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December 2017

December 2017 » Market Analysis » NYC Buildings For Sale

December 2017 New York Buildings For Sale


New York Buildings For Sale:
Isaac Chetrit is looking to sell off a pair of office buildings. Chetrit and partner Sioni Group are asking around $190 million and $200 million for the properties at 15 West 47th Street and 22 West 48th Street.

Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza in Lower Manhattan, which could trade for as much as $1.6 billion.

Offers on the Park Lane Hotel were due, but no buyers showed up willing to pay the $1 billion the property was expected to obtain. The 47-story hotel overlooking Central Park was put on the market last year under an agreement reached between the developer, Steve Witkoff, and the U.S. government, which is investigating one of the hotel’s current owners, Malaysian businessman Jho Low.

Buildings Sold: Columbia used financing to purchase 245-249 West 27th Street, two connected buildings with 281,000 square feet of office and retail space, and 218 West 18th Street, a 166,000-square foot office building.

Solil Management bought a mixed-use building in Turtle Bay for $14.5 million. The 6,154-square-foot building at 463 Lexington Avenue, between East 45th and East 46th streets, includes three commercial and four residential units. The seller, Emmes Asset Management, bought the building in 2000.

SL Green Realty is in contract to sell its 300,000-square-foot office tower at 600 Lexington Avenue for $305 million to an unidentified U.S.-based insurance company. The $1,005-per-square-foot deal is set to close in the first quarter of 2018. SL Green entered into a contract to sell a 43% stake in the 57-story tower at 1515 Broadway to German investor Allianz Real Estate in a deal valuing the Times Square property at $1.95 billion. The pricing works out to $1,045 per square foot.

After more price cuts, the parking garage at 177 East 73rd Street finally sold to the Moinian Group for $25 million from the Connelly family trust.

Invesco bought a 95% stake in 80 Broad Street, valuing the FiDi office tower at $235 million, or $550 a square foot. The sellers, Raymond Chalme and Daniel Blanco’s Broad Street Development, are keeping a 5% stake and will continue to manage the 425,000-square-foot Financial District property.

Allianz Real Estate is in contract to buy a 43% stake in the office tower at 1515 Broadway near Times Square. The seller, SL Green Realty, expects to end up with $416 million. The sale would value the tower at $1.95 billion, making it one of the most valuable buildings in the United States.

HH Realty Equities bought a six-story commercial building in the Flatiron District for $15.5 million. The seller, Sealand Realty Corp., has owned the 16,720-square-foot building at 17 West 20th Street since 1970.

McSam Hotel Group bought a three-story commercial building from Extell Development, just one building down from another McSam-Extell exchange. The hotelier paid $15.5 million for the 10,087-square-foot building at 154 West 24th Street in Chelsea for $15 million, on top of the $61 million for 140-146 West 24th Street, where plans are to build a 45-story hotel tower.

Brookfield Property Partners is in contract to acquire a large office building in the Garment District for $255 million. The 10-story, 350,000-square-foot property at 333 West 34th Street offers an additional 150,000 square feet of unused development rights. The price per buildable square foot would translate to $510.

WeWork took a $65 million mortgage on a Chelsea development site with partners. A company called Chelsea Realty Capital LLC took over a $65 million mortgage from Bank of America on the assemblage. The firm’s address is 115 West 18th Street, which happens to be WeWork’s headquarters.

Investcorp has partnered with Brickman to close on the $155 million purchase of two of New York REIT’s office buildings in the Garment District. MetLife provided around $85 million loan for the purchase of 256 West 38th Street and 229 West 36th Street. The price per square foot works out to $580. The properties total nearly 270,000 square feet.

Jemstone Group bought a three-story commercial building in University Heights for $16.3 million. The seller, Marco Gueli, bought the corner building at 1-7 West Burnside Avenue, at the corner of Jerome Avenue, in 1994.

CIM Group entered into a contract to acquire the Midtown office building at New York REIT’s 1440 Broadway for $520 million. The 25-story, 749,000-square-foot property is the latest asset in New York REIT’s liquidation process to go into contract for sale. The building is 40% leased.

The First Hungarian Literary Society of New York sold a four-story office building for $12.75 million located at 323 East 79th Street. It is an 8,084-square-foot. The retail space is occupied by a French restaurant. The buyer is real estate investment firm Spruce Capital Partners.
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