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February 2021

February 2021 » Market Analysis » NYC Buildings For Sale

February 2021 New York Buildings For Sale


Buildings Sold:

Dynamic Star continues to snap up properties as it moves forward with a massive mixed-use project in the Bronx. Dynamic Star purchased a concrete plant site along the Major Deegan Expressway for $21 million. The development firm intends to incorporate the new parcel into Fordham Landing, the $3.5 billion megaproject it’s planning in University Heights near the Harlem River.

A $75 million loan tied to the Gramercy Park Hotel sold to an anonymous buyer. JPMorgan Chase sold the debt, which has a maximum principal amount of $75 million, to RDAC 8 LLC. The loan is secured by the Gramercy Park Hotel. Bremen House sold two mixed-use buildings on the Upper East Side: a 38,500-square-foot property at 220 East 86th Street and a 36,000-square-foot one at 1653 First Avenue. The buildings sold for $14 million and $14.5 million, respectively. The buyers were anonymous limited partnerships. Gonca Hartmann Tekiner signed for the seller.

Cape Advisors sold a 3,086-square-foot, ground-floor retail space at 102 Chambers Street in Tribeca for $12 million, or nearly $3,900 per square foot. Gregory Kraut signed as the buyer for a limited liability company.

The Republic of Austria purchased a 13,462-square-foot commercial condo at 633 Third Avenue in Murray Hill for $10.7 million. The seller was the Partnership to End Addiction.

Rudd Realty sold two mixed-use buildings, each with 16,600 square feet and 24 units, at 140 and 142 West 4th Street in Greenwich Village for $22.9 million. The buyer was Willowick Properties.

Dynamic Star purchased two industrial buildings, each with 2,480 square feet, at 2391 and 2401 Exterior Street in the South Bronx. Carmino Salgado signed for the seller, Galway Realty LLC.

Rosemawr Management sold a 14,400-square-foot school building at 370 Gerard Avenue in South Bronx for $12.3 million, via RM Charter Holdings LLC. Family Life Academy Charter was the buyer.

The owner of the Hilton Hotel in Times Square has given the keys to the hotel back to its mortgage holder. The hotel’s owner, California-based REIT Sunstone Hotel Investors, surrendered the 44-story property to Torchlight Investors, the special servicer. The lender and the borrower signed a lease in lieu of foreclosure, which allows the hotel owner to hand the keys back to its lender.

Tri-Star Equities acquired three mixed-use buildings spanning a combined 21,800 square feet in the Flatiron District for $17 million. Located at 42, 44 and 46 East 21st Street, the buildings contain ground-floor retail and seven residential units. Gregory Hall of CGMT Hall Real Estate LLC was the seller.

Buildings For Sale:

Seven Manhattan hotels are on the auction block. The portfolio, owned by a joint venture between Hersha Hospitality Trust and Chinese investment firm Cindat Capital Management, is to be auctioned, as a result of the owner’s default on an $85 million mezzanine loan. The seven hotels are located in Times Square, Chelsea, Herald Square and the Financial District operating under the Holiday Inn, Hampton Inn and Candlewood Suites brands. The properties are at 116 West 31st Street, 108 West 24th Street, 337 West 39th Street, 339 West 39th Street, 343 West 39th Street, 51 Nassau Street and 126 Water Street.

The Brooks Brothers store at 346 Madison Avenue is being offered up as a development site that could be transformed into a 41-story, 700,000-square-foot tower.

Savanna has listed the 135,000-square-foot building at 1825 Park Avenue. Savanna is asking around $75 million for the early 1900s-era building, or about $555 per square foot.

A New York bar owner wants to sell his two Hell’s Kitchen establishments for Bitcoin. Patrick Hughes owns two bars on 10th Avenue near 45th Street. He recently put those bars up for sale for 25 Bitcoins or 800 Ethereum tokens, which is about $875,000. If Hughes finds a buyer, this may be the first cryptocurrency-only sales transaction for a bar. It has been used by the real estate industry before.

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