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January 2010

January 2010 » Market Analysis » NYC Buildings For Sale

January 2010 New York Buildings For Sale


Manhattan Buildings sold

SL Green recently purchased the construction loan on Harry Macklowe's 510 Madison Avenue, a major step toward taking control of the new 350,000-square-foot office tower. The $185 million in outstanding debt was purchased from Union Labor Life Insurance for $170 million. Now, SL Green will have to fund $30 million in unfinished work, plus foot a $30 to $40 million bill for a reserve for tenant improvement allowances and brokers' commissions. The building's only tenants so far are investment firm Jay Goldman and watch retailer Tourneau, both of which are embroiled in battles to renege on their contracts.

Union Square hotel LEM Mezzanine, a Philadelphia-based private equity fund, acquired Istithmar's former W New York - Union Square hotel for $2 million, plus the assumption of $212 million in debt, in a foreclosure auction held in Manhattan, marking the first major asset to be sold since the November debt crisis emerged in Dubai. The hotel would continue to operate under the W brand, while LEM would make an undisclosed amount of capital improvements and position the hotel for an eventual recovery of the New York economy.

New York Buildings For Sale

25 industrial, warehouse commercial and open land properties are up for auction, on behalf of an unnamed, post-bankruptcy client. The properties, which will be auctioned off incrementally as part of the seller's liquidation plan, span 14 different states. The auctions will appeal to buyers looking for larger properties. We have a broad platform that enables us to reach out to local users, as well as larger investors and development groups that are particularly focused on the acquisition of sites that can be repositioned. The first round of auctions will include six properties in the southeast, including Maryland, North Carolina, South Carolina and Georgia. The next round of auctions will begin in January 2010 and will include properties in Florida.

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