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February 2018

February 2018 » Market Analysis » NYC Buildings For Sale

February 2018 New York Buildings For Sale


New York Buildings for sale:
Columbia Property Trust is looking to sell a nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center. the 25-story property at 222 East 41st Street, which in 2016 saw one of the bigger long-term medical-use lease deals in recent years.

Joseph P. Day Realty, which has owned the 100,000-square-foot property at 9 East 40th Street for around 50 years, is now looking to sell and could fetch between $65 million and $70 million. The 18-story building sits half a block from Bryant Park, between Fifth and Madison Avenues.

JPMorgan Chase, Olmstead Properties and Jonathan Rose Companies are looking to sell a Midtown office building almost fully occupied by DKNY. The owners of the 12-story, 160,000-square-foot property at 240-248 West 40th Street in Midtown’s Garment District are asking about $115 million, or north of $725 per square foot.

New York Buildings Sold:

Forkosh Development bought three Kips Bay buildings for $17 million. The properties, at 57-159 East 28th Street and 394 Third Avenue, contain seven apartments and three commercial units. The seller is a certain Henry Chiu, which has owned the building since 1986.

Ivanhoe Cambridge is in contract to sell a 470,000-square-foot Hudson Square office building at 330 Hudson Street to AEW Capital Management for $385 million.

The Republic of Singapore has sold its former Midtown East consulate to corporate travel company Frosch, which will also occupy the building. Texas-based Frosch paid $22 million, or $917 per square foot, for the vacant five-story property at 231-233 East 51st Street.

W Brothers Realty and their partners picked up a mixed-use building on Madison Avenue’s Gold Coast for $37 million from owners who had held the property for nearly 100 years. The Midtown-based firm bought the five-story building at 766 Madison Avenue in partnership with the Bronx-based Altmark Group and the New Jersey-based Blenden Group. The seller is a corporation controlled by estate-planning attorney James Rice.

A partnership between Michael Ashkenazy and Peter Castellana bought three commercial properties in the Bronx for $18 million. The parcels, at 4720 Third Avenue, 4734 Third Avenue and 448 East 189th Street, are parking facilities in the Belmont neighborhood. The seller is Mayo Associates.

Host Hotel & Resorts is negotiating to sell its luxury W Hotel in Midtown to Capstone Equities and HEI Hotels & Resorts for about $209 million. The sales price would work out to about $300,000 per key for the 697-room hotel at 541 Lexington Avenue.

Rockpoint Group bought the Midtown office tower 1700 Broadway, home to CBS, for $465 million. The purchase price translates to a cap rate of 4 to 5%. Ruben Companies, which developed the 42-story, 626,000-square-foot tower in 1968, is the seller.

Porven Real Estate, a New Jersey-based company, has spent $42.5 million to buy 204 Fifth Avenue from Artemis Partners. The 14,538-square-foot office property stands four stories tall across from Madison Square Park in the Garment District and is a Beaux-Arts commercial building. It was put on the market with a $27 million asking price.

Vornado Realty Trust is selling its retail condominium on the Upper East Side to Ralph Sitt’s Status Capital for nearly $85 million. The Steve Roth-led real estate investment trust is set to close on the sale of the condo at the base of the 26-story Marquand at 11 East 68th Street.

The Gural family, which controls GFP Real Estate and its affiliate Newmark Knight Frank, entered contract to acquire 7 Hanover Square for $310 million. Although as much as 40% of the 27-story Financial District building is zoned for residential, the Gural family is planning to operate it predominantly as an office building, likely with some retail.

Agassi’s Turner-Agassi Charter School Facilities sold off a Bronx building for just over $24 million at 180 West 165th Street in Highbridge to the Lighthouse Charter School.

New York REIT sold the first standalone retail property in the liquidation of its multibillion-dollar portfolio to HUBB NYC for $25 million. HUBB paid $25.1 million to buy the retail condominium unit and parking garage spanning roughly 43,000 square feet at the base of the Orion condo-and-rental building at 350 West 42nd Street.

The Sephardic Academy of Manhattan bought a six-story building on the Upper East Side for $14 million to expand its program with a helping hand from some familiar figures in New York real estate. The sellers are the Brandt family, which acquired the property in the 1980s.

K Property Group and based Intercontinental Real Estate Corporation bought two adjoining commercial buildings at 30-32 Howard Street in Soho for $46 million. The firms plan on renovating and combining the properties. The Monsees family, which operated a library-ladder manufacturing business out of the two buildings, is the seller.

W. R. Berkley Corporation bought a 36-story Midtown office tower at 600 Lexington Avenue from SL Green Realty. The sale generated cash proceeds of roughly $292 million for SL Green.

HUBB NYC purchased 186-188 First Avenue, two mixed-use buildings in the East Village, for $14.25 million. The properties are two five-story walkups with 16 apartments and three retail spaces.

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