February 2023 » Market Analysis » NYC Buildings For Sale

February 2023 New York Buildings For Sale

Buildings for Sale:

Chetrit to pay off the floating-rate loan $481 million. The Chetrit Group is facing default on a $481 million loan, covering 43 properties that the developer is now looking to sell.

APF Properties is looking to sell its plot at 24 West 57th Street, for north of $80 million. As a development site, the property holds about 140,000 square feet of buildable space as of right.

Maverick sues Chetrit over unfinished Penn Station hotel. Lender alleged the developer neglected matured loans, didn’t complete the project. Maverick Real Estate Partners sued for the second time going after the Chetrit Group over an unfinished hotel near Penn Station. Meyer Chetrit is named because he personally guaranteed the debt, according to the suit. Chetrit has been working on a 33-story, 323-key hotel at 255 West 34th Street, a 155,000-square-foot development.

Wells Fargo filed to foreclose on 15 West 55th Street, a 10-story building owed $84 million. Solly Assa, and Steven and Marilyn Finkelstein of FTRE Real Estate, are defendants. Wells Fargo claims they leased personal recourse guarantees on the debt.

Maverick is seeking to foreclose on a retail building owned by Thor Equities at 446 West 14th street, alleging Thor defaulted on a $25.5 million consolidated loan secured by the property. Maverick is also suing Sitt for personally guaranteeing the loans, which Maverick bought from Granite Point Mortgage Trust.

Extell Development and Princeton Real Estate Partners can move forward with a credit bid for six adjacent lots along 11th Avenue owned by Robert Gans, the 57,700-square-foot assemblage between West 45th and West 46th streets along with other properties including a nearby parking lot and outdoor warehouse. The assemblage would require a petition from the city for a rezoning to build a residential project.

Bank Hapoalim to sell loan on troubled Bowery micro-hotel. Foreclosure looms after losing a $10 million judgment at 225 Bowery Bank Hapoalim is folding on its plans to foreclose on a former Ace Hotel in the Lower East Side. The firm is selling its $77 million loan secured by 225 Bowery. Omnia partnered with Ace Hotel to convert the property into a 200-room micro-hotel.

Carlos Slim re-lists Fifth Avenue Townhouse at 1009 Fifth Avenue for $80 million. It was built between 1899 and 1921. The 20,000-square-foot limestone and red-brick townhouse directly faces Central Park and the Metropolitan Museum of Art.

The six-story, 32,000-square-foot commercial building at 241 Water Street is asking $28 million. The property sits on a 7,400-square-foot lot between Peck Slip and Beekman Street that can be further developed into a 45,000-square-foot community facility with 19,000 square feet of unused air rights.

U.S. Bank, as a trustee for CMBS bondholders, wants to foreclose on the six-story, 23-unit property at 121 West 116th Street in Harlem, stating that Sugar Hill is in default on a $4.9 million loan.

Buildings Sold:

Manhattan Office building sales nosedived in the fourth quarter amid high interest rates.

Brooklyn investment sales in 2022, exceeded $9 billion last year. There were 1,506 transactions across the borough. There were also 11 deals worth more than $100 million.

Empire State Realty Trust bought a market-rate, 96-unit apartment building in NoHo for $114.9 million. The deal for the seven-story 298 Mulberry St., built in 1986, was all-cash. Broad Street Development and Crow Holdings Capital were the sellers. The building’s retail space is leased to CVS.

A joint venture of Gilbane Development Co., Systima Capital Management, ELH Management and TerreAlto have acquired four affordable housing properties in the Bronx from Spencer Equity for $107.5 million. There are 477 apartment units in total located at 280 East 161st St., 1105 Jerome Ave., 101–103 West 165th St. and 2363 Southern Blvd.

Vornado has sold the 29-story, 251,000 SF at 40 Fulton Street for $101 million to investor David Werner. The sale works out to approximately $402 per SF. David Werner got a $45 million loan from UMB Bank and a $25 million loan from the Bank of New Hampshire. UMB Bank is also listed as a trustee in the lending agreement. 40 Fulton was roughly 80% leased when it first hit the market. Durst eyes rare sale in Seaport district.

Family looks to sell Front Street apartment portfolio: 214 Front Street and 213-217 Front Street. The Durst Organization and Zuberry Associates are looking to get $87 million for the seven buildings. The buildings include 95 apartments and 15 retail units spread across more than 140,000 square feet.

H Mart bought a retail condo at 223 East 86th Street in Yorkville for $8.7 million with plans to open its next Manhattan location there.

The Williamsburg Hotel, a 147-key property developed by Toby Moskovits and Michael Lichtenstein at 96 Wythe Avenue, is set to be sold to London-based hospitality firm Quadrum Global for $96 million.

A Renaissance-inspired townhouse faces foreclosure. 163 East 64th Street LLC filed to foreclose on the $5 million second mortgage secured by the property’s owner.

MAG Partners leased a 99-year Chelsea ground lease to deliver 188 units with a 200,000 square-foot building at 335 Eighth Avenue. The lease starts with an annual rent of around $2 million and is expected to bring in over $750 million during the life of the deal, consideration of under $64 million.

60 Guilders purchased three properties in Williamsburg for $143 million, consisting of a 113-unit apartment building at 205 North Ninth Street, as well as 225 North Ninth Street and 220 North 10th Street from The Rabsky Group. The three properties combined have 211 units and ground-floor retail space between Roebling Street and Driggs Avenue. 60 Guilders assumed $103 million in debt.

Sortis Holdings is acquiring operator Ace Group International for $85 million. The deal includes the brand and the hotel management company. The Ace Hotels portfolio consists of nearly a dozen properties in New York City, Los Angeles and Kyoto.

Maguire Capital and Watermark Capital have acquired the site of a long-stalled megaproject in Brooklyn’s Sunset Park. Maguire and Watermark have taken over the vacant site at 6208 Eighth Avenue. The total cost, including equity and debt, was between $75 million and $80 million. The partners can build an approximately 800,000-square-feet project on the land.

MetLife pays $68 million in cash for two loft buildings at 44 Berry Street and 139 North 10th Street in Williamsburg from Clarion Partners. The Jane Hotel has sold for $62 million. Jane St. Hospitality sold the 113 Jane St. property to JK Hotel Group, with plans to turn the property into a members-only club and its rooftop bar into a private outdoor lounge.

Mr. C Seaport hotel sold to a South Korean operator for $60 million. The luxe 66-key lodging at 33 Peck Slip will no longer operate under Cipriani family brand, buying the 66-key Mr. C Seaport hotel for a per-room price of just over $900,000.

Moinian Group sold a hotel and adjacent multifamily development site near LaGuardia Airport for $50 million at 37-10 114th Street and 37-20 114th Street in Corona, Queens, to Bayrock Capital. The 217-key hotel spans roughly 107,000 square feet. The adjacent parking lot comes with plans for an 81,000-square-foot, 103-unit residential building that has qualified for the expired 421a tax abatement.

A pair of LLCs registered paid $36.6 million for a 75% stake in a new apartment building at 494 Manhattan Avenue in Greenpoint and a 49% stake in another at 1-7 Withers Street from entities connected to developer Joel Schwartz.

The Settlement Housing Fund and Camber Property Group bought an apartment building at 2105 Daly Avenue in West Farms, the Bronx, for $25.4 million from entities connected to K&R Preservation and Metropolitan Realty Group. The five-floor property, known as the Trinity Apartments, was built in 1930 and consists of 76 units across 73,800 square feet.

Entities tied to Nuchem Obstfeld bought a mixed-use five-building portfolio for $29 million. 413 East 9th Street, 438 East 9th Street, 440 East 9th Street, 141 Avenue A and 153 Avenue A combined for 31,000 square feet, 68 residential units and seven commercial units.

An entity connected to Meyer Equities bought an office building at 260 West 36th Street in the Garment District for $33 million from an entity tied to Quartz Realty. Built in 1907, the 10-floor property spans more than 81,000 square feet.

Vornado Realty Trust sold two Soho properties at 484-486 Broadway to entities linked to Tri-Star Equities for $23.5 million. Built in 1900 and anchored by retail tenants J. Crew and Madewell, the buildings combine for 21,000 square feet, including upstairs office space.

An entity tied to Jordan Cooper LLC sold a 60-unit apartment building at 108-50 71st Avenue in Forest Hills for $18.7 million to a Rockville Centre-based LLC. Built in 1950, the six-story spans 63,000 square feet.

An entity connected to Savion bought an industrial building at 450 Timpson Place in Hunts Point, the Bronx, for $17.8 million from an entity tied to Altmark Group. Built in 1925, the single-floor warehouse spans 27,000 square feet.

An LLC linked to Kanden Realty bought a pair of apartment buildings at 174 and 176 East 85th Street on the Upper East Side for $16.4 million from Akio Hatano. The five-story buildings date to 1910 and consist of 40 units across 20,600 square feet.

A pair of entities GRO Alternative Investments bought two apartment buildings at 992 and 998 Amsterdam Avenue in Morningside Heights for a combined $16.2 million from Property Resources Corporation. The six-floor buildings contain 46 units across roughly 45,600 square feet.

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