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December 2013

December 2013 » Market Analysis » NYC Buildings For Sale

December 2013 NYC Buildings For Sale


New York City Buildings For Sale

Jeff Greene has switched tactics in Hudson Square. Rather than build a 140,000-square-foot condominium project at 100 Vandam Street, he has decided to sell the parcel for $150 million, or three times what he paid for last year. The move follows a contentious rezoning of the area that will allow for bigger residential developments.

India-based Sahara Group is trying to unload the iconic Plaza Hotel along with the Dream Downtown Hotel in Manhattan and Grosvenor House in London, and has received a $1.6 billion offer from a Middle Eastern group for the luxury hotel trio.

The Blackstone Group is looking to sell its leasehold interest in the New York hotel at 151 West 54th Street. Blackstone is looking for at least $500 million for the property.

Two mixed-use Soho buildings have just hit the market for a combined price of $24 million. 287 Bleecker Street and 184 Prince Street, have been owned by Launis, for decades. The family owns the buildings under the company name GTA Realty.

New York Buildings sold

A six-story Chelsea building which houses the eatery Cafeteria is set to trade to a local multi-family investment company for $37 million, or $696 a square foot. The property, at 161-165 West 17th Street was asking $45 million.

Developer Kent Swig claimed that JPMorgan Chase, a lender at his Lower Manhattan office tower at 90 Broad Street, sold it out from under him for $126 million. They will face off in court soon, where Swig looks to stop the deal from going ahead.

Alloy Development is selling one of its sites near Hudson Yards and expects to get $75 million for the deal.

Centurion Realty just sold a five-story, mixed-use building at 5-7 Mercer Street for $16.5 million, more than double the purchase price in 2000. Tawil bought the 21,000-square-foot walk-up property near Howard Street for $7 million. The site is fully leased, with nine rental units and a retail space housing the the Irish fashion designer Orla Kiely.

Five months after buying a church on the north end of Central Park, the owner has sold the property to overseas investors for $16.5 million, which is believed to be a per-square-foot record for the area and a $4.1 million profit over the purchase price.

The Witkoff Group and a Malaysian equity partner group have just closed on the acquisition of the Helmsley Park Lane Hotel for $660 million. Recent reports said Witkoff would convert the 446,000-square-foot property at 36 Central Park South into luxury condominiums, Witkoff’s CEO said in a recent release that the 47-story, 605-key hotel would instead be rebranded as the Park Lane New York.

Atlas A Real estate investment firm acquired a 58,500-square-foot Soho office building on the busy Broadway corridor for $62 million. The seller, a privately held real estate investment and development company had purchased the nine-story building at 434 Broadway near Howard Street for $41 million in 2010. The purchase by Atlas went from a contract signing to an all-cash closing in 10 days, at a price 50 percent higher than the building traded for three years ago.
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