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April 2017

April 2017 » Market Analysis » NYC Buildings For Sale

April 2017 New York Buildings For Sale

New York Buildings For Sale:

Ashkenazy Acquisition Corporation and DekaBank are looking to sell a newly redeveloped retail space at the base of 522 Fifth Avenue. The owners finished a $16 million renovation of the two vacant retail condominiums at the base of the 23-story, 380,000-square-foot office condo building. The two-floor retail condos together have 27,310 square feet, with about 10,850 square feet on the ground floor. The retail was valued at $277 million last year, when General Growth Properties sold its 10% stake to an unidentified investor. Ashkenazy, Germany-based DekaBank and Chicago-based real estate investment trust GGP jointly acquired it for $165 million in 2014 from Morgan Stanley, which continues to occupy the entire office space.

HNA Property Group is looking to sell one of its stake in 1180 Avenue of the Americas. HNA bought a 90% stake in the 383,983-square-foot office building, between 46th and 47th streets, for $259 million in 2011. It acquired it from the Carlyle Group, which was delinquent on loans to the building at the time.

Westbrook wants to sell a 144,000-square-foot office building in Midtown South. The building at 31 West 27th Street is fully leased, with some leases with rents at 20% below market rate, expiring within three years. It could get up to $115 million. The ground-floor retail space could also be upgraded to attract higher paying tenants, and amenities could be added to the roof.

Thor Equities is looking to sell a portfolio of retail properties. Vacancies at properties such as 597, 590 and 530 Fifth Avenue could be causing the landlord to default on his loans. Thor is considering offers ranging from $140 million to $150 million on 590 Fifth, down from an asking price of $170 million last year.

Two years ago, a gas explosion destroyed three buildings on Second Avenue in the East Village and killed two people. Now the owner of the lots of the buildings once occupied is looking to sell her property for around $12 million. A neighboring lot sold to Ezra Obowo for $6 million last year.

New York Buildings Sold:

The Carlyle Group is buying the remaining office condominiums at 866 United Nations Plaza for about $218 million. The seller was Meadow Partners.

60 Guilders, previously holder of a lease on the retail at 121 Spring Street in Soho, decided to buy the space for $28 million. The retail condominium is 3,200 square feet and was recently occupied by American Apparel, now closed. The seller signatory on the deal was Kate D. Levin, owner of one of four residential condos at the five-story building. The seller entity, 121 Spring Associates, appears to be composed of the other residential condo owners at the 11,250-square-foot building.

Trion Real Estate Management picked up a five-story mixed-use building in Hell’s Kitchen for $11.5 million. The Yonkers-based investment firm bought the building at 818 Tenth Avenue from Churchill Real Estate Holdings. The building is between 54th and 55th Streets with 18-units including two commercial units.

Chinese conglomerate HNA Group is about to close on 245 Park Avenue, a Midtown tower it agreed to purchase for $2.21 billion, or over $1,220 per square foot.

CIM Group bought a one-story building from Mount Sinai Beth Israel hospital for $13 million. The 1,900-square-foot building at 343 East 17th Street is part of the hospital complex in Gramercy Park and is currently an outpatient center.

The LeFrak Organization is in contract to acquire the Dumont NYC hotel for roughly $120 million and is most likely to convert the property. The 37-story, 252-key, 176,600-square-foot Affinia-branded property is located at 150 East 34th Street in Kips Bay.

Premier Equities sold a retail co-op unit at 682 Broadway in Noho for $10 million to Ascot Properties. The 1,000-square-foot ground-floor space is at the corner of Broadway and Great Jones Street.
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