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December 2016

December 2016 » Market Analysis » NYC Buildings For Sale

December 2016 New York Buildings For Sale

Buildings For Sale:

Brookfield Property Partners has put the 45-story office tower at 245 Park Avenue up for sale. Sources close with the 1.8 million-square-foot tower believe it is worth north of $2.1 billion, or more than $1,200 per square foot.

Lightstone Group hopes to sell the retail space and garage at the base of the Marriott Moxy Hotel in the Garment District, which is under construction, for $64 million. The developer is looking to offload a 4,000-square-foot retail condo and 27,000-square-foot garage at the 16-story building at 485 Seventh Avenue.

Buildings Sold:

United American Land bought 65 Spring Street a mixed-use building in Soho for $14.5 million. The building is a five-story walk-up with eight apartments and two commercial units. Jeweler Tierra occupies 1,300 square feet on the ground floor of the building. The seller was Ellsy Losada who purchased the building in 1982.

RiverOak Investment Corp. and Azimuth Development bought the Promise Theater at 316 East 91st Street from the Full Gospel New York Church Assemblies of God for $11.1 million. The group of developers submitted plans with the Department of Buildings for a new 17-unit mixed-use project to replace the two-story commercial building. The new building will span 26,808 square feet and include a daycare set to be occupied by Sunshine Early Learning Center.

ABS Partners Real Estate and Benenson Funding acquired the four-story building at 66 Third Avenue which contains the AMC Loews theater for $32.3 million. With 54,328 square feet across four floors, the price comes to under $600 per square foot. The sellers were listed as Charles Re Jr. and John Lawrence Jr. The theater is on the corner of East 11th Street and Third Avenue in the East Village, and was completely renovated in 2015. AMC has leased the building since 1988.

Jeffrey Dagowitz purchased three Chelsea properties for $50.4 million, at 123 West 23rd Street, 116 West 24th Street and 120 West 24th Street to Dagowitz. He bought the former bed and breakfast in 2015 for $11.3 million. The previous owner filed plans for a hotel and residential project on the property, and Dagowitz filed a demolition application in 2015.

Gemini Real Estate Advisors sold the Quality Inn Midtown West at 442 West 36th Street for $18.5 million. The sale appears to be a loss for Gemini, which paid $18.8 million to acquire the hotel eight years ago. The buyer is Jin Sup An, the owner of the East Houston Hotel on the Lower East Side and GEM Hotel near Hudson Yards.

Highgate, in partnership with AB & Sons and Sioni Group, is in contract to acquire the 618-key Affinia Manhattan NYC hotel in for $217.5 million. The 28-story, 474,000-square-foot building at 373 Seventh Avenue was one of six Manhattan hotels at the center of a recent split between Pebblebrook Hotel Trust and Denihan Hospitality Group. The deal is expected to close by year’s end for about $350,000 per key or $460 per square foot. The four-star hotel was built in 1929 as the Governor Clinton. It is located at the corner of West 31st Street.

The Ascend Group bought 3 properties on the Lower East Side including the former Bialystoker Nursing Home for $47.5 million, more than double the price they traded for last year. The development firm bought the properties at 226, 228 and 232 East Broadway from an LLC managed by Turtle Bay Partners principal Jon Goldberg. The landmarked Bialystoker building is eight stories and spans more than 44,000 square feet. The adjacent Dora Cohen Memorial Park office building next door is four stories tall with about 16,000 square feet. Invesco Real Estate bought the School of Visual Arts dormitory building in Kips Bay from a partnership led by Magnum Real Estate Group and Winter Properties for $174 million.

KBS Capital is in contract to acquire the majority stake in a two-story church from Onyx Equities for $39.8 million. The firms are planning a retail conversion on the site. The deal would value the property, located at 210 West 31st Street, at $48 million. KBS is taking an 80% interest and Onyx Equities is keeping the remaining 20%. KBS and Onyx intend to redevelop the 23,110-square-foot building, formerly the site of a monastery associated with the Church of St. John the Baptist, into a two-story retail property, at an estimated cost of $14.2 million.
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