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December 2014

December 2014 » Market Analysis » NYC Buildings For Sale

December 2014 NYC Buildings purchased & For to purchase


New York Buildings sold

The developer who is turning Verizon's former downtown headquarters into luxury condominiums has bought the building's 40,000-square-foot retail space for $40 million.

A Developer acquired a three-story Upper West Side commercial building located at 2307 Broadway for $25.9 million. The 9,900-square-foot property, between West 83rd and 84th streets, is home to a Duane Reade store on the ground floor. There are offices on the upper floors.

A Financial services firm acquired a 16-story office building at 21 Penn Plaza in Midtown from Savanna and the Feil Organization for an undisclosed price.

A Canadian property investor and Chicago-based Callahan Capital Partners are in contract to buy Blackstone's Group's 1095 Sixth Avenue for about $2.25 billion. The deal would be the 2nd priciest sale of an individual office building in the U.S. since the GM Building at 767 Fifth Avenue last traded hands in 2008 for $2.8 billion.

A Japan-based Development firm gave up long-held plans to build another skyscraper at Seventh Avenue between 48th and 49th streets with the sale of two parcels for $49 million.

A Commercial real estate Management firm is in contract to sell a mixed-use Noho building to an investor at 623 Broadway for $56 million. The investor had acquired five-story, 37,869-square-foot building, between Houston and Bleecker streets, from Japanese-owned firm ISE Realty Group for nearly $42 million the previous year.

The Feil Organization is in contract to buy Extell Development's 251 Park Avenue South. The sale of the 103,000-square-foot building, one of the most sought after properties in the F.M. Ring portfolio, is expected to sell for $850 to $1,000/SF.

A Long Island-based investor is in contract to buy a large office building in a gentrifying area in the South Bronx for $31 million.

SJP Properties' Steven Pozycki and a group of investors are selling a minority stake in 11 Times Square, the 1.1 million-square-foot skyscraper where Microsoft has offices.

The Sapir Organization is buying back the ground leases at 110 Church Street and 53 Park Place in Tribeca for $231 million.

Thor Equities stands to turn a profit of around $21 million in four months, from a $239 million contract flip on three Midtown office buildings.

Vornado Realty Trust is the new owner of the former Pearl Paint building. This marks the firm's second retail acquisition on Canal Street south of Soho.

NYC Buildings For Sale

Thor Equities and An Investment Partners firm are putting a six-story Meatpacking District office property that is entirely leased to Samsung Electronics North America up for sale.

Mayor Bill de Blasio is planning to sell a lot on the south side of West 53rd Street, including a development rights package, for $1 to the Clinton Housing Development Corporation.

A Lower Manhattan development parcel once owned by Kent Swig will return to the market next year and could sell up to $110 million.

Lehman Brothers have put the NYLO New York City hotel up for sale.

A modest six-story mixed-use building in Tribeca four blocks north of the World Trade Center site is on the market for $21.5 million, or $1,400 per square foot. The purchase price in February was $12 million.

A half-finished Allen Street Hotel at 139 Orchard Street on the Lower East Side is up for sale.

Vornado Realty Trust is selling 1740 Broadway for $605 million, or for around $1,000 per square foot.

An Insurance giant is shopping around a stake in its 1.1 million square foot Lower Manhattan office tower at 85 Broad Street. The building is valued between $350 and $550 million. The building is one of the few in the neighborhood which has had a large vacancy for years, following the exit of Goldman Sachs.

A Real estate investment firm bought a Hudson Square warehouse for $26 million from longtime owner Yuet Tom Lam Kong of the Long Island City-based Kong Mee Food Corp.

A development/investments firm purchased a five-story mixed-used building in Soho, for $15 million. 43 Crosby Street was acquired in an off-market deal.

SL Green Realty bought 102 Greene Street for $32.3 million from Lloyd Goldman's BLDG Management. The purchase expands the company's presence in Soho. The 9,200-square-foot space currently contains the Galeria Melissa footwear store. The location also includes two residential units and 5,500 square feet of development rights.

A Midtown-based developer and brokerage firm is increasing its stake in NoMad, paying $15.5 million for two four-story buildings next to the NoMad Hotel.

Ziel Feldman's HFZ Capital Group is in contract to buy one of the most sought-after development sites in West Chelsea, a transaction worth anywhere around $650 million.

The Sitt brothers are in contract to buy four Nolita retail condominium units with a total of 4,000 square feet of street-level retail for $22.5 million.

A Borough Park investor has partnered with Rubin Schron and the Cohen family to pay $285 million for the land under 100 West 57th Street. The 324-unit Carnegie House cooperative building is the ground tenant on the property.

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