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January 2015

January 2015 » Market Analysis » NYC Buildings For Sale

January 2015: New York Buildings For Sale


New York Buildings sold

Jeff Sutton and General Growth Properties are buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion. The price works out to $4,490 per square foot, which sets a new world record for the price of an entire office building. The nearly 400,000-square-foot tower includes roughly 50,000 square feet of valuable retail space with retail tenants including: Bulgari , Mikimoto, Bank of America and Piaget.

Broad Street Development purchased two Noho apartment buildings for a combined $178.5 million. The properties are located at 298 and 304 Mulberry Street. The buildings house 182 apartments, 11,825 square feet of ground floor retail facing Mulberry and Houston Streets, and a parking garage.

APF paid $188 million for the 80% stake in the 372,000-square-foot building at 28 West 44th Street.

Vornado Realty Trust is the new owner of the former Pearl Paint building. This marks the firm's second retail acquisition on Canal Street south of Soho.

Caerus Group signed a contract to buy the six-story Zionist Organization of America building at 4 East 34th Street for between $70 million and $80 million.

Premier Group acquired a Marriott Residence Inn at 170 Broadway for $150 million.

Mount Sinai St. Luke's closed the bidding on four Upper West Side properties that have been sitting largely vacant. The winner buyer will not be released until early next year. Hospital officials were asking for around $130 million.

Urban Muse bought 1 Beekman Street for $52 million. Two small buildings occupy the site aka 33-34 Park Row.

Minskoff Equities paid $26 million for a parking garage in the West Village that could be converted into a mixed use building with 41 apartments.

Princeton Holdings and Eli's Bluestone Group paid $21.5 million to buy a 10-story residential and retail building at 165 William Street.

RXR Realty is to buy a Downtown commercial building from Beacon Capital Partners for $675 million at 32 Old Slip.

A group of investors paid $45 million to assemble a handful of low-rise buildings on the Bowery at 132-142 Bowery.

Ashkenazy Acquisitions is close to buying the New York Marriott East Side for $290 million.

The Harbor Group purchased two commercial properties at 305-315 East Fordham Road in the Bronx for a $34.6 million.

The Chetrit Group with Somerset Partners just bought a block-long site in the Bronx for $32 million. The developer plans to build a project of up to 800,000 square feet.

Lightstone Group.">The Lightstone Group bought a 16-story building at 485 Seventh Avenue for $200 million.

JTRE Holdings is in contract to acquire a three-story Midtown East parking garage at 240 East 54th Street for $21 million.

Extell Development is in contract to sell four contiguous properties in Midtown to an unnamed Chinese developer for more than $80 million.

A major Hotel developer is in contract to buy a 12-story industrial building at 100 Orchard Street for $22.5 million.

Kushner Companies is buying a 16-building portfolio for $131.5 million from Stone Street Properties and HIG Realty Partners.

Beacon Capital Partners is buying a minority stake in 85 Broad Street, a 1.1 million-square-foot office tower, for an undisclosed price.


Ashkenazy Acquisition Corporation paid $12.5 million for a 31,000-square-foot retail space at 1400-1416 Fifth Avenue. Tenants include New York Sports Clubs and dog daycare Doggedly Devoted.

Chanel paid $123.8 million for 733-739 Madison Avenue. The price is close to setting a price-per-square-foot record for single retail units when it bought one of the co-ops it currently occupies as a tenant. The Chanel Fine Jewelry space contains 3,950 square feet.

Macklowe Properties bought 981-989 Third Avenue for $100 Million. The current buildings contain 42,000 square feet and would be demolished to building a new retail-and-residential tower containing 90,000 buildable square feet.

BFC Partners is buying a 536-unit property on Staten Island for $75 million. The developer will renovate and preserve the Mitchell Lama complex as affordable apartments

A computer hardware and software firm is paying an estimated $17 million for a seven-story building located between 53rd and 54th street.

The developer who is turning Verizon's former downtown headquarters into luxury condominiums has bought the building's 40,000-square-foot retail space for $40 million.

A Developer acquired a three-story Upper West Side commercial building for $25.9 million. The 9,900-square-foot property at 2307 Broadway, between West 83rd and 84th streets, is home to a Duane Reade store on the ground floor. There are offices on the upper floors.

A Financial services giant acquired a 16-story office building at 21 Penn Plaza in Midtown from Savanna and the Feil Organization for an undisclosed price.

A Canadian property investor and Chicago-based Callahan Capital Partners are in contract to buy 1095 Sixth Avenue for about $2.25 billion. If completed, the deal would be the priciest sale of an individual office building in the U.S. since the GM Building at 767 Fifth Avenue last traded hands in 2008 for $2.8 billion.

A Japan-based Development firm gave up long-held plans to build another skyscraper at Seventh Avenue between 48th and 49th streets with the sale of two parcels for $49 million.

A Commercial real estate Management firm is in contract to sell a mixed-use Noho building to an investor at 623 Broadway for $56 million in an off-market deal. The investor had acquired five-story, 37,869-square-foot building, between Houston and Bleecker streets, from a Japanese-owned firm for nearly $42 million last year.

The Feil Organization is in contract to buy 251 Park Avenue South. The sale of the 103,000-square-foot building, one of the most sought after properties in the F.M. Ring portfolio, is expected to close for between $850 and $1,000 a foot.

A Long Island-based investor is in contract to buy a large office building in a gentrifying area in the South Bronx for $31 million.

A Real estate investment firm bought a Hudson Square warehouse for $26 million from longtime owner Yuet Tom Lam Kong of the Long Island City-based Kong Mee Food Corp.

A Fledgling development/investment firm has made its first purchase, a five-story mixed-used building, in Soho for $15 million. They acquired 43 Crosby Street in an off-market deal that closed recently. The deal is the first for the Manhattan-based company, which launched last year.

One of the city's largest commercial property owners bought 102 Greene Street for $32.3 million from Lloyd Goldman's BLDG Management. The purchase further expands the company's presence in Soho. The 9,200-square-foot space currently contains a footwear store. The location also includes two residential units and 5,500 square feet of development rights.
A Midtown-based developer and brokerage firm is increasing its stake in NoMad, putting down $15.5 million for two four-story buildings next to the NoMad Hotel.

NYC Buildings For Sale

Thor Equities and An Investment Partners firm are putting a six-story Meatpacking District office property that is entirely leased to Samsung Electronics North America on the market.

The Mayor is planning to sell a lot on the south side of West 53rd Street, including a development rights package, for $1 to the Clinton Housing Development Corporation.


A Lower Manhattan development parcel once owned by Kent Swig will return to the market next year and could sell up to $110 million.


Lehman Brothers has listed the NYLO New York City hotel for sale.

A modest six-story mixed-use building in Tribeca four blocks north of the World Trade Center site is on the market for $21.5 million, or $1,400 per square foot. The purchase price in February was $12 million.

A half-finished Allen Street Hotel at 139 Orchard Street on the Lower East Side has hit the market.

Vornado Realty Trust is selling 1740 Broadway for $605 million, or for around $1,000 per square foot.

Two developers are in contract to sell a pair of Midtown South towers one for almost $1,100/SF and the other for $770/SF.

After nearly a decade on and off the market, the Blue Moon Hotel at 100 Orchard Street is once again up for sale.

The Mondrian Soho, a trendy, 270-room hotel in Tribeca is going to be auctioned off.

A six-story building, at 131-137 Spring Street, is for sale for $300 million.

The Mount Sinai Health System is asking $50 million for an 11-story Midtown West medical building that is being offered as a development site.
Abraham Kamber & Company and the Lightstone Group are looking to sell the long-term leasehold at 1407 Boadway for $330 million.

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