Buildings for Sale:
The city plans to sell 100 Gold Street to a developer and use the proceeds to relocate and build out office space for the agencies, either within its portfolio or in newly acquired office space. The city is looking for a developer to replace the 100 Gold Street office building with a mixed-income residential building with over 1,000 apartments. The city will sell the building and use the proceeds to relocate the current tenants, which include several city agencies and a senior center, to new office space. The agencies and senior center occupy about 530,000 square feet at Gold Street and will remain at the building until they find new space.GLenders file pre-foreclosure cases against Madison Realty Capital. Claims over six properties tied to Signature Bank loans. Madison Realty is allegedly on the brink of default at a handful of properties. The buildings include rent-regulated units. The buildings secured the combined $76 million worth of debt. The largest loan is tied to 361 East 50th Street, a 44-unit building in Turtle Bay that carries a $33 million loan originated in 2019; Madison Realty acquired the property for $40 million. 216-218 West 22nd Street, 440-442 Tenth Avenue, 17 Bleecker Street, 1419 Eighth Avenue and 222 East 27th Street.
Seaport Entertainment Group lists 250 Water Street. There’s no asking price. The land’s gross carrying value is $143 million. The site’s development approval is for 26 stories and 399 units. The site qualifies for the 421a tax abatement after the completion deadline for the program was extended to June 2031.
A&E Real Estate put the 413-unit Holland complex on the Upper West Side up for sale, The multifamily landlord is hoping for $200 million, $87 million less than they paid seven years ago.
The Pakistani government is selling the Roosevelt Hotel at 45 East 45th Street. The site could be developed into a roughly 1 million-square-foot tower.
RXR lost control of 340 Madison Avenue, an office building to Mutual Life Insurance subsidiary Barings who purchased the property at auction for $161 million. The 22-story, 760,000 SF building has estimated office asking rents between $68 and $83 per square foot.
Buildings Sold:
Miki Naftali is reportedly buying 800 Fifth Avenue, a 208-unit rental building, for over $800 million.The deal is in contract but has not closed. Naftali may convert the property into condos.
Chanel is negotiating a deal to buy 65,000 sq ft of retail space at 655 Madison Avenue for $450 million.
Brookfield sold the office property at 333 West 34th Street for $150 million.
The deal was signed at the start of the year and just closed. The buyer shares an address with Taconic Partners. The sale of the 287,000-square-foot office property works out to $523 per square foot. Brookfield sold the property for more than $100 million less than the $255 million it paid for the property seven years ago.
The priciest hotel transaction in New York City in 2024 was of the Thompson Central Park Hotel, located at 119 West 56th Street, which Gencom bought from GFI Capital Resources Group and Elliott Management for around $289 million.
Extell Development snapped up three buildings next to his planned Madison Avenue residential tower. Extell bought 35, 37 and 39 East 60th Street from Solil Management for $103 million.
The assemblage is next to the 200,000-square-foot office building that Extell is planning to demolish to make way for a 62-unit residential tower and commercial space. The properties include a residential building and two mixed-use buildings that span a total of 28,000 square feet, and 99,000 square feet of air rights. Extell had already filed plans to demolish the properties.
Carlyle Group transferred 29 condos at 866 United Nations Plaza, valued at $60.8 million, to its lender, AllianceBernstein, after a failed auction.
AllianceBernstein, already holding a $160 million mortgage on the properties, will also assume ownership of the debt.
Shel Capital and Bluestone Investments purchased a 105-unit property at 237 11th Street for $68.5 million from Trinity, who had purchased it in 2018 for $81.2 million and refinanced it in 2021.
Nelson Tuchman sold Corona property to Pinnacle Group of Hudson Valley. The 55,000-square-foot facility for $56 million is located at 111-26 Corona Avenue.
Tuchman paid only $3.3 million for the 200-bed property back in 2008.
Han’s Holding Group sells 169-key Hilton Garden Inn in Chelsea hotel for $50 million to Raymond Chau at 121 West 28th Street for $49.9 million, using the entity Hammertime W28 Street for the purchase.
The deal breaks down to $295,000 per room.
Schwimmer’s Chess Builders purchased the site at 355 East 86th Street for $50 million.
That’s a significant premium from the $14.5 million Extell Development paid.
Empire Capital buys two properties in a short sale for less than $50 million.
Empire Capital Holdings is set to acquire the properties at 256 West 38th Street and 229 West 36th Street. The final price was at least two thirds off of the $157 million Bahrain-based Investcorp paid for the properties in 2017.
A $53 million condo on the 116th floor of 217 West 57th Street was the most expensive home sold in Manhattan from March 17-23rd.
Extell bought a lot at 576 Fifth Avenue for $175 million that will complete an assemblage for a 33-story office tower that will have an Ikea superstore. Ingka Investments, Ikea’s largest franchiser, will own the 80,000-square-foot retail space and is partnering with Extell on the project, which stands to be over 1 million square feet.