NYC Buildings For SaleThe Sapir Organization, the developer of Manhattan's Trump Soho, is planning to put the hotel and its unsold condominium units on the auction block. The auction will likely take place later in the spring.
Aby Rosen's RFR Holding is in contract to buy back the debt for far less than the $144.2 million face value at the Midtown development site at 610 Lexington Avenue.
Although the vacant property, where Rosen sought to build the Shangri-La Hotel, New York, is in contract to RFR Holding.
Several more properties in the William Gottlieb estate have hit the sales market, encouraging another round of renewed hope that the entire portfolio of 100 prime properties across the Lower East Side, West Village and Chelsea will eventually trickle onto the market. Two vacant lots on East Houston Street and two more on Attorney Street have recently hit the market for $9.5 million and $4.25 million.
Just a handful of bidders remain for 1.35 million of Extell Development and Carlyle Group's buildable square feet along West End Avenue, and final bids are due by the end of the month. The parcel, named Riverside Center, is located between West 59th and 61st streets, the southernmost part of the massive Riverside South complex. The portion for sale is slated for two residential towers of 43 and 44 stories.
New York Buildings soldBlackrock Realty Advisors has closed on the sale of an office and retail building at 428 West 14th Street in the Meatpacking District for $65 million.
Colorado-based multi-family landlord UDR partnered with MetLife to purchase the newly developed, five-tower apartment complex Columbus Square for $630 million.
The five-story, 47,3000-square-foot building, which is currently 100 percent occupied by retail and office tenants such as Scoop, Alexander McQueen and Hogs & Heifers, sold to an investment fund called the Yucaipa Companies,. The deal, was made for “portfolio considerations” on Blackrock's behalf.]
SL Green Realty agreed to purchase the HarperCollins Building from Hines Interests for $252.5 million. An unnamed partner joined SL Green in the acquisition of the 390,000-square-foot office tower at 10 East 53rd Street, between Madison and Fifth avenues, and will hold a 55 percent stake in the property.
The Rudin family has bought out the Rose family's 50 percent stake in One Battery Park Plaza for $80 million and taken complete control of the downtown office tower. The transaction highlights the diverging directions of the two families and their firms, Rose Associates and Rudin Management. While Rudin has worked to solidify its stake in the office market downtown, where the firm owns about 3 million square feet, Rose Associates has focused on residential properties.
HFZ Capital Group joined Vornado Realty Trust in its previously reported acquisition of 11 East 68th Street, and will take control of the 41 residential units while Vornado presides over the 100-foot-long Madison Avenue retail space. Vornado entered into contract to buy the Upper East Side rental building for $170 million, a $21.8 million discount on the amount the sellers, ABRO management, paid for it in 2008.
Rockbridge Capital buys 146-room West 35th Street Hampton Inn for $69.5 million and Crown Acquisitions, the Carlyle Group and Highgate Holdings close on $55 million purchase of 170 Broadway.
Extell Development purchased a 10,000-square-foot development site on East 50th Street for $61 million. The deal closed Dec. 1. The property, at 138 East 50th Street between Third and Lexington avenues, is currently a seven-story vertical parking tower flanked by the W New York and San Carlos hotels
The Planned Parenthood Federation of America, has purchased its New York City headquarters — a commercial condo unit at 424 West 33rd Street — for $34.8 million The healthcare organization, which reportedly signed a 20-year lease for 104,000 square feet at the 200,000-square-foot industrial-turned-office style building in 2002 for rents in the mid-$30s per square foot, bought the commercial condo from Vectra Management Group, a real estate management firm based in New York, which has owned the entire building since 2000.
Following the purchase of a 44,564-square-foot parking garage on West 44th Street for $29 million, Gary Barnett's Extell Development has acquired three more prospective development sites from Central Parking System on West 36th and West 37th streets. The three sites – two adjacent lots at 430 West 37th Street, 434 West 37th Street and another one at 429 West 36th Street – include a four-story, 17,702-square-foot garage with 12,711 square feet of usable floor area, which is zoned as commercial overlay within a residential district, an adjacent 4,937-square-foot vacant lot, and a 9,890-square-foot garage respectively. The final purchase price for the transaction was $15 million.
Related Companies has closed the distressed asset fund that purchased debt on Manhattan properties including One Madison Park and 225 Rector Place. The Related Real Estate Recovery Fund garnered $825 million of commitments, $75 million more than it targeted, to invest mostly in distressed debt with an eye on taking ownership of the properties
Laurence Gluck's Stellar Management is in contract to buy four Soho properties including two office buildings, the 320,000-square-foot 161 Sixth Avenue, and the 250,000-square-foot 233 Spring Street, along with two smaller neighboring parcels Gluck signed the purchase contract with representatives of property owner Earle W. Kazis Associates. The parties have until April 11 to close the sale.
Real estate asset management firm Taconic Investment Partners has struck a deal to buy a development site at 71 Laight Street in Tribeca for $65 million, and is planning a residential building with 30 to 40 units at the site once the transaction closes in May or June. Seller Alvaro Arranz bought the land, which currently houses a warehouse and parking garage, for $57 million in 2007, and had previously hired architect Morris Adjmi to design two residential buildings for the site. Arranz's plans had already been approved by the city's Landmarks Preservation Commission.
Kushner's Kushner Companies and Los Angeles-based CIM Group closed yesterday on the $50 million purchase of a 90,000-square-foot office tower at 200 Lafayette Street, on the corner of Broome Street
Kushner and CIM, who bought the building from investors John Zaccaro Sr. and John Zaccaro Jr., are planning a $20 million renovation to turn the property into state-of-the-art-office space.
Canadian hotel management and franchise company Executive Resorts and Hotels has closed on the purchase of four adjacent low-rise buildings at 38-44 West 36th Street, and has plans to build a hotel on the site. Executive, which is based on Howe Street in Vancouver, purchased the prospective development site from an LLC named Divya Malini Realty, a company owned by a New York-based Indian family which bought the property in 1993, for $19.6 million.
Rockrose Development is in talks to acquire 575 Lexington Avenue for $370 million. The 35-story, 585,000-square-foot office tower, between East 51st and East 52nd streets, is owned by a partnership of Silverstein Properties and the California State Teachers' Retirement System.
LaSalle Hotel Properties said it closed on the acquisition of Park Central hotel in Manhattan for $396.2 million, or about $425,000 per key. LaSalle, Bethesda, Md.-based real estate investment trust, said the closing price represents a $9.3 million reduction from the original price of $405.5 million. The company said the current price was calculated based on Park Central's income after debt service since Sept. 2, 2011. LaSalle financed the deal with available cash, borrowing from a senior unsecured line of credit and by issuing 296,300 operating partnership units.
Sam Zell's Equity Residential has purchased 175 Kent Avenue, in Williamsburg, Brooklyn, for $76 million. The condominium-turned-rental was developed by the Chetrit Group, which bought the property for $56 million in 2007.
A group of retail-focused investors led by the Chehebar brothers closed this past Friday on the $10.14 million acquisition of three adjacent parcels in a retail hub of Flatbush known as the Junction. The buying group was headed by Ike and Elliot Chehebar's Jackson Group and also included Aurora Capital's Robert Cayre and A&H Acquisitions's Alex Adjmi. All three firms own significant retail properties in New York City.