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August 2013

August 2013 » Market Analysis » NYC Buildings For Sale

August 2013: New York Buildings For Sale


NYC Buildings For Sale


A 20,083-square-foot residential development site at 505-511 West 43rd Street is for sale. The site is asking about $300 per buildable square foot, or nearly $50 million.
The site, located between 10th and 11th Avenues, can accommodate 160,664 square feet of zoning floor area and 190 residential units but is complicated by its location above an active Amtrak rail line. As a result, potential development will require two special permits, to be obtained through the city’s Uniform Land Use Review Procedure.

LCOR, a national investment, management and development company, is quietly shopping around its leasehold in a 17-story, 140,000-square-foot building at 545 Madison Avenue.

The Kaufman Arcade building in Midtown South is on the market for the first time in over 60 years. The 198,000-square-foot property at 141 West 35th Street could fetch north of $90 million. The mid-block building runs from West 35th Street to West 36th Street between Broadway and Seventh Avenue.

Savanna is selling the office building at 5 Hanover Square to CIM Group, a private equity firm based in Los Angelesfor around $105 million.

A six-story mixed-use Chelsea building, home to celeb-friendly eatery Cafeteria, is set to hit the market for $45 million, or almost $850 per square foot, The 53,123-square-foot property, at 161-165 West 17th Street.

22 River Terrace is for sale a 324-unit rental tower built in 2001.

Andrew Penson has bid a $710 million to purchase One Grand Central Place, a Malkin Holdings-owned office tower. Penson, whose company owns Grand Central Terminal, is also one of the Empire State Building stakeholders who has opposed the Malkin Holdings’ plan to sell the iconic skyscraper as part of a public offering.

New York Buildings sold


SL Green has agreed to sell off a 347,000-square-foot, fully leased office property at 333 West 34th Street for $220.3 million to a unit of American Realty Capital.

The Metropolitan Transit Authority is selling a Soho parking lot for $25.8 million to developer Madison Capital.
240 West 40th Street, between Seventh and Eighth avenues, went into contract June 30. It had been on the market for $65 million since last fall.

Ziel Feldman’s HFZ Capital will pay $600 million for Westbrook Partners’ four-building, 750-apartment Manhattan rental portfolio.Westbrook had put the buildings on the market as part of a $1 billion portfolio.Feldman will purchase the Astor, a 12-story, 212-unit prewar building at 235 West 75th Street which contains prime commercial space. The other three buildings are the Metro, a 264-unit building at 301 West 53rd Street in Clinton; the 107-unit LexLofts at 90 Lexington Avenue in NoMad; and the adjacent 88 Lexington Avenue, a 180-unit tower.

A partnership led by Steven Witkoff’s Witkoff Group has reached an agreement with the estate of Leona Helmsley to buy the Park Lane Hotel on Central Park South for more than $650 million.

Normandy buys 135,000-square-foot Flatiron District office building for $50 million.

A 38,885-square-foot office and retail property at 415 West Broadway, owned by Westchester County-based commercial landlord Willett Companies, has gone into contract for $41 million.

A group led by Sitt Asset Management is selling fashion label Donna Karan New York’s 160,000-square-foot headquarters in Midtown West for $63 million. The buyer is AEW Capital Management.

RFR Realty and Kushner Companies’ $375 million purchase of the Jehovah’s Witnesses buildings in DUMBO.

Sam Schneider and Daniel Glaser have partnered with Centurion Realty and an institutional investor to buy the retail condominium at the base of 40 Mercer Street for $80 million.The retail condo HAS 75 feet along Broadway, 200 feet on Grand Street and 45 feet on Mercer Street has 9,400 square feet of ground floor space and 4,700 square feet of below-grade space.

Real estate investor Joseph Safdieh of Safka Holdings is close to completing the purchase of a four-story West 57th Street building for $65 million, but first he must work out some kinks in the deal with the sellers.Safdiehobtained an agreement to buy the property at 220 West 57th Street, between Broadway and Seventh Avenue, in May. But he is now suing the ownersfor refusing to further extend the due diligence period on the property.

Emmes Asset Management is in contract to buy the 24-story office building at 180 Water Street for approximately $154 million. They inked a contract in mid-June to buy the 509,000-square-foot building. The closing is expected soon. If the deal is completed, the sale would be at just over $302 per square foot.

John Lam, is buying a parking garage on a mid-block site between West 24th and West 25th Streets, with plans to raze the structure and build a 270,000-square-foot hotel tower.Lam already aims to break ground next year on a 300,000-square-foot hotel that will run along Broadway from West 29th to West 30th streets.

L&L Holding Company, formerly the minority stakeholder in a new office development at 425 Park Avenue, has acquired the remaining 90 percent interest in the property from Lehman Brothers. The company paid close to $140 million for Lehman’s stake. The stake was valued by Lehman at $84 million in 2006.
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