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August 2019

August 2019 » Market Analysis » NYC Buildings For Sale

August 2019 New York Buildings For Sale

Buildings Sold:

Magnum Management and Real Estate Equities Corp sold the retail portion of 196 Orchard Street to the AR Global affiliate New York City REIT. The sale price is $88.75 million, which makes it the most expensive deal for a retail condo in more than two years. The price works out to more than $1,475 per square foot.

The Hematian family is purchasing a Midtown-office building at 145 West 45th Street from Isaac Chetrit for $92 million. If it trades for that amount, it works out to over $1,000 a foot.

An entity to Taube Management Realty picked up 241 East 73rd Street, a five-story mixed-use building in Lenox Hill for $17.5 million. The seller, another limited liability company managed by attorney Hari K. Samaroo, acquired the property for $12 million in 2017. The 17-unit building has another address of 1403 Second Avenue and spans 9,580 square feet, pricing the deal at just over $18,000 per square foot.

A mostly vacant four-story, 25,000-square-foot commercial building at 64 University Place sold for $30 million, or about $1,185 per square foot. The seller was an entity tied to Bernard-Charles Inc. and the buyers were ARGO Real Estate and Bsafal, a subsidiary of Safal Constructions India Private Limited.

DivcoWest Real Estate Investments bought 540 Madison Avenue for $310 million from Boston Properties. The purchase price works out to more than $1,050 per square foot for the 39-story, 291,000-square-foot tower at the corner of East 55th Street.

Barbara Slifka sold her property at 477 Madison Avenue to RFR Holding for around $260 million. RFR closed on $198 million in financing on the transaction.

Joseph Chetrit and his family are in contract to buy 1 Whitehall Street for $182 million from the Rudin Family.

Manhattan Properties company that’s owned 295 Fifth Avenue for about 100 years is in contract to sell the ground lease to a partnership led by Tribeca Associates. The building houses more than 150 textile showrooms.

The Slovak Republic’s Mission to the United Nations purchased a two-story property at 167 East 73rd Street for $16.5 million. The seller was Laurie M. Tisch Foundation Inc.. The property is a one-to-three family home with the ground and parlor levels zoned for commercial use and apartments on the second level. The renovated carriage house is 5,700 square feet and is a possible conversion to a single-family home.

A group of investors led by Madison Capital has purchased 130 Prince Street an 88,000 SF office building in Soho for around $206 million. Invesco purchased the building in 2012 for $140 million and redeveloped the entire property.

Vanbarton Group is selling 45 West 45th Street for more than $125 million. The 16-story building is being sold to the Swiss real estate investment firm AFIAA for $126 million. The contract price works out to a little more than $940 per rentable square foot.

Buildings For Sale:

The New York Institute of Technology 1855 Broadway, a 12-story building near Columbus Circle is for sale. The 78,000-square-foot property is a satellite campus for the Long Island-based school. NYIT is seeking between $80 million and $100 million, which is zoned for office and residential.

A trio of low-rise commercial buildings in the Garment District from a pair of owners are seeking $60 million for the mini assemblage. The two-story properties are located at 216-222 West 30th Street and contain just over 16,000 square feet . The site would make a good location for a new hotel. The parcels come with 92,500 buildable square feet, which could increase to about 111,000 square feet if the buyer decides to develop a project with affordable housing. Theodorous Kotopoulos owns the buildings at 216 and 220 West 30th Street, and the company Hemat Realty Corp owns 222 West 30th Street.

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