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April 2015

April 2015 » Market Analysis » NYC Buildings For Sale

April 2015: New York Buildings For Sale


New York Buildings sold

Chinese insurance company Groups bought the Waldorf Astoria for nearly $2 billion. It was the largest ever Chinese investment in a single Manhattan property and that was negotiated chairman Wu Xiaohui to chairman Jonathan Gray head of real estate for Blackstone.

Maddd Equities bought the school component of a 14-story Upper East Side building for $24.5 million. The school is located inside a 181,700-square-foot building at 1225-1239 Second Avenue, located between East 64th and 65th streets. The Grace Institute had owned the roughly 45,200-square-foot space since 1963.

David Berley purchased 160-162 Lexington for $24.5 million from Lexington Landmark Properties, a seven-story, 22,000-square-foot structure. The entire building is occupied by Dover Street Market, a high-end luxury fashion retail and concept store, which started on a 15-year lease in 2012. Lexington Landmark purchased the building from Touro College in 2006 for $8.2 million.

Cammeby's International has taken a majority stake in 30 Park Avenue for $194 million. Joseph Sitt's Thor Equities Residential went into contract to buy the 241-unit Murray Hill building and still holds a stake in the property.

Sicis, a high-end Italian jeweler and mosaic tile manufacturer, just acquired a five-story NoMad office building for $22.1 million. The 11,350-square-foot property at 240 Fifth Avenue, located between West 27th and 28th streets in the Madison Square North Historic District, last sold in 2012 for $7.7 million.

The Amirian Group's bought 117-119 West 21st Street, an empty four-story Chelsea commercial building for $28.5 million, with plans to convert it into condominiums.

Developer Ian Schrager closed on the purchase of two development sites at 355 and 358 West Street for a combined total of $48.5 million.

A four-story mixed-use building in the Flatiron District and the leasehold interest of the hotel component has sold for $35 million, or $2,000 per square foot. Cholla LLC acquired both the 17,500-square-foot, L-shaped property at 893 Broadway and the leasehold interest for Hotel Verite.

The Sapir Organization officially closed on the Mondrian Soho Hotel last week for $205 million.

Hornig Captial Partners, which went into contract late last year to purchase a large South Bronx office building for $31 million, has brought Savanna for an eight-story, 175,000 square-foot Class C office building at 2417 Third Avenue in the Mott Haven section of the Bronx.

Westbrook Partners has picked up a 96 percent stake in a pair of Midtown office towers from Savanna for an undisclosed sum, The buildings at 1375 Broadway and 31 Penn Plaza are together valued at approximately $650 million.
A Realty firm sold a five-story mixed-use building at 28 East 14th Street for $29.5 million to an investor. That building contained 11,875 square feet consisting of ground-floor retail and eight market-rate apartments. The building was originally acquired in 2000 for just $2 million.

NYC Buildings For Sale

Chelsea Hotels is putting two of its hospitality holdings for sale, the McCarren Hotel & Pool in Williamsburg and the Martha Washington Hotel on East 29th Street.

The owners of the Brill Building, a partnership between Allied Partners and Brickman, are asking $225 million for a four-story retail condo at 1619 Broadway. They acquired the entire building for $185.5 million two years ago.

Shorenstein Properties via Fund Nine is putting 850 Third Avenue, a 21-story Midtown East office tower containing 614,000 square feet, up for sale.

Savanna is selling 100 Wall Street and could get as much as $250 million for the office building. The building is about 500,000-square foot, 29-story building is located between Front and Water streets in the Financial District and is about 90 percent leased.

Aby Rosen's RFR Realty is selling a 27-story office building at 757 Third Avenue to Canadian real estate giant for $360 million.

The Lightstone Group paid $15 million recently to buy air rights for the 50-story mixed-use tower the company is building in the Financial District. They paid $15.4 million to buy 68,752 square feet of air rights from the developer's lot at 82 Fulton Street.

Hudson River Park's Pier 40 requires more than $104 million for repairs, which will take up to a decade to complete. It seems that more than half of the poles that hold up the 14-acre pier are damaged.

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