New York City office
and retail Market Research

January 2014

January 2014 » Market Analysis » NYC Buildings For Sale

January 2014 NYC Buildings For Sale

NYC Buildings For Sale

The Rhinelander Children’s Center at 350 East 88th, an Upper East Side townhouse owned by the nonprofit Children’s Aid Society, is for sale, asking $20 million. The four-story, 15,405-square-foot site is 50 feet wide. School programs have included preschool, summer camp and after-school care.

Verizon is selling a former telephone-exchange building on West 36th Street near Seventh Avenue as a potential hotel site.
Bank of New York Mellon is looking to downsize, and is considering a sale of its 52 story headquarters at 1 Wall Street.

Chinese Christian Herald Crusades has put their building at 48 Allen Street for sale asking $15 million. The 15,000-square-foot, six-story commercial site, also known as 49 Orchard Street, features a reading room, library, offices and a dining room. The upper floors hold guest rooms for as many as 50 visitors.

The London New York hotel at 151 West 54th Street is on the block, with owner the Blackstone Group looking for at least $500 million.

The Archdiocese of New York has put St. Patrick’s Old Cathedral School, the oldest Catholic school in the city, on the market for $29 million. The 14,925-square-foot property at 32 Prince Street, between Mulberry and Mott streets in Little Italy, opened as the Roman Catholic Orphan Asylum back in 1825.

Sotheby’s is looking for a new headquarters, but the new heaquarters is contingent upon its ability to sell its current building at 1334 York Avenue. The 490,000-square-foot-building, between East 71st and East 72nd street is accepting second-round bids. Interested buyers may bid for the entire building or the 227,000 square feet on the lower level of the property.

New York Buildings sold

Landlord SL Green Realty sold its 33.3 percent stake in the retail co-op at 747 Madison Avenue for $160 million. SL Green partnered with retail investor Jeff Sutton in the project, which is now fully occupied.
Sam Chang is in contract to purchase a 10,000-square-foot Midtown West parking lot for north of $30 million. The lot, which has 75,000 buildable square feet, is at 326-330 West 37th Street between Eighth and Ninth Avenues. Next door, the Albanese Organization is in contract to sell a 15-story loft office building at 320-324 West 37th Street to Isaac Chetrit and Ray Yadidi.
Ponte Gadea Group, the U.S. investment arm for Spanish billionaire Amancio Ortega, has acquired a 56,000-square-foot office and retail building at 414 West 14th Street for $94 million.
L&L Holding Company and Beacon Capital Partners have sold a majority interest in the 29-story office building at 195 Broadway to institutional investors. The property was valued at $500 million. The building is fully leased.
Thor Equities’ Soho paid $16.4 million for a retail condominium at 115 Mercer Street.
Steven L. Kantor’s S2K Partners is close to a deal for $450 million, or roughly $1.3 million per room key, to buy the Standard High Line.

The CIM Group has acquired Lands End II, a Lower East Side subsidized apartment complex, from Pembroke Real Estate and Area Property Partners for $279 million. Area and Pembroke jointly bought the site at 265-275 Cherry Street in 2008 for $170.8 million.

Spitzer Enterprises bought a block-long development site at Hudson Yards from Alloy Development for $88 million. The 17,281-square-foot site is located at 511 West 35th Street. Spitzer Enterprises can build up to 172,000 square feet as of right, but with the purchase of additional air rights through the Eastern Rail Yard and a district improvement bonus, the site could be as big as 415,000 square feet. About 104,000 square feet are zoned for residential use.

A&E Real Estate purchased a four-building multi-family portfolio in Inwood for $31 million from Dermot

Sam Chang paid $26.5 million for a 53,172-square-foot parking garage located at 346 West 40th Street.

A 29-building Queen’s apartment portfolio once owned by AREA Property Partners and Vantage Properties has sold for more than $300 million.

Brack Capital Real Estate has sold the Greystone, a 362-unit Upper West Side rental building, for $139.1 million. The buyer of the building at 212 West 91st Street was Acuity Capital Partners.

Aaron Feldman and Jordan Vogel’s Benchmark Real Estate Group paid $57 million for a mixed-use apartment and retail building in the East Village. The property is located at 55 Third Avenue has 55 rental units and 10,500 square feet of retail space.

Thor Equities has closed on the leasehold for 545 Madison Avenue, an office and retail tower between East 53rd and East 54th streets. LCOR owned the building’s leasehold. LCOR acquired the ground lease to the property from Marx Realty & Improvement Company in 2006, and the land lease is valid through 2081. The company paid $60 million.

Thor purchased 30 Bond Street for $3 million. Thor also bought Grace’s Marketplace site at 1231 Third Avenue for $52.5 million. Thor also in contract to purchase two Upper West Side apartment buildings at 120 Riverside Drive and 125 Riverside Drive for more than $80 million. [

An affiliate of New Jersey investment firm Pantzer Properties acquired a 31,125-square-foot rental building in the Upper West Side for $35.8 million. The five-story property at 370 Columbus Avenue, Natural History was asking $36 million.

Madison Capital paid $130 million for two retail assets — one on the Upper West Side and another in Hell’s Kitchen. HFZ signed a contract to buy the Astor and Metro and two other apartment buildings from Westbrook for about $610 million. HFZ arranged to have Westbrook transfer the retail portion of the Astor and Metro to Madison, 19,000 square feet at the base of the Astor on the Upper West Side and the retail at 235 West 75th Street. Tenants include apparel retailers Barney’s and Lululemon and makeup store L’Occitane en Provence.

Shanghai-based Greenland Group is making a contribution of roughly $200 million in exchange for a 70 percent equity interest in Forest City Enterprises’ Atlantic Yards development, not including the Barclays Center and B2, the project’s first residential building.

Meadow Partners acquired a 130-unit rental building at 110 Green Street in Greenpoint for $72 million.

Franklin Rudd has sold a prospective Midtown development site to an Asian investment firm for $49 million. The 5,025-square-foot lot, at 118 East 59th Street between Park and Lexington avenues, currently houses a four-story retail and office building.

Bobby Cayre’s $42 million acquisition in Soho would be the highest price per square foot ever paid for Soho retail. The 2,750-square-foot ground floor retail space at 114 Prince Street would set likely be priced at $15,336/SF.

TIAA-CREF has sold the Exo, a 14-story, 115-unit rental apartment building in Astoria for $47.2 million. The buyer is a partnership between Jeff Greene and Forest Properties. The 127,238-square-foot building is located at 26-36 27th Avenue. The units are mostly studios and one-bedrooms with an average size of 765 square feet and average asking rents of $2,521.

Jowa Holdings has bought its first building in Manhattan, its $210 million acquisition of 440 Ninth Avenue a 400,000-square-foot building.
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