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January 2018

January 2018 » Market Analysis » NYC Buildings For Sale

January 2018 New York Buildings For Sale

New York Buildings For Sale:
Chinese developer is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District. There is no official asking price for the hotel, which opened in 2014, but assumed to be north of $300 million for the property.

RFR Realty has given up on developing condominiums at 67 Vestry Street, opting to sell the site to Elliott Aronson’s Iliad Realty Group for $55.5 million.

New York Buildings Sold:
Sunny K Realty paid $13.5 million for an 18-unit mixed-use building at 18 East 23rd Street. The Gramercy Park property includes 16 apartments and two commercial units, and was last sold for $5.7 million in 2010. The seller is Bait & Tackle Realty LLC, of which Charles Milite, who owns several restaurants.

A group of investors led by Andy Zhu sold a Lower East Side project site to a developer from China for $29 million. Zhu and his partners sold the site at 208 Delancey Street to Bentley Zhao’s New Empire Real Estate Development, which is managing the project for a developer based in the Chinese second-tier city of Wuhan.

Jamestown has purchased a major South Bronx office-and-retail building for about $115 million, which they are funding with a $63.7 million loan. Acadia Realty Trust sold the building, which spans 276,622 square feet and stands 10 stories tall.

JTRE Holdings sold a commercial condo unit at 241 Fifth Avenue for $10.8 million. The buyer is NYC Fifth Avenue Retail Holdings, LLC, which appears to be controlled by an individual named Stanyslav Iermakov. JTRE, headed by investor Jack Terzi, bought the retail condo for $6.8 million in 2014.

Kassirer’s Emerald Equity Group just bought three Harlem rental buildings between West 114th and 115th streets for $61.5 million, located at 320 and 346-354 Manhattan Avenue and 312-314 West 114th Street, contain a total of 130 rental apartments. The buildings collectively span about 113,000 square feet. The price comes out to $473,000 per door and $544 per square foot.

James Development just snapped up 72 condo units at a landmarked Upper East Side building for $68.4 million. The apartments are part of the 493-unit building at 200 East 66th Street, known as the Manhattan House, which completed a condo conversion in 2015. In August, owner O’Connor Capital Partners listed 74 units at 200 East 66th Street, all still occupied by rent-stabilized tenants for $83.3 million. Thor Equities finally closed on the purchase of the James New York hotel in Soho after a protracted legal battle with the seller. Joseph Sitt’s firm, in partnership with multiple high-net-worth investors, paid $66.3 million for the 18-story, 114-key property at 27 Grand Street. To close the purchase, Thor secured a $44 million floating-rate loan from French bank Natixis. The developer has hired fellow hotel investor Highgate as a third-party manager and plans to upgrade the food-and-beverage component and add two new hotel rooms. The hotel will continue to operate as a James hotel until 2019, when it will be relaunched with a new brand.

The founders of the Blue Man Group sold the location of their Lower Manhattan private school to Swiss firm Clermont Consultants for $17.6 million. The six-story property, at 241 Water Street, sits near the Brooklyn Bridge. It used to house Seamen’s Church Institute before it was converted into a nursery and elementary school building called the Blue School. The Blue Man Group bought it for an undisclosed amount in 2010. The school will continue to occupy the location it holds a lease for the whole building that runs until 2060.

GreenOak Real Estate has partnered with Highgate to close on the purchase of the Gansevoort Park Avenue NYC hotel, which is being renamed Royalton Park Avenue. The 19-story, 249-key hotel at 420 Park Avenue South in NoMad went under contract in an off-market deal for nearly $200 million. Highgate, the prolific hotel investor and hospitality firm, will also serve as the hotel’s manager. The sellers, Achenbaum family’s Gansevoort Hotel Group, Tawil family’s Centurion Realty and Jeffrey Levine’s Douglaston Development, discussed putting the 214,000-square-foot property on the market this summer.
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