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April 2018

April 2018 » Market Analysis » NYC Buildings For Sale

April 2018 New York Buildings For Sale

New York Buildings for sale:

Two sites in Staten Island spanning roughly 1.1 million square feet were hitting the market with an asking price of $23 million. The two parcels at 4482 Arthur Kill Road and 742 Sharrotts Road span 24.5 acres.

The owner of sports apparel chain Modell’s is in talks to sell its Bronx warehouse for more than $100 million. The chain uses the nearly 300,000-square-foot warehouse on Marconi Street for storage and distribution. Modell’s is close to selling the two-story building, which sits on a 12-acre lot.

Magnum Real Estate Group’s Ben Shaoul is in contract to sell two sponsor units at the rental-to-condo conversion at 389 East 89th Street to separate buyers. One unit is a 624-square-foot studio with an asking price of $875,000, and other is a 989-square-foot one-bedroom with a $1.48 million ask.

The sites collectively span roughly 1.1 million square feet across 24.5 acres and consists of two sets of parcels at 4482 Arthur Kill Road and 742 Sharrotts Road in the borough’s West Shore-Charleston neighborhood, which have an asking price of $23 million.

Savanna and the Silvermintz family are looking to sell a newly constructed Chelsea office building at 540 West 26th Street for around $275 million.

A duplex condominium at One57 is for sale at $28.5 million. The 5,129-square-foot apartment is one of the last units at the tower to hit the market,. It includes five bedrooms, 5.5 bathrooms and a 17- by 28-foot solarium with Central Park views. Its largest room is 43 feet long. The unit, which sits on the 41st and 42nd floors, initially had a price tag of $16.75 million in the tower’s 2012 condo offering plan.

Kiska Development is looking to sell a large assemblage on Lexington Avenue., is actively marketing the development site at the northwest corner of Lexington Avenue and East 56th Street. The assemblage holds about 175,000 square feet of development rights, and the area’s zoning allows for residential, office, hotel and medical uses with no height restrictions,.

AJ Property Management is looking to sell 231 West 29th Street a 15-story Chelsea office building. The 144,300-square-foot property at 231-239 West 29th Street has an asking price between $120 million and $125 million, or about $830 per square foot.

A large development site along the North Williamsburg waterfront could soon be the latest megaproject.

The family behind an office-equipment empire is looking to sell a site spanning nearly one full city block and a parcel just across the street.

Ko-Rec-Type owns six parcels bordered by North 9th and 10th streets and Kent and Wythe avenues, as well as a nearby site at 96 North 10th Street. The primary site offers 350,000 buildable square feet, and the sister site offers 86,000 buildable square feet. The six parcels on the primary site have the combined addresses of 67–67-81 Kent Avenue, 106–126 Wythe Avenue, 45–57 and 67–81 North 9th Street, and 44–84 North 10th Street. The one parcel on the city block not belonging to Ko-Rect-Type is a one-story plumbing-supply building at 61-65 North 9th Street, which Yoel Goldman’s All Year Management acquired in 2012 for $4.5 million. That property comes with 36,000 buildable square feet. Nearby sites have sold between 200-300/SF.

David Israeli tore down five buildings along Ninth Avenue. And now he’s ready to sell the site. located at 485- 497 Ninth Avenue. The site is between West 37th and West 38th streets, and it can handle up to 185,000 square feet of development or up to 320,000 square feet if the purchaser secures available air- rights from the Port Authority.

The Jack Parker Corporation is putting the majority of its New York City holdings on the market,

The massive multifamily portfolio consists of Parker Towers, a three-building, 1,327-unit complex in Queens’ Forest Hills neighborhood; the 291-unit high-end rental building Truffles Tribeca; and the 464-unit Midtown rental tower the Biltmore. The properties could be sold separately or as one 2,082-unit package.

Financial institution Progressive Credit Union sold two commercial condos in Midtown South for $18 million. The units are within 131 West 33rd Street, an office condominium building owned by Time Equities and Hamlin Ventures. The buyer is labor group Construction and General Building Laborers’ Local 79.

New York Buildings Sold:

Sentinel Real Estate sold two rental buildings at 921 and 941 Washington Avenue in Crown Heights for $53.3 million.

Dutch pension fund manager PGGM snapped up a 30% stake in apartment tower 21 West End Avenue, in a deal that valued the building at $650 million. Carlyle Group and Greenfield Partners are the sellers. Dermot Company and AFL-CIO Building Investment Trust, which developed the 616-unit tower, own the remaining 70%.

Google’ s tech giant’s $2.4 billion purchase of the Chelsea Market building was an all-cash transaction. Bennat Charatan Berger and Andrew Miller’s Novel Property Ventures sold a Brooklyn Heights rental building. Investors George and Peter Eliou, which owns several Williamsburg buildings, closed on the $35.5 million purchase of the six-story, 32,000-square-foot property at 115 Henry Street.

LBA Realty and RXR purchased development sites at 54-15, 55-15 and 56-19 Grand Avenue in Maspeth. The owner of the properties, Cascade, was at first in talks with the city to sell the properties for use as a storage facility for the New York City Police Department. When the deal dragged on, Cascade pursued other buyers. They may try to lease the property out to the NYPD.

Wharton Properties is taking over SL Green Realty’s $100 million investment in a trio of Soho properties. Through a joint venture, Wharton and SL Green bought the 11-story office-and-retail buildings at 530-536 Broadway for $340 million in 2014.

Dell’s MSD Capital and TF Cornerstone will likely make a profit of almost $90 million selling air- rights to JPMorgan Chase for its new headquarters. In July 2016, they bought a 90% stake in 1.35 million square feet of air- rights tied to Grand Central Terminal. They paid $126 million or $104 per square foot. Investor Andrew Penson owns the remaining 10%.

A buyer listed as Soarhigh Global Ltd. has purchased the penthouse unit 94B at 432 Park Avenue for $32.4 million. This is significantly less than its previous asking price of $40.5 million.

The project from Macklowe Properties and CIM Group is now more than 85% sold and crossed the $2 billion threshold in February. This makes it the city’s highest grossing building ever. Late in 2017, a Chinese buyer paid $91.1 million for three apartments in the tower.

An unknown buyer has entered contract to buy the five-story penthouse at 730 Fifth Avenue,the Crown Building for $180 million. If a deal is finalized at that price, it would surpass the priciest closed home deal in New York City, a $100.5 million penthouse sold in 2014, by roughly $80 million. At $14,358 per foot, the price would also set a new record on a per foot basis.

Sitting atop 730 Fifth Avenue, the 12,536-square-foot residence is one of 26 condominium units being developed which will include 20 private residences and six staff suites. Doronin is also bringing an 83-key Aman-branded hotel to the building. He purchased the fourth through 24th floors of the building with Michael Shvo for $475 million.

Shamin bought the 81-room Hampton Inn hotel located at 32 Pearl Street in the Financial District for $32.4 million from Hersha Hospitality. The purchase price works out to $400,000 per key for the seven-story hotel.

Isaac Kassirer closed on the $116 million purchase of a four-building multifamily portfolio including 203, 210, 220 and 230 West 107th Street. The investor entered contract late last year on a package of three buildings: 210, 220 and 230 West 107th Street that has since been expanded to include the nearby 203 West 107th Street. The package, which belonged to the Orbach Group, collectively has 219 rental apartments spanning 230,000 square feet.

Midtown Equities has entered contract to sell 155 Attorney Street to the Schwalbe family for nearly $40 million. The seven-story contains 37-unit luxury rental. Midtown Equities, acquired the site for $15 million in 2013. The price per unit for the sale would come out to about $1 million per unit.

JPMorgan Chase is in talks to buy another 100,000 square feet of air rights from St. Bartholomew’s Church as part of its plan to build a new 2.5-million-square-foot tower. The bank is also purchasing 680,000 square feet of air-rights from the owners of Grand Central Terminal for $240 million. JPMorgan Chase plans to demolish its headquarters at 270 Park Avenue and replace it will a larger office tower made possible through the Midtown East rezoning.

Hidrock Properties bought a development site just south of the World Trade Center and paid $38.5 million for the site at 112 Liberty Street, which is composed of a retail condominium and a residential condo with 13 units.

Savanna signed a contract to acquire 5 Bryant Park, also known as 1065 Sixth Avenue, for $640 million. Blackstone has been looking to sell the 34-story, 665,000-square-foot property since 2016. The sale, which comes out to about $980 per square foot.

A&E Real Estate Holdings is acquiring a trio of rental buildings on the Upper West Side for at least $180 million: The Stonehenge Village complex, one on West 96th Street and two on West 97th Street, contain about 420 apartments overall, and A&E bought them from a joint-partnership of Ivanhoe Cambridge, SL Green Realty and Stonehenge Partners.

Brookfield Property Partners is buying New York REIT’s 350 and 367-387 Bleecker Street for $31.5 million

Criterion Group is selling its 711-unit residential development site on the Astoria waterfront to Cape Advisors for $85 million. Criterion is also facing a lawsuit from the Bassuk Organization and Greystone EB-5, who claim the developer backed out on nearly $230 million in construction financing.

JMC Holdings paid $47 million to buy 306 East 61st Street, known as the Interior Design Building.

Spencer Equity is in contract to buy a 250-unit rental building in Coney Island for $50 million. The 20-story building at 2911 West 36th Street is 229,865 square feet, and includes 259 apartments and five retail units.

The real estate family office for the Safra family has purchased a mixed-use Soho building for $23.5 million. The building at 13 Prince Street is five stories tall with 20 apartments and three commercial units. JSRE Acquisitions purchased it from 224 Enterprises Inc., which is controlled by John Wai.

Beekman Real Estate Investment Management has picked up a vacant Midtown office condominium at the base of a 47-story residential tower. Beekman paid north of $46 million for the six-story, 56,000-square-foot property at 133-135 West 52nd Street from MRP Realty and its Boston-based private equity partner Long Wharf Real Estate Ventures.

South Korean restaurant franchise Bonchon Chicken bought 131 West 14th Street, a five-story mixed-use building in Chelsea, for $13 million. The 11,550-square-foot property, located between Sixth and Seventh avenues, has four apartments and one retail unit that will be delivered vacant. The seller is the De Silva family, which has owned the building since the late 1970s.
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