it as a rental building.

Less than 10 months after clearing the final hurdle for developing the 11-acre area surrounding the Domino Sugar factory in Williamsburg into 2,200 residential units, developer Community Preservation Corporation is exploring a sale of the site,.

A prime development site on the Upper East Side has hit the market for $21.5 million. The lot, at 115 East 97th Street, between Lexington and Park avenues, is over 15,000 square feet and boasts about 110,000 buildable feet. Under the current zoning, a school, medical facility, student housing, or a senior center could be built on the site, which is owned by Kenbar Management

A landmarked Staten Island mansion that’s said to be haunted and the five-acre estate that surrounds it are on the market for a combined $11.6 million. The Kreisher Mansion, at 4500 Arthur Kill Road in Charleston, was planned to be the cornerstone of a 124-unit, 55-plus community by developer Isaac Yamtovian, an Ohio-based businessman who has built more than 200 houses on the island.

Dubai Investment Group has put the Jumeirah Essex House hotel on the market and could net $1 million per room for the sale. The 44-story 509-room hotel, located at 160 Central Park South near Seventh Avenue, opened in 1931 and was acquired by the Dubai government fund for about $440 million in
2005. It spent $90 million on renovations and converted about 150 units into condominiums.

SL Green Realty is hoping to sell a 49-80% interest in 521 Fifth Avenue for nearly $700 per square foot in the 510,000-square-foot tower at the corner of East 43rd Street. SL Green acquired the remaining 49.9 percent interest in the 39-story office tower last January from City Investment Fund, with whom it purchased the building in 2006.

The lender of a foreclosed Williamsburg property that acquired it from an auction last week has put the plot on the market for $52.5 million. The site is 421 Kent Avenue. Just over 2 acres in size and with the potential to house a 443,000-square-foot structure, the first developers, Isaac Hager and the late Chaim Lax, reportedly defaulted on their $17 million loan in 2008. The previous year, they had paid $42.6 million for the land.

Sherwood Equities is selling air rights near the High Line for $500 per square foot and capitalizing on the quickly vanishing supply of buildable space in West Chelsea. About two-thirds of the 20,000 square feet of air rights it acquired when it bought the High Line-adjacent building shell at 508 West 20th Street for $7.3 million last April is in contract.

Long-vacant P.S. 64, at 605 East 9th Street in the East Village. The landmarked school, which has sat vacant for 10 years offers a “152,000-rentable-square-foot property” for which the best likely use would be to renovate the existing structure and convert it into a modern school or college dormitory

Waterman Interests is seeking a $150 million buyer for its Soho office tower at 130 Prince Street, a 77,000-square-foot office building between Wooster Street and West Broadway. The property was purchased in 2007 with JPMorgan Asset Management, was Waterman’s first acquisition and set a Soho price record at the time, costing about $1,272 per square foot.
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