December 2012 » Market Analysis » NYC Buildings For Sale

December 2012 New York Buildings For Sale

NYC Buildings For Sale

Grocery,real estate,private equity tycoon Ron Burkle has flipped his Meatpacking District property that he owns a majority interest in the building, which houses such retailers as Scoop boutique for close to $100 million to Joe Sitt of Thor Equities. Burkle bought the brick loft building at 430 West 14th Street for $65 million last year.

Invesco is preparing to bring the Brill Building, at 1619 Broadway, on the market early next year. The 11-story building, on the corner of West 49th Street, totals 177,000 square feet and is best known for its musical history; the building served as the Tin Pan Alley home of famed music publishers, record companies, artists and artists’ managers for decades beginning in the 1930s.

New York Buildings sold

The $380 million sale of a prime retail condominium inside the St. Regis New York hotel is just one high-profile example of sky high prices. Swiss luxury-goods company Richemont North America bought the 24,800-square-foot condo from a partnership led by Crown Acquisitions, Goldman Properties and the Feil Organization for $15,100 per square foot.

The Spanish company Inditex Group and parent company to clothing retailer Zara, is preparing to buy a prime Soho commercial space in a $250 million deal. The property, which is located at 503-511 Broadway between Broome and Spring streets, is currently leased by Old Navy, who has rented the ground floor through January 2018. The deal could encompass three 25,000-square-foot floors, including Old Navy’s ground floor space, whose rent will reach the under-the-market rate of $104 per square foot next year. The deal could also include the lower level, which had been rented to the Rock & Roll Hall of Fame Annex at one time, and the vacant second floor, which is sometimes used for fashion events.

Alfa Development picked up the Hotel Grand Union in Midtown South for $28.6 million, or just under $320,000 per room. Although Alfa does not plan to change the branding of the 90-room hotel, the company has enlisted Marshall Hotels & Resorts to manage the property. Alfa also plans to upgrade the hotel’s booking software and is considering renovations to the rooms and lobby.

Developer John Lam has closed on 1227 Broadway for $16 million, acquiring the final bit of real estate needed before embarking on a $300 million hotel project planned for the Fashion District. Last year, Lam Group, Lam’s firm, purchased the neighboring buildings at 1205 and 1225 Broadway for $72 million. He now owns the entire block fronting on Broadway, between East 29th and East 30th streets, and plans to build both a Marriott Hotel and an Aloft, which is a boutique brand under the Starwood Hotels & Resorts flag.

The retail space at the base of a luxury loft development in Soho has traded for $25 million. Investor Yaron Jacobi received the basement and first two floors of 151 Wooster, just south of Houston, in an off-market deal.

Ivanhoe Cambridge, a Montreal-based property management and development company, acquired a 49.9 percent ownership interest in 1411 Broadway for over $360 million. Ivanhoe now has managing interest in the 40-story Class A property, which it owns in a joint venture with the Swig Company. Both parties will put out a significant investment toward building upgrades, including physical improvement and energy efficiency.

A Great Neck-based REIT sold two adjacent mixed-use Murray Hill buildings for $18.25 million. The addresses of the buildings are 121 Madison Avenue and 27 East 30th Street. They sold to an entity called Nomad Land Company, LLC. Together, the buildings comprise nearly 133,000 square feet of residential and retail space. The property located at 121 Madison totals 112,000 square. The building dates back to 1895 and was converted into luxury rentals.
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