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April 2013

April 2013 » Market Analysis » NYC Buildings For Sale

April 2013 NYC Buildings For Sale


NYC Buildings For Sale

Harbor Group International is planning to sell its property at 1412 Broadway in Times Square South for about $250 million. Harbor Group purchased the 420,000-square-foot office building for $150 million in 2010. Harbor upgraded the building’s lobby, elevator cabs and base façade, as well as upgrading a small retail annex at 1420 Broadway, which is also part of the property.

United Cerebral Palsy has put its East 23rd Street building on the block. Located at 122-130 East 23rd Street, the 60,000-square-foot building is being marketed as a development site. The sales price is expected to be about $80 million, or $400 per buildable square foot.

SL Green Realty is selling the land beneath the Lipstick Building in Midtown. The land could attract a record-breaking price, as investors are now seeking stable investments in New York City.

St. John’s University is selling its 10-story Tribeca business school building and expects to get about $200 million.

The Jewish Board of Family and Children’s Services is selling a site on West 7th Street that would allow up to 100,000 square feet of residential development for about $45 million.

650 Madison Avenue a 27-story tower office building with about 600,000 square feet, is for sale for about $1 billion.

A vacant five-story building at 16-18 West 57th Street building is for sale and expects to get the $80 million. The property, just off Fifth Avenue, has 24,000 square feet and comes with 75,000 square feet of buildable air rights.

New York Buildings sold

Joseph Chetrit is near closing his $1.1 billion purchase of the Sony tower at 550 Madison Avenue, which he plans to convert into high-end retail shops, luxury condominiums and a hotel. Chetrit won the Sony building with a $100 million down payment and a letter of credit worth nearly $600 million from a sovereign Middle Eastern investment fund.

Aby Rosen’s RFR Realty has closed on 350 Madison Avenue for $261.5 million. The deal with Kenisco Properties, run by Nabil and Fouad Chartouni, includes an adjacent retail property, at 10 East 45th Street. Kenisco purchased the building for $194.5 million in 2005 from Monday Properties and Landis Group.

Gulaylar Group purchased the retail condominium on the West 47th Street side of Extell Development’s International Gem Tower. The storefront at the three-story, 12,000-square-foot retail condo, located between Fifth and Sixth Avenues, is valued at $6,000 per square foot. Gulaylar plans to use the space to create a world-class jewelry exchange..

A joint venture between ClearRock Properties and Juster Properties acquired two adjacent Midtown buildings from Yeshiva University for $29 million. ClearRock also bought a third building from Yeshiva for $58.5 million in partnership with the Carlyle Group.

The partners purchased 9 East 38th Street, a 93,700-square-foot, 12-story office building, and 14 East 39th Street, a 7,400-square-foot commercial townhouse with 22,200 square feet of air rights. Both properties are located between Madison and Fifth Avenues, within the confines of the city’s upzoning proposal for Midtown East.

A group headed by Zhang Xin, one of China’s biggest developers, is in advanced negotiations to buy a 40 percent stake in the General Motors Building in Midtown. The buildings value of the 50-story tower at roughly $3.4 billion and make for one of the biggest acquisitions of a single American property by a Chinese investor.

HFZ Capital Group has sold the site of a new condo-hotel development at 20 West 40th Street, adjacent to Bryant Park, for $83 million. However, HFZ founder Ziel Feldman will still be involved in developing the project.

Sam Chang’s McSam Group has sold the lease on a development site in Hudson Square to Eagle Point Hotel Partners, for just under $50 million.

Brookfield CEO Dennis Friedrich said tenants have signed letters of intent to take some 1.5 million square feet in the company’s Brookfield Place (formerly World Financial Center), where Bank of America’s lease ends in October.

The City Planning Commission approved Lightstone Group’s plan to build a 700-unit rental development at 363-365 Bond Street on the Gowanus Canal. The agency granted Lightstone permission to build on an as-of-right basis, finding the project complied with a 2009 rezoning of the area

Real estate investor Urban Century Group has purchased the ground lease at a Murray Hill mixed-use building for $12.5 million from alleged slumlord Bahram Hakakian, city records filed today show.

JDS Development and Property Markets Group is considering increasing the height of its planned hotel and condominium tower on West 57th Street to up to 900 feet, following the acquisition of the adjacent Steinway building. The partnership paid $46 million for a stake in the 247,000-square foot building at 109 West 57th Street belonging to Steinway Musical Instruments, in partnership with Atlantic Investors. The purchase likely allows the developers to ramp up their plans for an adjacent site they bought last spring with Starwood Capital.
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