December 2022 » Market Analysis » NYC Buildings For Sale

December 2022 New York Buildings For Sale

Buildings for Sale:

Kushner has listed 18 buildings with more than 325 units in Greenwich and East Village for sale, about a third of the firm’s multifamily portfolio in Manhattan. One is a group of 11 buildings in the East Village with 197 units. There are seven buildings in the East Village and West Village with 129 units.

An entire building is for sale for $50 million. The 38-unit co-op at 38 Gramercy Park North, keys to the park included, spans 21,400 square feet and comes with 9,750 square feet of additional development rights. Sale could result in luxury condo conversion despite air rights dispute. The building could be converted to condos or a single-family mansion.

Standard Realty Associates’ is auctioning a 146-unit portfolio. The walk-up portfolio, which is 82% free-market and inclusive of commercial spaces, includes 25 Thompson Street, 71 Thompson Street, 98 Thompson Street, 42 Bank Street, 99 Perry Street and 117 Waverly Place. Proceeds will be split equally between Kenneth and Bernice’s estate.

DuArt is selling 245 West 55th Street, its 12-story, 70,000-square-foot commercial loft property at 245 West 55th Street for $38 million or about $543 per square foot.

A 103-unit apartment building at 180 Nassau Street is facing foreclosure after Pink Stone allegedly failed to service debt secured by the property.

Sugar Hill Capital Partners faces foreclosure on the 54-unit building at 4300 Broadway in Washington Heights.

The Holiday Inn hotel in the Financial District filed for bankruptcy as its owner tries to avert foreclosure. Developer Jubao Xie put the 492-room hotel at 99 Washington Street into Chapter 11, explaining that the hotel is performing well after being hurt by Covid but needs to renegotiate with creditors.

Acres Capital seeks to foreclose on the equity interests in the 22-story hotel at 291 Livingston Street, alleging the hotel’s ownership group defaulted on a $29.7 million mortgage, 100 keys Hotel.

Buildings Sold:

Josh Rahmani and Ebi Khalili’s Empire Capital have closed on their $320 million purchase of the 40-story office tower at 1330 Sixth Avenue from RXR Realty and Blackstone.

Hyatt has agreed to acquire Sant Singh Chatwal’s Dream Hotel Group for up to $300 million. The deal includes the Dream Hotels, Chatwal Hotels and Unscripted Hotels brands. The acquisition includes 12 managed or franchised lifestyle hotels and another 24 in the pipeline with signed long-term agreements. The expansion will increase Hyatt’s portfolio by more than 1,700 rooms and by 30% in New York City alone.

A penthouse at 220 Central Park South sold for $72 million for the 5,000-square-foot penthouse. The full-floor unit sold for more than $14,000 per square foot. The three-bedroom unit includes a 300-square-foot terrace.

The Wafra Group sold The Nathaniel at 138 East 12th Street to The Westover Companies for $56.8 million, around 42% less than the $98.3 million it paid for in 2015. The deal works out to about $838 per square foot.

An entity tied to RFR Holding bought the four-story retail building at 102 Greene Street for $31.5 million from TA Realty. French jeweler Cartier leased 9,300 square feet at the property earlier this year. The property was reportedly valued at $43.5 million, as recently as 2017.

Hager buys 960 Franklin Avenue, the site where the previous developer sought to build a 1,500-unit residential development. They paid $43 million in an all-cash deal for the former Spice Factory site. The seller is Zev Golombeck. In 2017, he struck a deal to sell the site to Eichner and Lincoln Equities for $42 million, contingent upon a rezoning. Continuum and Lincoln Equities planned to build the two 39-story towers spanning 1.4 million square feet with 50% of the units designated affordable.

Entities tied to FBE Limited bought a 235,000-square-foot development site at 2124 Mill Avenue in Mill Basin for $40.5 million from Signature Investment Group.

An entity connected to Long Island-based GTJ REIT sold a warehouse at 625 Wortman Avenue in East New York for $29.4 million to Affinity Realty LLC. GTJ bought the single-floor, 58,000-square-foot industrial property last year for $13.4 million.

Entities tied to Aetna Realty Company bought a 54-unit apartment building at 370 Columbus Avenue for $26.4 million from an entity connected to Pantzer Properties. Pantzer acquired the five-story property in 2013 for $35.8 million. The 31,000-square-foot building sold for $9.4 million less.

Entities connected to Arden Management bought five apartment buildings at 22-88 Mott Avenue, 18-15 Everdell Avenue, 11-27 Nameoke Street, 11-36 McBride Street and 11-38 McBride Street in Far Rockaway for $26 million from an entity tied to investor Howard Hershkovich.

An entity tied to Peter Kreimler bought a five-story mixed-use building at 833 Madison Avenue for $17.5 million from an entity tied to Perry Haberman. The 9,300-square-foot property was asking $22 million. Upstairs are six residential units, as well as a gallery and office space.

An entity tied to Bentley Zhao’s New Empire Development bought a 37,800-square-foot development site at 757-765 Flatbush Avenue and 21 Lenox Road in Flatbush for $18 million from entities connected to Steven Neuman’s Coltown Properties.

AIDS Healthcare Foundation bought the Hotel Caribe at 515 West 145th Street and the Hamilton Heights Casablanca Hotel at 511 West 145th Street for $17 million from an entity connected to Apple Core Hotels and Hamilton Heights Enterprises. The hotels are expected to be converted into low-income.

An entity connected to Bridge Investment Group bought an office building at 355 West Broadway in Soho for $16.5 million from an entity tied to Quality Capital USA. The five-floor, 6,700-square-foot building was constructed in 1880.

An entity connected to Bridge Investment Group bought an office building at 355 West Broadway for $16.5 million from an entity tied to Quality Capital USA. The five-floor, 6,700-square-foot building was constructed in 1880.

Georgia Realty LLC bought a one-story industrial building at 73 Wortman Avenue for $15.5 million from DCD Marketing. Agostino Vona signed for the buyer. It was built in 1961 and is a 42,700-square-foot property.

An entity connected to FSA Capital bought a development site at 133-17 37th Avenue and 36-27/51 College Point Boulevard in Flushing for $14.2 million from 99 College Point LLC.. FSA filed plans for a 17-story, 173,000-square-foot mixed-use development on the site. The project would have 102 residential units across 72,000 square feet, plus 101,000 square feet of retail and a 313-space parking garage. The property allows for about 205,000 buildable square feet.

An entity connected to HK Organization sold a pair of apartment buildings at 725 and 737 Fox Street in Woodstock, the Bronx, for $12.2 million to Fox Street Apartments LP. Victor Sismanoglouyates signed for the buyer. The pair of seven-story, century-old buildings combine for 108 units across 104,400 square feet and were last sold in 2001 for an unknown amount.

An entity related to Met Foods Supermarket bought a retail property and adjacent 9,600-square-foot parking lot at 79-15 Eliot Avenue in Middle Village for $12 million from Permax Realty Co. New Empire is planning to demolish the buildings on the site and put up a luxury condo with up to 150 units and ground-floor retail. No timeline has been given. The Flatbush Avenue buildings were last sold in 2018 for $9.7 million, and 21 Lenox Road was sold in 2019 for $4.9 million.

Entities tied to Hub Properties bought an apartment building at 1685 East Fifth Street in Midwood for $12.5 million from a quartet of entities. David Akselrad signed for the seller. The six-floor, 55,000-square-foot building has 60 units.

An entity tied to Slate Property Group bought a development site at 224 Third Avenue in Gowanus for $12 million from Abatemarco Realty Corporation. The property is a single-floor, 8,500-square-foot auto body shop.

An entity connected to Forest Hills Property Group bought a retail building at 70-20 Austin Street in Forest Hills for $12 million from an entity tied to Leebar Management. The two-floor, 2,000-square-foot property was built in 1962.

Entities connected to Dyckman’s Jewelry sold a mixed-use building at 73 West 47th Street for $11.5 million to 73 West 47th Street LLC. The five-floor, 7,000-square-foot property was built in 1920 and last sold in 2020 for an undisclosed amount.

An entity connected to Gabriel Cherebar’s Jackson Group bought 435 Ninth Street in Park Slope for $11 million from an entity tied to Berman Realty. The four-floor, 20,000-square-foot building has 14 units.

Argo’s 64 University Place saw 24 of its 28 units sold in recent weeks. The average unit sold for $3.5 million, roughly $3,000 per square foot. The development team has sold nearly $100 million.

Madison Realty Capital, 159 Broadway, a site for a planned 26-story hotel and condo in Williamsburg, plans to close on its purchase of the property. Madison used its existing debt to acquire the site.

  • Green Acres Is the Place for Macerich
  • Billionaire Shows How Small Buildings in NYC Can Mean Big Money
  • Optimal Spaces in the News - New York's Pix11 / Wpix-Tv
  • Fighting rubber ruler measurements
  • Manhattan's Low-Rent Dining in Hiding
  • The NY Fed Is Buying Its Own Building