February 2024 New York Buildings For Sale

Buildings for Sale:

The defaulted loan on Blackstone's 1740 Broadway is for sale after a $430 million drop in value. The $308 million CMBS loan on 1740 Broadway is on the market for roughly $150 million.

Albert Kalimian’s firm put the property at 200 West 67th Street up for sale. Kalimian had defaulted on the $194 million mortgage which matured in November. The 310-unit luxury property rental income covered 87% of borrowing costs.

Rialto Capital is suing Metropole on behalf of the lenders for failing to make $215 million CMBS loan payments on 681 Fifth Avenue, a 12-story building since July. The retail space is vacant. Tommy Hilfiger was the last tenant occupying the 22,000-square-foot flagship store. The store is occupied, 27%, of the 82,573 square foot building and represented 77% of the total annualized base rent when the mortgage was securitized.

180 Maiden Lane hits the market in a short sale. The 41-story office building for sale after loan matures and its loan matured and the lender and building owner agreed to sell the building through a short sale.

Xin placed Bloom on 45th at 500 West 45th Street into bankruptcy protection on Jan. 7. The developer claimed the 92-unit luxury project is worth $123 million. The mezzanine lenders filed to foreclose on the property.

Buildings Sold:

1. SL Green sold a 49% interest of 245 Park for $998 million to Japan’s Moori Trust.
2. Kering is paying $963 million to acquire the 115,000 SF retail condominium at 717 Fifth Avenue. The multilevel space sits at the base of a 26-story office tower and was sold by Wharton Properties.
3. The space at 715-717 Fifth Avenue has been leased to Armani and Dolce & Gabbana.
4. Related and its partner Oxford Properties Group sold the 400,000-square-foot Neiman’s department to Wells Fargo at 20 Hudson for $550 million.
5. Wharton Properties sold 724 Fifth Avenue for $425 million to Prada.
6. Wharton Properties sold 720 Fifth Avenue to Prada for $410 million.
7. Steve Witkoff sold the Park Lane Hotel to the Qatari Investment Authority for $623 million.
8. DH Property Holdings, Bridge Industrial and Banner Oak Capital Partners sold the unfinished project in Sunset Park industrial site to FedEx for $248 million which included a. distribution hub at the 18-acre property, which runs along Third Avenue between 19th and 21st streets.
9. Hennick & Company bought the retail at 410 East 60th Street for $153 million from Gazit Horizons. The retail space is fully leased, including a Starbucks storefront.
10. Home Depot signed a lease to take over 120,000 square feet from Bed Bath & Beyond.
11. Kushner Companies sold a six-building multifamily portfolio to Targo Capital Partners for $57.5 million. Five properties are on East 4th Street and one on East 10th Street. There are 112 units across the portfolio, or $513,000/ unit.
12. Akris bought three commercial condos at 772 Madison Avenue and one at 21 East 66th Street for $40.6 million.
13. Kate Shin signed over the deed for the property at 170 East 80th Street to lender ACRES Loan Origination. The transaction, which was in lieu of foreclosure, came with a $34.4 million valuation of the 11,000 square foot house.
14. The 33 SF retail condominium at 115 W. 31st Street was sold for $30M to Hi Jong Lee.
15. Kodansha USA purchased 25 E. 22nd St., a five-story office tower in Manhattan’s for $27M. The seller was a Just Society.
16. Related Fund Management sold a 237-unit rent-stabilized property at 1500 Noble Ave, known as Noble Mansion in the Bronx for 26M to Yechiel Newhouse.
17. Argentic Investment Management sold the property at 115 7th Avenue for $22 million to Raymond Chan. The property has about 55,000 square feet of development rights.
18. An entity connected to West Lake 135-139 Avenue A LLC paid $19 million for a 31-unit building at 135 Avenue A. The seller was an entity controlled by Peter Herrick and Norma Herrick.
19. Poly Prep Country Day School paid $13.5 million to its lower school’s next-door neighbor, the Brooklyn Society for Ethical Culture, for the latter’s longtime home, 53 Prospect Park West.
20. Related Companies and Sterling Equities paid $12.3 million for properties at 126-16 Northern Boulevard Sr South and 126-17 34th Avenue, Queens. The land will be part of the Willets Point development, which is to include a 25,000-seat soccer stadium.
21. KSR Capital bought the 49% interest in the 395,000-square-foot 1410 Broadway from owner L.H. Charney Associates. The sale closed in late 2023 for an unknown amount.

Largest building Sales 2023:

1. Brookfield bought out the Blackstone Group 49% stake in the tower at a $1 billion valuation at 165 Broadway, a 2.3 million-square-foot skyscraper.
2. The McSam Hotel Group sold the hotel condo at 150 West 48th Street to Dauntless Capital Partners for $302 million.
3. Fortress Investment Group converted $285 million worth of its debt into equity to the stalled condo project at 125 Greenwich Street.
4. Hyundai bought 15 Laight Street from Vanbarton Group for 275 million. Hyundai plans to use the 108,000-square-foot building for a showroom and offices.
5. Chetrit Organization’s 850 Third Avenue was transferred to HPS Investment Partners for $266 million.
6. New York University paid $210 million to buy the 23-story, 209-unit rental building at 377 East 33rd from Verbena Road Holdings.