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February 2015

February 2015 » Market Analysis » NYC Buildings For Sale

February 2015: New York Buildings For Sale


New York Buildings for Sale

A Times Square hotel is hitting the market for. The Comfort Inn Times Square South at 305 West 39th Street is for sale asking $35 million. The property was built in 2007, and has a 93% occupancy rate. Rooms are about $180 per night. The price per room is based is about $448,718.

A Court Square development site offering more than 167,000 buildable square feet is on the market for $41.5 million. The site is 11,145 square feet. The properties are located at 23-10 45th Avenue, 45-03 23rd Street; 45-05 23rd Street; 45-07 23rd Street; 45-09 23rd Street; 23-14 45th Avenue; and 23-16 45th Avenue.

The United States Postal Service is looking to sell development rights for the Old Chelsea Station branch, allowing a builder to construct up to eight stories of condominiums on top of the existing two-story property. The building is located at 217 West 18th Street, between Seventh and Eighth avenues and is on the National Register of Historic Places.

Inditex's signed a contract for $20,588 a foot for the 13,600-square-foot ground floor of a newly created retail condo at 503 Broadway. The $280 million price will break the neighborhood's retail record with a price tag of more than $20,000 per square foot.

The B'nai Zion Foundation is looking to sell its U.S. headquarters at 134-136 East 39th Street in Murray Hill for $21 million.

The Kleinberg family, a private New York-based investor, is asking $52 million for a five-story Meatpacking District commercial building near the High Line located at 437-439 West 16th Street.
Thor Equities and Taconic Investment Partners are selling Samsung's offices located at 837 Washington Street in the Meatpacking District, to TIAA-CREF for $200 million. The building is six-stories with 63,000-square-foot of offices.

Olmstead Properties is putting a 5,500-square-foot corner lot located at 363 Lafayette Street with 32,000 buildable square feet on sale.

New York Buildings sold


Arcade Capital is planning to buy an unfinished hotel on the Lower East Side's Orchard Street for $33 million. Arcade Capital intends to turn the uncompleted Allen Street Hotel into an upscale hotel at 139-141 Orchard Street.

Rubin Schron is buying a 12-story property located at 1501 Lexington Avenue on the Upper East Side for more than $90 million
Savana bought a newly constructed building at 461 West 14th Street, holds 24,682 square feet. It is a corner retail property located underneath the High Line.

A Canadian property investor together with partner Callahan Capital Properties bought 3 Bryant Park for $2.2 billion from Blackstone Group. The 1.2 million-square-foot office tower at 1095 Sixth Avenue is located between 41st and 42nd streets and houses tenants such as MetLife, Verizon and Dechert LLP.

A Real Estate Advisors firm picked up an office building for $165.7 million from Leon Charney's L.H. Charney & Associates. The building, located at 114 West 41st Street in the Times Square area, is located between Broadway and Sixth Avenue. The property had a recent $7 million renovation two years ago, including a new retail facade and a lobby.

The Chetrit Group and Somerset Partners are near closing on a 1.5-acre waterfront site in the Bronx for $26 million as part of a residential development.

A Japanese real estate investment firm purchased 24-28 West 25th Street and 40 West 25th Street for $210 million, representing nearly a 100 percent return on a two-year investment for the sellers.

Joe Sitt has acquired 9,240-square-foot retail co-op at 1114-1120 Madison Avenue retail for $42.3 million.

Wharton Properties has purchased 12,946-square-foot retail space at 85 Fifth Avenue, which is the ground level with 15-foot-plus ceilings and a basement for $86 million.

The Sapir Organization agreed to pay $200 million for the 270-room Mondrian Soho hotel, located at 9 Crosby Street at a foreclosure auction.

An unnamed developer is in contract to purchase 148-154 Rivington Street, between Suffolk and Clinton streets. The building was the home of Streit's Matzo Factory.

RFR Realty has closed on New York City's Church Missions House at 281 Park Avenue South for $50 million.

A group affiliated with a Brooklyn investor has signed a contract to buy the landmarked Beekman Tower for $137.5 million from a joint venture of Silverstein Properties, Fisher Brothers and Capstone Equities.

RXR Realty is close to acquiring Invesco's 230 Park Avenue for $1 billion.

Trevor Day School building at 11 East 89th Street sold for $17.7 million.

Extell Development sold 331 Park Avenue South for $39.5 million to Metro Loft. The purchase is Metro Loft's second acquisition from the Ring portfolio. In December, the developer bought a 12-story building at 114 East 25th Street for $36.5 million. Extell paid $308 million for the entire Ring package.

Silverstein Properties bought a former Mercedes-Benz dealership located at 514 11th Avenue which is on the West Side for more than $100 million.

A 10-story commercial building at 34 West 17th Street is to be sold for $20 million. A Lower East Side-based real estate investment firm will convert the building into full-floor residential condominiums.

General Growth Properties is paying $888 million for its share of the Crown Building on Fifth Avenue and 57th Street.
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