market research

April 2019

April 2019 » Market Analysis » NYC Buildings For Sale

April 2019 New York Buildings For Sale

Buildings For Sale:

AEW Capital Management is looking to sell its boutique office building at 360 Lexington Avenue. The Boston-based investment firm put the 26-story building at the corner of Lexington and East 40th Street on the market with a price around $190 million

A pair of office buildings in the Garment District is on the market with an asking price of $140 million, which span more than 200,000 square feet combined. The larger of the two buildings, 142 West 36th Street, is 17 stories tall on the block between Seventh Avenue and Broadway with a total of 119,203 square feet and 234 West 39th Street spans 91,943 square feet across its 10 floors.

Buildings Sold:

Savanna is buying the former Lefcourt Colonial Building at 521 Fifth Avenue from SL Green for $381 million. The building stands 39 stories tall and spans 460,000 square feet.

The City University of New York bought seven commercial units at 334 East 79th Street that house student dormitories for Hunter College for about $20.8 million. The seller of the eight-story, Upper East Side property, which sits between First and Second Avenues, was California-based real estate investor Hawkins Way Capital.

Tishman Speyer paid $20.14 million for 527 West 36th Street. The site will be redeveloped as a park, in return, the city awarded the developer unspecified air rights for a planned office tower that is to be built on the same block. It will be built over the rail yards that are currently occupying the site. JPMorgan Chase may be buying the U.S. headquarters for Bank of China at 410 Madison Avenue for more than $100 million. The bank has moved into the building, which stands seven stories tall and spans just over 58,000 square feet in Midtown East.

The developer’s Naftali Group signed a contract to pay $167 million for an Upper East Side development site owned by Muss Development and the Aryeh family. The site consists of six low-rise buildings at the corner of East 83rd Street and Third Avenue, and has more than 250,000 buildable square feet, bringing the contract price to about $668 per square foot.

Harry Macklowe closed on the purchase of a six-story rental building at 5 East 51st Street from Noam Management for $44 million. He already owns 12 East 52nd Street, for which he paid $32 million and 4 East 52nd Street. Macklowe’s vision is for a tall and skinny mid-block office building between East 51st and East 52nd Streets known as “Tower Fifth.” It would stand about 1,500 feet tall, span 1 million square feet and likely cost upwards of $1 billion.

RFR Holding is purchasing the Chrysler Building. A purchase-sale agreement between RFR and the sellers, Tishman Speyer and an Abu Dhabi government fund, was expected to be signed soon. The sale price was higher than the bids in the $100 million-range.

The Rockefeller Group paid about $24 million the final piece of an assemblage to buy land on West 48th Street and now plans to sell that assemblage between Sixth and Seventh avenues, where a new owner could develop a building larger than 400,000 square feet. The development site, which has an address of 150 West 48th Street, currently holds almost 360,000 square feet of development rights.

The Wilfs, the family behind Skyline Developers, paid $75 million to acquire the property at 9-11 West 54th Street, which features two adjoining homes and a small office building.

The Franciscan Handmaids of the Most Pure Heart of Mary sold 15 West 124th Street in Harlem for $9.4 million. The buyer was an entity tied to Michael Dwyer. Also included in the deal was 21 West 124th Street next door, which houses the group’s nursery school. The order hopes to move to a smaller facility in the neighborhood.

Midtown Electric Supply sold its seven-story building at 157 West 18th Street for $23.2 million to Caspi Development.

Caspi and its partners sold two office buildings in the Lower East Side to Marx Realty for $48.5 million.

Magna Hospitality Group closed on its buy of Sam Chang’s newly built hotel in the Garment District at 338 West 36th Street, a 26 story property. McSam Hotel Group sold the property for $274.3 million.

The Zucker Organization sold its parking garage facility at 41 East 21st Street for around $32.2 million to Georgia-based Mequity Companies.
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