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August 2018

August 2018 » Market Analysis » NYC Buildings For Sale

August 2018 New York Buildings For Sale

New York Buildings for sale:

Brookfield Property Partners is in talks to buy a stake in the 1,400-unit Waterside Plaza complex in Kips Bay. The $600 million deal is not yet finalized and there’s no guarantee it will go through. The complex includes apartments, stores and space rented to the British International School of New York. The owner is Richard Ravitch. A six story building at 75 Warren Street is for sale for $12,950,000 or $1,199.07 SF. It has commercial space with 16-foot ceilings.

240 Fifth Avenue is a 5 story commercial building for sale with an asking price of $27,000,000 or $1,928.57 SF. The 12,395 gross square foot property is located between West 27th and 28th Streets and features 28’ of frontage.

48 West 55th Street, a five-story, mixed-use, walk-up building located between Fifth Avenue and Sixth Avenue in Midtown is for sale with a price of $10,500,000 or $1,750,000 price per unit.

225 East Houston Street is a development site located on the southwest corner of East Houston and Essex Street in the Lower East Side that is for sale. The asking price is $20,000,000 or $8,385.74 per SF.

New York Buildings Sold:

L&L Holding Co. and Normandy Real Estate Partners bought the former warehouse-turned-office building in Chelsea for for $900M..The Terminal Stores, which currently houses the offices of Uber and L’Oréal, was valued at $300 million in 2014 when GreenOak Real Estate bought a 49% stake in Waterfront New York’s 1.2 million-square-foot building. The sale to L&L and Normandy, who teamed up as a joint venture for the deal.

The New York Road Runners sold its Upper East Side headquarters to the Park Avenue Synagogue. The Beaux-Arts style townhouse, with the address 9 East 89th Street, sold for $10.9 million.

HFZ Capital Group bought 20-22 west 30th Street for $29.8 million, adding another piece to an assemblage where the developer may be planning a nearly 600,000-square-foot office building.

GDS Development bought two mixed-use buildings in Chelsea with a combined 25,000 square feet of space for $36 million. The firm bought 322-326 Seventh Avenue, a pair of low-rise buildings at the corner of Seventh Avenue and West 28th Street. The larger property in the package is 322-324 Seventh Avenue, a three-story, 14,100-square-foot building with three apartments and eight commercial units. The other piece of the assemblage, at 326 Seventh Avenue, is a five-story, 10,700-square-foot building with three apartments and four commercial units. The seller of the buildings on Seventh Avenue is the Raymond family from Staten Island.

The boutique office development Chelsea 540 is under contract for $1,560 a square foot and is at 540 West 26th Street. In 2015, Savanna and Silvermintz got a $115 million construction loan from Deutsche Bank to build the project. Savanna acquired an unspecified stake in the building in 2014 for $24.7 million.

Premier Equities sold a pair of retail properties in the East Village and Tribeca to Queens-based investor Athena Vrettos for $20.1 million. Premier paid a total of $11.45 million between 2015 and 2017 to buy the retail condominiums at 13 First Avenue and 271 Church Street (also known as 90 Franklin Street).

Homeless shelter nonprofit sold its Hell’s Kitchen location for $16 million. The property, at 427 West 52nd Street, is a six-story building that was used as a shelter for homeless mothers and their children. The buyer entity, 427-429 West 52 LLC, shares the same address as restaurant operator Triumph Hospitality Group.

New York REIT finally found a buyer for the Viceroy Hotel. It acquired the five-star property in 2013. Arden Group entered into a contract to acquire the 29-story, 240-key hote,l at 120 West 57th Street for $41 million. When the deal closes in the third quarter, New York REIT will have liquidated its entire portfolio, except for a 50.1% stake in One Worldwide Plaza.

The Walt Disney Company picked up a development site at 4 Hudson Square for $650 million. The site which currently consists of five parcels and a large building at 304 Hudson Street allows ABC to construct one large building.

Marist College bought a full-floor commercial condominium at 420 Fifth Avenue for $18.4 million. The building is a 28-story property that sits between East 37th and 38th streets in Midtown. The sellers are the Wasserman family’s AM Property Holding and Samson Klugman’s Quality Capital USA, which acquired four full-floor units in the building.

Katara Hospitality, a hotel-centric subsidiary of Qatar’s sovereign wealth fund, closed on a $600 million deal for full ownership of the Plaza Hotel. This is Katara’s first New York City real estate purchase.

Winter Properties appears to be the buyer of a West Village commercial building for $89 million. The two-story, roughly 21,000-square-foot property at 771-775 Washington Street is home to the Italian restaurant Barbuto and a garage. The seller, in records as 771 Washington Street Investors LLC, is tied to Harry Jeremias’ Harch Group and Toms Capital.

Hilton Grand Vacations, a timeshare company, has purchased a hotel on Billionaires’ Row for $175 million. The company bought the Quin at 101 West 57th Street from a fund overseen by UBS Asset Management.
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