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April 2016

April 2016 » Market Analysis » NYC Buildings For Sale

April 2016: New York Buildings For Sale

New York Buildings sold

Jeff Sutton">Jeff Sutton purchased a four-story, mixed-use building along Bleecker Street in the West Village for $11 million, or $2,434 per square foot from Mark Perlgut. The 4,159-square-foot building at 275 Bleecker Street is home to David's Tea on the ground floor, and four apartments on the upper floors.

Mack-Cali Realty Corp. is in contract to sell its interest in 125 Broad Street in the Financial District for $202 million. Recently, Mack- Cali Realty was looking to sell its commercial condominium at the 40-story, 1.3 million-square-foot tower. Mack-Cali bought the 525,000-square-foot condo, spanning the second through 16th floors, from SL Green Realty">SL Green Realty in 2007.

Kushner Companies and CIM Group">CIM Group will soon part with one of their marquee New York assets. The partners are in contract to sell the 26-story, 465,000-square-foot office tower at 2 Rector Street for $225 million to Cove Property Group and Bentall Kennedy, a pension fund. The price comes out to around $480 per square foot. Hoo and Bentall Kennedy plan to market the building to boutique office tenants, setting aside a plan to convert the property into a 452-unit residential building.

After bringing in USAA Real Estate Co. as an equity partner, Madison Realty Capital closed on the purchase of a 16-story Midtown East rental building for $270 million.Madison had entered into contract on the 297,700-square-foot property while looking for a joint-venture partner to provide $100 million in equity for the purchase and to renovate it.The building at 160 East 48th Street, also known as 760-774 Third Avenue, has 289 apartments and includes retail and office space. The 2,500-square-foot office will be converted to retail and the firm will re-lease the 13,600 square feet of existing retail. The new owners will increase rent on the retail space after the current lease expires. Market retail rents are $250 to $300 a square foot, which is much higher than what current tenants are paying,

Alchemy Properties, in partnership with private equity firm the Carlyle Group, bought an Upper West Side retail building for $51 million, with plans to tear it down and build a residential condominium tower. The site at 2251-2259 Broadway, also known as 250-256 West 81st Street, holds a three-story property with nearly 20,000 square feet. It offers 94,000 buildable square feet. Since Alchemy signed a contract for the property, the retail tenants have been in the process of moving out. The property is being delivered vacant. The off-market deal closed last month for nearly $550 per buildable square foot. The seller is a group of families: the Cleemans, the Kleimans, the Holzers and the Dyckmanswho owned the building for more than 40 years.

NYC Buildings For Sale

Thor Equities">Thor Equities is looking to sell 693 and 590 Fifth Avenue, along with the retail portion of 530 Fifth Avenue, which it owns in a joint venture with RXR Realty and General Growth Properties.Thor bought the 101,000-square-foot 693 Fifth Avenuefor $142 million and bought the 82,000-square-foot 590 Fifth Avenue, which houses the NBA store, for $90 million in 2007. Thor and its partners bought the 500,000-square-foot office and retail tower at 530 Fifth Avenue for $595 million in 2014. Only the building's 100,000-square-foot retail portion is currently on offer.

Pace University">Pace University is looking to sell a 15-story Financial District dormitory building prime for a condominium conversion. The university is shopping 106-108 Fulton Street, a 75,000-square-foot residential property with retail at the base, which Pace converted into dorms in 1999. It could sell for as much as $60 million.

Samson Associates is selling 34-42 West 14th Street, a five-story property,containing180,000-square-foot office building. There is no official asking price. The price per square foot for office-and-retail properties in the neighborhood is in the range of $1,200 to $1,500 per square foot so the property is expected to sell for as much as $180 million. Samson Associateshas owned the building since 1985. The building is located between Fifth and Sixth avenues. Tenants include Harvest Collegiate High School, the Legacy School for Integrated Studies, party-supplies chain Party City, sporting-goods store JackRabbit and gym New York Sports Club. The ground-floor retail space contains 25,000 square feet.

American Bank Note Building at 70 Broad Street in FiDiis back for sale, asking $88M. The landmarked five-story property sold for $18M to a Chinese firm in 2010. It was purchased for $70 million over five years ago.

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