New York City office
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February 2017

February 2017 » Market Analysis » NYC Buildings For Sale

February 2017 New York Buildings For Sale

Buildings For Sale:

Forest City Realty Trust is looking to sell its majority stake in a New York retail portfolio to fund manager Madison International Realty. The portfolio encompasses 15 properties and 2.65 million square feet, including 311,000 square feet of retail space at 234 West 42nd Street.

MetLife and Beacon Capital Partners are looking to sell the former Goldman Sachs headquarters at 85 Broad Street. The building is a 1.1 million-square-foot building, which is 91% occupied, and valued at up to $700 million.

Governor Cuomo wants to sell a 170,000-square-foot building used by the City University of New York in Hell’s Kitchen to help offset a reduction in CUNY funding in his proposed budget. The six-story building at 450 West 41st Street, between Ninth and Tenth Avenues, is used to house Hunter College’s Master of Fine Arts program.

Buildings Sold:

SL Green Realty sold a stake in its One Vanderbilt development to the National Pension Service of Korea. The Korean pension fund is taking a 27.6% stake in the building, and Hines, which is a co-developer of the tower, is taking a 1.4% interest.

Yair Levy’s daughters, in partnership with Ezra Mashaal of the Kash Group, sold the retail condominium at 71 Nassau Street. Hubb NYC Properties paid $19.6 million for the 5,650-square-foot condo at 71 Nassau Street.

Singaporean sovereign wealth fund GIC closed on the purchase of a 95% stake in the 50-story office tower at 60 Wall Street from Paramount Group and Morgan Stanley.

The Alberto Makali fashion brand picked up a five-story Soho office building at 460 Broome Street for $17.3 million from the Mack-Cali Realty Corporation. The 11,233-square-foot Soho property includes 2,125 square feet of ground-floor retail, which is occupied by Sunbury Textile Mills.

Lexin Capital closed on a $155 million purchase of a 17-story Midtown office building at 551 Madison Avenue from Barings, formerly known as Cornerstone Real Estate Advisers. The price for the 151,000-square-foot property came out to $1,030 per square foot. The building is located between East 55th and 56th Streets and is 94% occupied with about 17,000-square-foot of retail.

The New School bought 34-42 West 14th Street which contains 180,000-square-foot building in Greenwich Village. The school paid $153 million for the five-story building, which was owned by the Chira family’s Samson Associates since 1985.

Gatsby Enterprises bought 56 West 45th Street, a 66,000-square-foot 17-story office building in Midtown for $50 million. The building is fully leased.

Hotelier Jeffrey Dagowitz bought another 83,000 square feet of air rights in Chelsea. He now assembled a development site with 243,000 buildable square feet. The site, which cost a total of $79.4 million to date, covers a large area of West 23rd and West 24th Streets between Seventh Avenue and Sixth Avenue.

Gary Barnett bought the former Carnegie Deli building at 854 Seventh Avenue. Extell Development paid $9.1 million for the deli’s air rights in 2015 and is set to close on the six-story property. It’s unclear what the price of the property was.
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