August 2022 » Market Analysis » NYC Buildings For Sale

August 2022 New York Buildings For Sale

Buildings for Sale:

Steve Witkoff and Ian Schrager have defaulted on their Public Hotel on the Lower East Side. The developers defaulted on their $189 million mortgage backing the 367-room hotel at 215 Chrystie Street, and are now paying a 9% penalty interest rate. Their lender, Deutsche Bank, is looking to sell the non-performing loan.

Aby Rosen has put the Church Missions House for sale at $135 million, or about $3,000 per square foot. It is a six-story, 45,000-square-foot office property located at 281 Park Avenue South.

Thor Equities is still trying to sell a Lenox Hill townhouse after 10 years.

A Six-story townhouse at 60 East 66th Street is asking $13.8 million, down from $21 million in 2012. It is a 10,000-square-foot vacant property.

Buildings Sold:

Pontegadea is buying 19 Dutch Street, a 64-story tower spanning about 330,000 square feet from Carmel Partners for $500 million. The deal works out to roughly $1 million per unit for the 500-apartment building.

RXR, Blackstone sells 1330 Sixth Avenue for $325 million to Empire Capital Holdings for the 40-story office tower.

Meadow Partners bought 95 Morton Street, 220,000-square-foot, for $288 million.

NYCCBRE Investment Management bought the 18-story Chelsea apartment building at 160 West 24th Street from Greystar Real Estate Partners for $245 million. The purchase price works out to $1.2 million per unit for the 204-unit, free-market building.

Mystery buyer pays just $169M for the note site of at 163 Front Street, have 102,000 square feet of built space and 44,000 square feet of air rights From Oceanwide’s

The Haruvi family has sold off a major piece of its Manhattan apartment empire to PH Realty Capital for $139 million for about half of the family’s portfolio more than 200 units, concentrated mostly on the Upper West Side, plus two buildings on First Avenue in Midtown East. Abe owned 50% of the companies, Jacreg Realty and Simry Realty, that sold the properties to PH Realty in May, while other family members including Arthur owned the other half. The entire Haruvi portfolio of about 500 apartments is valued at $264.00.

ZG Capital Partners has closed on a Midtown East office building, at a substantial discount to its previous sale price. An entity connected to the real estate investment firm bought the 20-floor, 113,000-square-foot tower at 43 East 53rd Street for $102.5 million from an entity tied to Florida-based MEK Management Services Inc.

Criterion sold the commercial unit at 31-08 Northern Boulevard to the Carlyle Group for $80 million. The commercial condo unit spans 180,000 square feet, occupying part of the building’s first floor and the entirety of the remaining floors.

Slate picks up a $70 million Chelsea multifamily portfolio and plans to renovate 3 properties for 94 market-rate units at 301 West 22nd Street, 300 West 21st Street and 229 West 20th Street. The seller was Zev Feldstein.

Aya Acquisitions purchased the 14-story, 740 West End Avenue for $50.8 million from Wolk Properties. The 135,000-square-foot building had an asking price of $55 million or about $400 per square foot.

Renaissance Properties sold an office building at 62 West 45th Street for $36 million to Stellar Services, which plans to fully occupy the 12-story, 44,000-square-foot property. Renaissance bought the building in 2019 for $37.3 million.

Brendan Maddigan and Stephen Palmese flipped a pair of warehouses in Brooklyn’s Columbia Street Waterfront District to Hudson Companies for $22 million, after buying them a month ago for $16.5 million. The single-floor warehouses at 129 Van Brunt Street and 42 President Street span 22,300 square feet collectively.

Cayuga Capital Management sold a development parcel at 87 Wythe Avenue in Williamsburg for $20 million to an LLC tied to Double U Realty. Cayuga had once planned a nine-story office and retail building on the site, before putting it on the market last year for $65 million. The parcel includes a 37,000-square-foot retail building and over 22,000 square feet of vacant land.

An entity tied to Brooklyn-based Slope Realty sold a 36-unit apartment building at 575 3rd Street in Park Slope for $20 million to an LLC with an address matching Manhattan-based Triumph Hotels. Built in 1920, the six-story, 32,400-square-foot property last traded in 2006 for an undisclosed amount.

A pair of prewar apartment buildings totaling 48 units at 73 and 75 East 3rd Street in the East Village sold for $19.1 million. Yong Hong Guan signed for the buyer, an LLC based in Elmhurst, Queens. The seller was East End Associates. The 22,000-square-foot complex last sold in 2012 for $15.5 million.

Vasinee Food Corporation, an importer of Thai food products, bought a warehouse and parking lot at 59-20 56th Avenue in Maspeth, Queens, for $18 million from an entity tied to Hi-Tech Metal Inc. The 36,400-square-foot, two-story building was constructed in 1971 and last sold in 2019 for $6.4 million.

A 39-unit apartment building at 227 Riverside Drive on the Upper West Side sold for $17.1 million to LLC’s registered in Great Neck, Long Island. Dinah Rader signed for the seller, an LLC with a Katonah, New York, address. Built in 1898, the seven-floor, 48,000-square-foot property.

Icon Realty Management sold a 26-unit apartment building at 410 West 48th Street for $16.3 million to an entity called SH 410 LLC. The nearly 18,000-square-foot property last traded in 2020 for $10.1 million.

Pace Companies sold a development site at 19 and 29 Clay Street in Greenpoint for $15.1 million. Jacob Kohn signed for the buyer, an LLC. The industrial building at 19 Clay Street dates to 1931 and spans almost 20,000 square feet. Coren filed plans for a 12-story, 60-unit residential building on the site in 2015.

Woods Management Company sold a 94-unit apartment building at 955 Sheridan Avenue in Concourse, the Bronx, for $12 million to an LLC tied to Gazivoda Realty Company. Built in 1948, the seven-floor, 92,000-square-foot building.

A development site at 31-16 21st Street in Long Island City traded for $10.3 million. Both buyer and seller were LLC’s, a 10,000-square-foot lot.

The 365-unit rental tower at 80 DeKalb Avenue, which KKR, in partnership with Dalan Management, picked up from Brookfield Properties for $190 million, may offer that upside.

Tankhouse has agreed to buy the development site at 452 Union Street in Gowanus from Pilot Real Estate Group. The site has already qualified for the 421a tax break, which expired in June. The lot stretches a full city block and abuts the Gowanus Canal.
  • Green Acres Is the Place for Macerich
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building