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December 2020

December 2020 » Market Analysis » NYC Buildings For Sale

December 2020 New York Buildings For Sale


Buildings For Sale:

Thor Equities has missed two months of payments on a loan tied to the Charles Scribner’s Sons Building in Midtown. Thor is now 60 days delinquent on a $105 million loan at 597 Fifth Avenue.

The owner of a five-story commercial building in Tribeca has filed for bankruptcy, facing foreclosure and $23 million in debt. CTW Realty owns the 18,300-square-foot building at 381 Broadway through an entity, 381 Broadway Realty, which filed for Chapter 11 protection. Their lenders have been trying for more than two years to foreclose on the property for default, but can’t proceed now because of the pandemic.

Korean lender Hana Financial Investment is selling $173 million in debt tied to two of its Manhattan assets. Hana is selling off a $145 million construction loan on Caspi Development’s luxury hotel project at 456 Greenwich Street and a mezzanine loan on Real Estate Equities Corp.’s office development at 1 St. Marks Place.

Buildings Sold:

SL Green Realty struck a deal with the 601W Companies for a property on Manhattan’s Far West Side at a price that would make it the largest office building to trade hands since the start of the pandemic. The 601W Companies reached an agreement to buy the Amazon-anchored property at 410 10th Avenue for $952.5 million.

Maryland-based Realterm Logistics picked up a 50,500-square-foot warehouse at 235 Gardner Avenue in East Williamsburg for $28 million. The five-story industrial property will be used as a last-mile delivery facility and has 23 truck bay doors and is fully leased. Manya Operating Corporation is the seller.

Limited liability company HF Washington purchased a 14,040-square-foot education center at 554 Fort Washington Avenue for $12 million. The seller is Birch Family Services, a nonprofit organization serving children with autism and developmental disabilities.

Liberty Coca-Cola Beverages purchased 68,000 square feet of land at 58-04 and 58-20 Borden avenues, and 54-25 58th Street in Maspeth, next to its bottling plant. The $10 million sale was made through 58-40 Borden Avenue.
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