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April 2020

April 2020 » Market Analysis » NYC Buildings For Sale

April 2020 New York Buildings For Sale

Buildings for Sale:

Four years after receiving approval to build a 26-story, 310-key hotel at 1150 Sixth Avenue, developer Morris Moinian has decided to sell the vacant site instead. The midblock site is between West 44th and West 45th streets. It is a great development site with approved plans to build a hotel there, which a new owner could use or not.

Brookfield Property Partners and Blackstone Group are reportedly in talks about a possible sale of One Liberty Plaza, a 2.3 million-square-foot office tower in the Financial District.

Barneys has put its downtown Manhattan property at 101 Seventh Avenue for sale. The firm is reportedly seeking $50 million for the 51,942-square-foot retail condominium.

Buildings Sold:

Aby Rosen’s RFR Realty is in contract to acquire the office portion of 522 Fifth Avenue from Morgan Stanley for around $350 million. Morgan Stanley occupies all of the office space in the 23-story office building, and was reportedly looking to sell the office condominiums to a new landlord in 2017, as it searched for a new 1.9 million-square-foot Manhattan headquarters.

Michael Shvo has closed on his purchase of 530 Broadway. Jeff Sutton and Joe Sitt sold the Soho retail property to a Shvo-led partnership for $382 million, slightly less than the $400 million the property originally went into contract for.

Kaufman, along with its joint-venture partner AXA Investment Managers, closed on the purchase of the 12-story office building at 56 West 22nd Street. The purchase price of the all-cash deal, $48.5 million, works out to nearly $725 per square foot for the 67,000-square-foot building.

Triad Professional Services purchased 1115 Broadway for $26.1 million from an LLC based in Westchester. The office building is 12 stories tall and has 50 units.

RXR Realty purchased a warehouse in the South Bronx from Somerset Partners for about $23.7 million. The property is located at 2413 Third Avenue in Mott Haven and stands five stories tall with three units.

Yucaipa Companies purchased a mixed-use building at 137 Ludlow Street for $15.3 million from Princeton Holdings. The property is four stories tall and has one residential unit.

RXR purchased 9 Bruckner Boulevard from Keith Rubenstein for about $10.8 million. The Mott Haven property is a two-story warehouse.

Park Avenue South Management purchased a residential building in Washington Heights for $10.15 million from Bella Vista Realty Corp. The property, at 1312-1322 Riverside Drive, stands six stories tall and contains 64 apartments. Gemini Rosemont purchased 42-46 Second Avenue from the Roman Catholic Church for $40 million.

HFZ Capital bought 150-152 East 79th Street on the Upper East Side for about $30.5 million from Montrose Lexington Associates. A New Mexico-based LLC bought a one-story warehouse in Williamsburg for $18.2 million from Kevsta Inc. The property at 167-171 North First Street spans 13,860 square feet.

Amazon is buying the Lord & Taylor building from WeWork for $1.15 billion. The bulk of the purchase price comes in the form of a $750 million construction loan WeWork took out to renovate the massive property, which Amazon will pay down.

Gaedeke Group has purchased 44 Wall Street from Blackstone for $200 million. The building is 24 stories tall and spans 354,000 square feet, and it is 84% occupied.

Munich RE closed on 330 Madison Avenue for $900 million from Abu Dhabi’s sovereign wealth fund.

Eli and Isaac Chetrit, along with Jacob Aini, are in contract to buy 622-628 West 153rd Street for $30 million. The property comes with plans to construct a residential building.
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