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December 2018

December 2018 » Market Analysis » NYC Buildings For Sale

December 2018 New York Buildings For Sale


Buildings For Sale:

DNA Development is looking to sell 12 West 48th Street and wants to double what it paid in 2016. The building is a four-story, 31,000-square-foot property. DNA purchased it in 2016 from Extell Development for $37 million. The property was a parking garage. The garage was demolished and DNA is in the process of replacing it with a retail building with a glass facade. The project should be finished next year with around 11,000-square-foot on the ground floor and a basement storefront.

Bank of America will aid Anbang Insurance Group to sell its $5.5 billion portfolio of luxury hotels in the U.S, which includes New York’s Essex House Hotel.

After facing federal scrutiny about its ownership of 850 Third Avenue, embattled Chinese conglomerate HNA Group is in contract to sell its stake in the Midtown office tower.

Now that redevelopment is finished at the former Verizon Building in Lower Manhattan, owner Sabey Corporation is looking to sell the tower’s office portion. The Seattle-based datacenter landlord put floors 15 through 30 at 375 Pearl Street, spanning some 600,000 square feet, on the market with an asking price north of $300 million.

Buildings Sold:

The Kinsmen Property Group bought a bowery property for $30 million. The firm closed on a three-building package at 156-160 Bowery. The properties are low-rise buildings with a total of three apartments and three commercial units. The seller is investor Joel Horowitz, who has owned the building since the early 1980s.

Developer Mark Mehlman sold 90 West 204th Street, a six-story mixed-use building in Inwood for $13.5 million. The 44,800-square foot property contains 50 apartments and six commercial units. The buyer is investor Joseph Aryeh, who is funding the purchase with a $7.9 million mortgage from First Republic Bank.

Kushner Companies is buying a Lower East Side hotel that was developed in 2003 and is in need of renovations. The family-run firm is purchasing the Hotel on Rivington from former Wall Street attorney Paul Stallings. The 20-story hotel includes several party spaces, with a triplex, penthouse event space. It was developed in 2003 for about $32 million.

TF Cornerstone, which is developing an area of Amazon’s new headquarters in Long Island City, signed a contract to buy a $300 million development site nearby just before the e-commerce company made it official. The firm will buy an 8-acre site a few blocks south of Amazon’s planned campus, where it can build four, 400-foot-tall towers with more than 2,000 rental apartments.

Abu Dhabi’s state-owned Mubadala Investment Co. and other investors can now buy the Park Lane Hotel. Fugitive Malaysian financier Low Taek Jho had purchased the hotel with money allegedly stolen from the state-owned 1Malaysia Development Berhad fund. The U.S. Justice Department has been trying to seize the property, and intermediary companies that held Low’s interest rescinded their claims on the hotel. The release of those claims clears the way for the hotel’s sale to Mubadala, which has a 30% stake in the property. Low, along with the Witkoff Group, bought the hotel in 2013 for $654 million. Low later brought in Mubadala

New York’s Metropolitan Transportation Authority has been leasing Grand Central Terminal, but now it plans to buy it. The MTA said it would purchase the transit hub, along with the Hudson Line from Grand Central to Poughkeepsie and the Harlem Line to Dover Plains, for $35 million. It was cheaper for the MTA to buy the terminal than to continue renting it until 2274, when its lease is up, given current interest rates.

Adellco is buying the Hotel Wales and plans to convert it into a luxury condo building with Central Park views. The sale of the 100-year-old hotel at 295 Madison Avenue is expected to close soon. The hotel recently traded hands. DLJ Real Estate Capital paid $35 million for the 89-room, 10-story property. The building had been marketed as an opportunity for a mixed-use, luxury condo project. The property also has 6,600 square feet of unused air rights. Formerly known as the Hotel Chastiagneray, the building became a single-room-occupancy hotel before its conversion into a high-end hotel in the 1980s.

The real estate investment firm Arden Group is reportedly in contract to buy the ground lease of the Viceroy Hotel for $41 million, less than a third of the price it sold for in 2013.

MRR Development is in contract to buy a Lower East Side hotel for $162 million, after the property entered the market for $176 million in 2017.

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