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February 2019

February 2019 » Market Analysis » NYC Buildings For Sale

February 2019 New York Buildings For Sale


Buildings For Sale:

GFP Real Estate and Northwind Group are looking for a new equity partner to buy 60- 80% of the equity in the property known as 7 Hanover Square which was the former Guardian Life headquarters in the Financial District.

Anbang Insurance Group is looking to offload a $5.5 billion hotel portfolio including properties in New York, Chicago, and San Francisco.

SL Green Realty and its partners are soon going to put the 500,000-square-foot office building at 521 Fifth Avenue on the market.

SL Green Realty is considering selling the Art Deco “News Building” at 220 East 42nd Street in Midtown, which could hit the market with an asking price in the area of $1 billion. Built in 1920 as the headquarters of the New York Daily News, the 476-foot-tall tower features a 10-story base with large floors.

The Chrysler Building is for sale, but Amazon is planning to ink a lease at the iconic office tower. Amazon could be a new tenant in the Chrysler Building, already increasing its upcoming presence in New York. The tech giant is close to signing a lease for about 10,000 square feet at the property.

Abu Dhabi Investment Authority is planning to sell its majority stake in 330 Madison Avenue.

Buildings Sold:

Jacob Schwimmer sold a parcel between Boynton and Morrison Avenues in the Bronx for $18.5 million. An LLC tied to developer Bernard Jacobowitz was the buyer.

Allen Gross and the investment firm Elliott Management Corp. closed on their $420 million purchase of NoMad’s Parker New York hotel with financing from Bank OZK. Gross’ GFI Capital Resources Group and Elliott Management plans to pump an additional $100 million into renovating the 37-year old hotel south of Central Park at 119 West 56th Street.

Ashford Hospitality Trust Inc paid $195 million to buy the newly built 310-room Embassy Suites by Hilton New York located at 60 West 37th Street.

Tom Hill closed on a commercial condo at 501 West 24th Street for $29 million. The unit covers the third and fourth floors and will serve as the home of his art collection, which includes works by Andy Warhol and Francis Bacon and is valued at over $800 million.

Aion Partners has sold 11 East 44th Street to Brooks Brothers for $105.8 million.

HFZ Capital Group purchased a five-story, mixed-use building in NoMad for about $18.6 million. The seller of 18 West 30th Street was Jamak Realty, Inc.

Investor Jacob Chetrit bought 850 Third Avenue from debt-laden HNA Group and its partners for $422 million.

MHP Real Estate Services and Banyan Street Capital are buying the Bronx General Post Office in the high $70 millions. The new owners will continue the plan of revitalizing the building at 558 Grand Concourse, located between 149th and 150th streets, with shopping and restaurant space.

Rockpoint Group asked Wells Fargo and Brookfield Asset Management to finance its $600 million purchase of the One Dag Hammarskjöld office tower in Midtown East.

WarnerMedia is looking to sell the 1.4 million-square-foot office condominium it owns at Hudson Yards, and hopes to raise around $2 billion through the deal. The entertainment company, which has yet to relocate from the Time Warner Center to its new offices at the under-construction 30 Hudson Yards, will look to do a 20-year sale-leaseback with the new owner.

McSam Hotel Group just sold a Chelsea development site for almost double what it paid for the property about a year ago. Magna Hospitality Group paid Chang’s firm $113 million for 140 West 24th Street.

An LLC that appears to be tied to Antoun Sehnaoui, a Lebanese banker and businessman, bought 190 Prince Street, a three-story building known as St. Anthony’s Convent, from the Church of Saint Anthony of Padua for $19 million.
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