Buildings for Sale:
The Duell family is seeking about $300 million for their nine-building portfolio of largely retail properties: 5 East 57th Street, a 22-story, 49,000-square-foot property, containing 19 commercial units, 90% occupied and 673 Madison Avenue, the 9,000-square-foot building. The rest of the Duell portfolio for sale is in Greenwich Village including a mix of retail and residential space.Investors are working together to try and sell the 1,331-key property for around $350 million for Manhattan’s Row hotel. An investment group led by David Werner, which owns the ground underneath the hotel at 700 Eighth Avenue, is jointly marketing its interest along with a group of investors led by Highgate and Rockpoint Group, which own the long-term lease controlling the hotel itself.
The retail for 229 West 43rd will be sold at auction on May 29th.
An investor is looking for someone to build a 1 million square foot tower near Grand Central Terminal. AEW Capital Management has put the office building at 250 Park Avenue up for sale, with a price of $300 million to $350 million. The 1920s-era building is 76% occupied, but AEW has structured the leases so a buyer can terminate them and demolish the edifice. With special permitting bonuses available under the Midtown East rezoning, a new building could be as large as 950,000 square feet.
Buildings Sold:
Sutton and SL Green sold the retail portion of 715-717 Fifth Avenue for $963 million to Kering.The Vanbarton Group sold a newly redeveloped boutique office building at 15 Laight Street in Tribeca to Hyundai for $273 million in cash.
Citadel, in partnership with Rudin Management and Vornado Realty Trust, is in contract to purchase up to 250,000 square feet of air rights from St. Bartholomew’s Church for $78 million or $312 per square foot.
Madison Realty Capital sold a 62-unit apartment building in Clinton Hill, Brooklyn, for $27.5 million. Witnick Real Estate Partners acquired the seven-story building at 97 Grand Avenue and 96 Steuben Street.
Weizhen Chen acquired the 67,000 SF building at 34-20 Linden Place after Linden Center LLC for 23.1 million from Yong Chun Guo, Henry Lam and Rita Lam.
945 Bergen Street, a multifamily development in Crown Heights, sold at an auction to Rabsky Group for $18.8 million.
Zar Property Group and HPNY partnered to acquire the office building at 26-30 West 61st Street from the Brodsky Organization and paid $15.1 million for the 57,000 SF property. The property is triple-net leased to the New York Institute of Technology for another two years.
