Buildings for Sale:
740 West End Avenue, a 14-story, 135,000-square-foot, pre-war apartment building, is owned by Wolk Properties. The property has six commercial units and 95 residential units, 57 of which are rent-stabilized, averaging approximately 1,000 square feet.Madison Capital and Lubert-Adler Partners are looking to sell the leasehold interest on 71 Fifth Avenue. The property could fetch as much as $150 million.
8 Spruce Street, a 76-story highrise, are seeking north of $850 million. Brookfield Property Partners and Nuveen.
5 East 59th Street, a nine-story, mixed-use building, is facing foreclosure by a Singaporean investment bank.
PWM Property Management filed for bankruptcy, as the Chinese conglomerate parent HNA, goes through a multibillion corporate restructuring. PWM alleges SL Green failed to secure a new anchor tenant at 245 Park Avenue to replace Major League Baseball’s lease that expired on Oct. 31. The HNA entity is seeking to oust SL Green from its management role.
HNA Group paid $2.2 billion to acquire 245 Park Avenue. It financed its acquisition with a $1.2 billion CMBS loan provided by JPMorgan Chase Bank and others.
Cheskie Weisz’s CW Realty has managed to hold a creditor at bay for its equity interest in the luxury mixed-use project, at 187 Kent Avenue, which has 96 apartments and 31,000 square feet of retail.
Buildings Sold:
Premier Equities and Angelo Gordon purchased a 31,000-square-foot office building at 2871 Broadway for $35 million. The seven-story building is currently unoccupied and comes with 29,000-square-feet of air rights. The seller was Longfellow Properties.415 West 120th Street, TriHill Management and Pebb Capital sold a newly completed building near Columbia University for $84 million. The 80-unit Monarch Heights building was sold to a foreign high net worth individual.
There were 449 deals inked at condominiums throughout the city, up from 337 in October.
Okada & Company bought a 42,700-square-foot, seven-story mixed-use building at 109 West 24th Street for $16.3 million. Montauk Rug & Carpet was the seller.
Marylu III Corp. bought a 33% stake in two commercial condo units with 47,500 square feet at 140 East 63rd Street for $16.2 million. One commercial unit is 4,660 square feet. Fraydun Enterprises was the seller.
Thor Equities sold a 5,200-square-foot retail building at 725 Eighth Avenue for $10.3 million. EFT Capital Servicing was the buyer. Thor bought the building in 2013 for $12.2 million.
StorageMart has an agreement to acquire Manhattan Mini Storage from Edison Properties for $3 billion or 3.1 million square feet of storage space, spanning 56,000 units, which had an occupancy above 95%. The deal includes 18 self-storage facilities in the borough.
Hackman Capital Partners and Square Mile Capital Management acquired the property at 34-12 36th Street in Astoria for an undisclosed price. The 500,000-foot building, includes 11 sound stages, and was expected to sell for $600 million.
CommonWealth Partners is buying 441 Ninth Avenue, aka Hudson Commons, a 700,000 redeveloped office building for more than $1B. The seller is a partnership between Cove Property Group and Baupost Group.
