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August 2014

August 2014 » Market Analysis » NYC Buildings For Sale

August 2014 New York Buildings Purchased & For Sale


New York Buildings sold

A Hong Kong-based Investment firm, bought SpringHill Suites by Marriott in Midtown for $82 million. Hidrock Realty sold the 173-room, Gene Kaufman-designed property at 25 West 37th Street for $82 million. The hotel opened last year.

Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million.

Real estate investment firm KUB Capital is in contract to acquire a one-story Soho baby stroller store and adjacent parking lot for a sum of $50 million.

A White Plains, N.Y.-based real estate investment trust is in advanced talks to acquire a ground-floor retail co-op in Soho for $50 million.

The CEO of real estate investment firm has agreed to pay more than $80 million for 240 West 35th Street. The seller purchased the 161,588-square-foot office building, located between Seventh and Eighth avenues, in 2008 for $58 million.

A Brooklyn-based multi-family investment and management firm shelled out $95 million to acquire the land under a financially strapped co-op building in Chelsea.

Michael Stern’s JDS Development Group, together with an investment firm, bought a West Chelsea parcel for $34.75 million.

A Hell’s Kitchen development site received just $1 million more than its sales price from six years ago when the Elad Group picked up the 43rd Street property for $43 million earlier this month.

Thor Equities acquired a 19,000-square-foot Flatiron District office building for $23 million. Design nonprofit AIGA owned and currently occupies the site at 164 Fifth Avenue, near 22nd Street. The four-story property will be delivered vacant. The development firm led by Joseph Sitt made a string of recent buys along Fifth Avenue, including 530 Fifth Avenue for $595 million and 685 Fifth Avenue for $475 million.

Hidrock Realty acquired three Midtown East properties for just $47 million. The firm plans to raze the buildings currently on the properties and construct a condominium building. An affiliate of City Centre Properties sold the lots at 13 East 47th Street, 12 East 48th Street and 14 East 48th Street for around $522 per square foot. Several developers were vying for the sites.

Real estate owner Frank Ring has purchased 80 West End Avenue for $195 million from Gary Barnett and Jared Kushner.

Vornado Realty Trust and its’ partner put up $700 million to purchase the retail condo at the St. Regis Hotel in the heart of the city’s most coveted retail corridor.

Macklowe Properties, along with an unidentified foreign equity partner, is buying the retail space at the super-luxury 432 Park Avenue condominium tower for approximately $450 million from CIM Group. While Macklowe, led by chairman Harry Macklowe, is widely described as the co-developer with CIM Group of 432 Park, his ownership stake has always been unclear.

The Madison Avenue Baptist Church officially sold its historic parish house for an undisclosed amount.

Nakash Holdings acquired the underground garage space at the Apthorp condominium for $12.3 million.

Thor Equities has snatched up three retail condominiums just south of the World Trade Center for a total of $35.5 million.

New York City’s Church Missions House, located at 281 Park Avenue South, is in contract for north of $50 million. A prominent Italian family beat out some major New York-based players to land the deal. The building is expected to be converted into boutique condominiums with retail at the base.

David Moinian of Moinian Development Corp. is in contract to acquire a four-story building with 50,000 buildable square feet in the Midtown thoroughfare of Sutton Place for $19 million.

The LeFrak Organization has purchased a 24-story Pace University dormitory and retail property at 180 Broadway using proceeds from the sale of a 22-story office building in the Newport development in Jersey City.

NYC Buildings For Sale

SL Green Realty announced the sales of three Manhattan properties in separate transactions that will generate $240 million in net cash proceeds for the real estate investment trust.

Frank Ng has listed an assemblage of adjacent buildings along West 28th Street in Chelsea for a total of $120 million. The sites at 132-144 West 28th Street, between Sixth and Seventh avenues, are zoned exclusively for commercial use. They offer about 240,000 square feet of buildable space.

A Real estate investment firm has listed 21 Penn Plaza for $250 million, three years after buying the 16-story office building for $137 million.

The 16-story commercial property at 15 West 39th Street, which has 80,858 square feet of net-leasable square feet above grade, is up for sale. A Real estate investment and advisory firm has been tapped by the owners to market the property, which asks $65 million.

Barely a year after paying $140 million for a Lower Manhattan office tower at 2 Rector Street, Kushner Companies and CIM Group were entertaining offers for up to $200 million for the property.

Following the Salvation Army’s controversial decision to sell its Williams Memorial Residence on the Upper West Side for $100 million, the organization is being accused of illegally renting rooms to seniors.

Tishman Speyer has put a $3.2 billion price tag on its 2.6 million-square-foot office tower in Hudson Yards, which will rise 61 stories when completed in late 2019.

With a price tag of $175 million or around $400 per square foot, 80 Broad Street is selling for three times more than what the current owners paid for the property in 2011.

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