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August 2017

August 2017 » Market Analysis » NYC Buildings For Sale

August 2017 New York Buildings For Sale


New York Buildings For Sale:

Centurion Realty is negotiating a plan with its partners to sell the boutique hotel Gansevoort Park Avenue NYC in NoMad at 420 Park Avenue South.

New York Buildings Sold:

The Kabbalah Centre International is in contract to acquire the Fine Arts Building in Midtown from a group of Greek hedge funders for about $60 million, or $1,000 per square foot. It is a seven-story, 58,000-square-foot property located at 232 East 59th Street.

Thor Equities sold its Upper East Side commercial townhouse for $32 million. The 26-room at 36 East 61st Street sold at a 13% discount to the $36.9 million asking price. The buyer is an LLC in London tied to the energy company Perenco S.A.

TH Real Estate, the global real estate arm of TIAA Global Asset Management, is in contract to buy the office-and-retail condo at 86 Chambers Street. The property consists of 115,000-square-foot commercial condominium for $67 million. The price is about $582 per square foot.

The Durst Organization bought an L -shaped lot running from East 124th Street to the middle of East 125th Street at Park Avenue’s northeast corner from the Northern Manhattan Rehabilitation and Nursing Center. The parking lot was priced at $20 million.

Landlord Michael Aryeh sold a six-story office building at 163 Varick Street in Soho for $65 million. The buyer was APF Properties, who plan to double the size of the 50,000-square-foot office building. Plans call for a 100,000-square-foot Class A boutique office building that will have a new address of 60 Charlton Street.

Developer Urban Muse sold the two commercial condominiums at the base of 347 Bowery for $20.3 million. The space at the 13-story building sold to 347 Bowery Commercial Holdings LLC. 347 Bowery features 8,439 square feet of retail space.

MCR, one of the biggest hotel builders and managers in the country, has just sold Marriott and Hilton hotels in New York in a sale to American Hotel Income Properties REIT. The $407.4 million selloff of a total of 2,187 rooms works out to $186K per room at a 7.9 cap rate.

Property investor Hubb NYC paid a combined $38 million for a retail condo and parking garage at 325 Fifth Avenue from Continental Properties.

New York-Presbyterian Hospital paid $251 million or $500 per square foot for its 500,000-square-foot office space at 237 Park Avenue. The hospital paid $250.8 million to buy a leasehold condominium interest at RXR Realty’s 1.2 million-square-foot Midtown office building.
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