New York Buildings soldBilly Macklowe sold a majority stake in his 12-story office building at 156 William Street to LaSalle Investment Management for around $55 million. LaSalle closed on a majority interest in the 250,000-square-foot building December 31st, with William Macklowe Co. retaining a minority and managing stake in the property. Macklowe also sold two commercial condominium units at 156 William Street to an independent children's school for $27.2 million. The building is located a few blocks from the school's main campus at 241 Water Street. William Macklowe Co. acquired 156 William Street from private equity firm Capstone Equities for more than $62 million in December 2013, with plans to convert the property into a medical services facility.
Larry Gluck's Stellar Management tripled its money at 123 Lafayette Street after just three years, selling the Soho office-and-retail building for $33.5 million. Stellar bought the six-story, 16,000-square-foot property in 2013, paying $10.9 million. The buyer this time around was real estate investment firm First Atlantic Capital.
Invesco Real Estate">Invesco Real Estate paid $112 million, or over $25,000 per square foot for a Soho retail condominium long occupied by Chanel. The firm bought the 4,465-square-foot space at 139 Spring Street from an entity called Spring & Wooster, LLC, a group of the building's condo owners. Asking rents in the neighborhood can cross $1,000 per square foot.
Related Companies closed on a McDonald's for $152.3 million. A deal that allows the developer to build a 62-story tower at 50 Hudson Yards.
In one of the city's first major commercial investment sales of 2016, MRP Realty and Deutsche Bank Asset Management are in contract to purchase 405 Park Avenue office building for $240 million. MRP and Deutsche Bank have arranged to buy the 17-story, 175,000-square-foot Midtown building, located on the corner of East 54th Street, which Donerail has owned since 1981.
MHP Real Estate Services is in contract to buy 850 Third Avenue, a 614,000-square-foot Midtown East office building, for $460 million. The seller, Shorenstein Properties, paid $300 million for the 21-story building in 2008. The property, once part of the Equity Office portfolio and briefly owned by Harry Macklowe, hit the market in early 2015.
NYC Buildings For Sale
Thor Equities is selling a Greene Street retail co-op in Soho for $38.5 million, double what the company paid for it about 18 months ago. Sitt bought the 5,500 square-foot co-op at 138 Greene Street in 2014 for $15.93 million, and is set to make a large sum by selling it to Ascot Properties. A new tenant will pay somewhere between $650 and $750 per square foot for the ground floor.