April 2023 » Market Analysis » NYC Buildings For Sale

April 2023 New York Buildings For Sale

Buildings for Sale:

115 Seventh Avenue could sell for half the amount when Argentic Investment Management took control of the seven-story building at Seventh Avenue and 17th Street, hoping to get around $30 million.

Gregg Singer is fighting Madison Realty Capital’s attempt to foreclose on the old P.S. 64 site and put the entity into bankruptcy protection a day before a foreclosure auction. Giving Singer one last shot at selling the property or refinancing the debt on it.

JDS Development and the retail piece of 9 DeKalb Ave will hold onto condos. JDS Development has listed the 398-unit rental apartments and retail portion of the 93-story tower Avenue and is eyeing between $600 million and $700 million.

Flatiron Building at 175 Fifth Avenue will be auctioned again after the buyer failed to come up with the down payment.

LNR is asking the court to approve the foreclosure at 29 West 35th Street, the 12-story office building so it can sell the building at auction. Paul Sohayegh and Roni Movahedian have two judgments against Sohayegh and Movahedian over the owners’ default on a $41 million loan.

A state judge ruled that Urban Standard Capital could sell 171 Bowery at auction. The lender filed a foreclosure action against Grant Shapolsky and Prime Manhattan Development.

Buildings Sold:

Brookfield Properties, the majority owner of the 2.3 million-square-foot skyscraper at 165 Broadway, is negotiating to buy a 49% stake from Blackstone Group at a valuation of $1 billion which means that they would take a $500 million loss.

Jacob Chetrit’s firm transferred the property at 850 Third Avenue to private investment firm HPS Investment Partners in a deal valued at $266 million.

Empire Capital Holdings agreed to buy the property at 529 Fifth Avenue from Silverstein Properties for $105 million. The deal for the property, which has 254,000 square feet of office space and 27,000 square feet of retail space, works out to roughly $400 per square foot.

Chetrit transferred the project at 255 West 34th Street to Maverick. The transfer was valued at $104.5 million.

Weybourne Group bought the four-story, 13,500-square-foot building at 155 Mercer Street from a partnership between ASB Real Estate and Thor Equities for $60 Million. That’s a deep discount to the $93 million the property was valued in late 2016.

Marcal Group bought partner Rester USA’s stake in a deal that values the three properties at $57 million located at 3250 Westchester Avenue and 3651-3681 Bruckner Boulevard. The site is home to the 76,500-square-foot Pelham Bay Professional Center.

Concord Hospitality acquired the Cambria Chelsea hotel at 123 West 28th Street for $48.4 million from Robert Chun’s We Care Trading Co. Ltd.

Cayuga Capital Management sold a Williamsburg warehouse at 1 Nassau Avenue, home to Vital Climbing Gym to EPR Properties for $43.3 million.

Vanbarton Group sold the retail condominium at The Astor, 235 West 75th Street for $38.7 million to an entity connected to Waterfall Asset Management.

Dennis & Co. Auto Group bought a development site at 38-08 43rd Avenue and 38-15 Queens Boulevard for $35 million from United Taxi Management Group.

Success Academy Charter Schools bought a development site in Jamaica for $30 million from Scott Perlstein. It spans about 66,700 square feet across 11 parcels, a new location for a charter school network at 153-01 Hillside Avenue, 153-02 Hillside Avenue, 153-03 Hillside Avenue, 153-10 Hillside Avenue, 153-12 Hillside Avenue, 87-65 153rd Street, 87-73 153rd Street, 87-77 153rd Street and 87-81 153rd Street.

Urban Resource Institute bought a development site at 2351 Walton Avenue in Fordham Heights for $28.3 million from Neal Lazar. Permits were filed in 2020 for a 12-story, 62-unit, 39,000-square-foot community facility on the site.

A two-story, 33,000-square-foot retail building and a pair of parking lots at 32-02 Linden Place in Flushing traded hands for $24.6 million. The buyer, Vernon 298 LLC, and the seller, Rainier Group of New York LLC. The properties span the block between Linden Place and Farrington Street and south of 32nd Avenue.

Twin Group Associates bought a four-story office and retail building at 150-154 Lawrence Street in Brooklyn for $22.5 million from Ching-Tien Realty Inc. The 19,400-square-foot property contains a Goodwill store, a Hibachi restaurant, a nail salon and office space.

Terreno Realty bought a warehouse at 42-11 Ninth Street in Long Island City for $23 million from Titan Contracting.

Wavecrest Management and the Settlement Housing Fund bought an apartment building and vacant lot at 1350 Bedford Avenue for $18 million from Lewis Henkind. The 79-unit building spans 86,000 square feet.

An entity connected to Optimum Properties bought a retail property at 603 Fifth Avenue in the Diamond District for $16.3 million from 603 Fifth Avenue LLC. The four-floor, 9,400-square-foot building is home to an Aldo footwear store and was last sold in 20016 for an undisclosed amount.

The Archdiocese of New York sold the former Church of St. Benedict the Moor at 338, 340 and 342 West 53rd Street in Hell’s Kitchen for $16 million to an entity tied to the Los Angeles-based nonprofit JMM Charitable Foundation.

The Witkoff and Birnbaum families sold a retail building and parking lot at 47-07 Broadway in Astoria for $11.1 million to Frank Tehrani. The 27,300-square-foot property is zoned residential and can build 54,500 square feet.

Essex Management Co. sold a retail building at 2577 Nostrand Avenue in Midwood for $11 million to Naomi and George Lebovits. The one-story, 16,000-square-foot building had a Rite Aid. There’s also a parking lot.

Pasquale and Amalia Coppolecchia sold two mixed-use buildings at 1725-1727 Second Avenue on the Upper East Side for $10 million to Moshe Khoshkheraman. The five-floor buildings consist of 39 units across 17,600 square feet.

A24 purchased the Cherry Lane Theatre in the West Village for $10 million. An entity named Cherry Lane Venue LLC was listed as the buyer.

McDonald’s sold its former location at 136 West Third Street in Greenwich Village for $7.3 million to The Comedy Cellar.

Sonesta International Hotels Corporation purchased The Fifty Hotel at 155 East 50th Street for $99.8 million. But was part of a larger, $324.3 million deal for four hotels.

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