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April 2021

April 2021 » Market Analysis » NYC Buildings For Sale

April 2021 New York Buildings For Sale


Buildings for Sale:

The Lower East Side building at 217 East Houston Street, home to the nightclub Mercury Lounge, is for sale. The mixed-use tenement building is listed for $7.5 million.

Enterprise Asset Management is looking to sell the ground lease on its 20-story office building at 360 Park Avenue South. The 450,000-square-foot building will be completely vacant at the end of the year when the master lease on all of the building’s office space expires.

Buildings Sold:

The Kaufman Organization closed on a $34.5 million ground lease at the Haymarket Building. The organization signed a 99-year ground lease with MFM Properties for the 12-story office building at 135 West 29th Street.

Mack Real Estate has gained control of a seven-hotel portfolio at a major discount. The developer paid transfer taxes on $315.8 million or less than 40% of the portfolio’s 2016 value of $816.3 million for the seven properties, all of which are in Manhattan. The seven hotels are located in Times Square, Chelsea, Herald Square and the Financial District operating under the Holiday Inn, Hampton Inn and Candlewood Suites brands. The properties are at 116 West 31st Street, 108 West 24th Street, 337 West 39th Street, 339 West 39th Street, 343 West 39th Street, 51 Nassau Street and 126 Water Street.

One of Soho’s priciest retail properties, which SL Green Realty owned then lost, traded hands at a UCC foreclosure auction. The roughly 6,000-square-foot retail space at 106 Spring Street, which has been vacant for years, sold to a Texas private equity firm. The sale price was not disclosed.

A limited liability company affiliated with Delshah Capital purchased a commercial condo unit at 761 Seventh Avenue in Midtown for $24.2 million. The property is 22,450 square feet. The seller is 761 Partnership. The space included a food court operated by Reese Group that had a KFC and Pizza Hut. It also shuttered.

Paladino Realty Corporation sold a 49,600-square-foot warehouse at 581 Austin Place in the South Bronx for $11.8 million to SNL Storage, a self-storage company.

Ford Coyle Properties sold a 13,700-square-foot retail building at 2818 Coney Island Avenue in Sheepshead Bay, Brooklyn. Nargis Cafe, an Uzbek restaurant, occupies the space. The deal was for $22 million and the buyer was a limited liability company affiliated with the law firm Nazrisho & Associates and the grocery store Oasis Mega Market.

Benchmark Real Estate Group purchased a 9,100-square-foot, mixed-use building at 826 Madison Avenue in Lenox Hill for $12.5 million. Jordan Vogel signed for the buyer. Sprayregen Real Estate Advisors was the seller.

SNL Development purchased a warehouse at 581 Austin Place in Mott Haven for $11.8 million in an off-market deal, and plans to bring self-storage units to the building. The seller was the Paladino Realty Corporation.

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