December 2023 » Market Analysis » NYC Buildings For Sale

December 2023 New York Buildings For Sale

Buildings for Sale:

222 Broadway is for sale. The owner is hoping for a price between $150 million and $200 million. The office portion of the 780,000-square-foot building is only 31% occupied after Bank of America. WeWork also leased a large portion of the space, and the location is part of the company’s bankruptcy. The property is said to be a “blank canvas opportunity for an investor to either re-lease the building as office, or convert some or all of the building to residential,”eyeing a price of somewhere between $150 million and $200 million.

Disney is looking to sell UWS Armory for $30 million for the 120-year-old property at 56 West 66th Street. The building is ideal for users for continued use as an office and broadcasting space or conversion to residences, townhome, event hall, social club, art gallery, non-profit/educational use, diplomat/government building, restaurant and other creative uses.

All Year is seeking to sell the William Vale hotel to pay back its creditors, including Israeli bondholders who hold the debt.

Urban Edge facing is facing foreclosure at 1630 East 15th Street.

Foreclosure auction set for 5 East 59th Street, a vacant, nine-story building on Jan. 17. The property has 45,000 square feet of rentable space for commercial or residential use, is owned by BentallGreenOak and Daniel Ghadamian and Josh Zamir’s Capstone Equities.

Signa Holding, which owns a 50% stake Chrysler Building, has filed for insolvency.

Buildings Sold:

Sovereign Partners acquired 100-104 Fifth Ave Union Square for $126.5M from Clarion Partners.

Restoration Hardware in contract to buy the RH Guesthouse for $58M 55 Gansevoort.

The new ownership group for the Flatiron Building closed two deals buying out former owners. The deals came to a total of $47M, with $40.2M going to attorney Nathan Silverstein, A further $6.7M went to Gregg Schenker, with the new ownership venture of The Brodsky Organization, GFP Real Estate and Sorgente Group paying out both sums.

A 60K SF office building at 6 West 48th Street sold for $34.7M. The buyer was Minako Realty, and the seller was Robert Posner.

Isaac Hager, the Brooklyn developer, teamed up with Shiya Labin to acquire an office condo building at 1000 Dean Street in Crown Heights for $32.5 million from Meadow Partners and LIVWRK.

Lions Group NYC bought 100 Christopher Street, with 36 apartments and 70 feet of retail frontage, for $30 million from Delshah Capital. The building spans 22,000 square feet.

Extel sold its development site at 1530 Third Avenue to ZD Jasper Realty for $24.5 million. The sale came to about $29 million including air rights. The property includes 150 feet of retail frontage on 86th Street, or about $490 per square foot. An additional 10,000 square feet of air rights, transferable from an Extell property on Second Avenue. The site now has 60,000 square feet of development potential, including the 10,000 square feet of inclusionary air rights.

The Migdol Organization has sold two facilities being used as homeless shelters in Harlem for a total of $26M. The properties at 2332 and 2250 Adam Clayton Powell Jr. Blvd. were purchased by Urban Resource Institute.

Bayrock Capital bought a 128-key hotel being used as a homeless shelter at 44-29 Ninth Street, Queens, from an affiliate of Premium Capital for $24 million.

RockFarmer Properties sold three buildings in the Queens neighborhood of Ditmars Steinway for a combined $21M, FBL Rowan LLC, owned by Weitao Shi and Yong Chen, was the buyer of the properties, located at 21-13 31st St., 21-01 31st St. and 21-07 31st St. The buildings are zoned for retail use and have a total of 18K SF of built space in addition to 38K SF of air rights.

Mosdos Satmar BP bought a 35,000-square-foot yeshiva at 507 Ocean Parkway in Kensington, Brooklyn, from the nonprofit Talmudical Mosdos Temima for $20 million.

Yechiel Newhouse bought a 160,000-square-foot, mixed-use building in Longwood, the Bronx, for $19 million. The 12-story building at 950 Westchester Avenue has 111 apartments, seven offices and two retail units, with tax abatements from ICIP and 421a. The seller was a group of investors led by the Arker Companies.

Sabet Group bought the properties, 504 East 12th St. and 508 East 12th St., which have 28 units apiece. The buildings span a total of 31K SF. for $19.5 million form Kushner Cos.

Allied Properties has purchased 9201 Fourth Ave., containing almost 100K SF, in Bay Ridge for $15.6M in a foreclosure proceeding.

Truman Management bought two low-income residential buildings for $12.5 million from nonprofit Urban Home Ownership Corporation, located at 1695 and 1705 Hoe Avenue in Crotona Park East, the Bronx. The properties have a combined 88 units.

Mardave Management sold 788 Riverside Drive, where 53 of the 62 units are rent-stabilized, for $10.2M to Friedland Properties.

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