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February 2009

February 2009 » Market Analysis » NYC Buildings For Sale

February 2009 New York Buildings For Sale

Manhattan Buildings sold

Zar Property bought an eight-story commercial building in Soho for $12.65 million. The building, at 64-68 Wooster Street, between Broome and Spring streets, is occupied by the Ohio Theatre company.

The Rockefeller Group has sold its land lease at 1627 Broadway to United American Land for $26 million. Tenants include Duane Reade and the Snapple Theater. United American Land said it is evaluating options because the air rights would allow about 120,000 additional square feet to be built at the location. The property no longer fit into the company's long-term plans.

New York Buildings For Sale

Deutsche Bank is no longer selling Macklowe's 1540 Broadway and Worldwide Plaza as a package, and is now in the process of selling only the office space at 1540 Broadway. The office portion of the building, about 880,000 square feet, is being sold for $375 to $450 per square foot. The building, at 44th Street, also includes three condo units, retail space and a garage. About 160,000 square feet of the office space is vacant and tenants include Viacom and several law firms.

A clear sign that the value of development properties has fallen from the highs of 2006, the publicly-traded lender iStar Financial is considering offers of about $160 million for its first position note on the Drake Hotel site, which spans Park Avenue from 56th to 57th streets. This represents a reduction of about a quarter for the $224 million note on the site owned by Harry Macklowe, who planned to build a mixed-use development on the large parcel.
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