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January 2019

January 2019 » Market Analysis » NYC Buildings For Sale

January 2019 New York Buildings For Sale


New York Buildings for Sale:

Coca-Cola is looking to sell its building on Fifth Avenue. The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market. Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York.

New York Buildings Sold:

SJP Properties and longtime partner Prudential Financial bought the Midtown South office building at 470 Park Avenue South for $245 million. The sellers are the Norwegian sovereign wealth fund Norges Bank Real Estate and Nuveen, the subsidiary of TIAA formerly known as TH Real Estate.

Extell Development has spent $62.5 million to purchase 572 Fifth Avenue in what appears to be part of the firm’s assemblage play in the Diamond District. The company bought the office building from Braha Industries. It stands six stories tall and spans around 12,000 square feet.

Madison Development sold a retail condo at 62 Mott Street for $14 million to a private investment group. The 5,831-square-foot ground-floor Nolita condo, located in a former armory, is comprised of five fully-leased individual units. The property features 120 feet of frontage on Mott Street.

In Hell’s Kitchen, Emmut Properties picked up a two-story parking garage for $18.4 million. The seller appears to be Auto Care East, under the entity 419 West 45th Street LLC.

TH Real Estate and Taconic Investment Partners have closed on their $269 million purchase of 440 Ninth Avenue on the Far West Side. Japanese investor Unizo Holdings sold the property as part of the unloading of its Manhattan portfolio worth more than $1 billion.

Billy Macklowe and a partner are in contract to sell a 186,000-square-foot Midtown office tower to a Californian real estate investment firm for $130 million. San Francisco-based DivcoWest is expected to purchase the 15-story office building at 311 West 43rd Street.

Lightstone Group paid $56.6 million for the future site of a Lower East Side Moxy Hotel.

The firm acquired 151-153 Bowery and 331-337 Broome Street in two separate transactions. The Bowery property, a three-story building that spans 22,300 square feet, was sold by Emmut Properties. It was on the market for $32 million. The five-story Broome Street building, meanwhile, was sold by Lau Management. The property was listed for $30 million.

Slate Property Group bought a six-story East Village mixed-use building for $17.3 million. The seller of the walk-up, at 632 East 11th Street, was 634 East 11th St. Corp. The building was built in 1900 and has 33 residential units and two retail units.

Sterling National Bank sold one of their buildings at 72-35 Broadway in Jackson Heights to Da Bronx LLC for $14 million.

Kevin Lalezarian bought a development site at the corner of 34th Street and Third Avenue in Murray Hill for nearly $80 million. Lalezarian, head of the family-owned Lalezarian Properties based in New Hyde Park, paid $79.5 million to purchase the five parcels from the Riese Organization.

The Blackstone Group sold one of its Bryant Park-area office buildings in a $282 million deal with Clarion Partners. Blackstone’s EQ Office subsidiary sold the nearly 350,000-square-foot office-and-retail building at 114 West 41st Street to the Park Avenue-based investors.

David Israeli has sold his controversial Far West Side development site to an entity affiliated with Pinnacle Group for $84 million. Israeli put the site on the market, roughly two years after tearing down the five buildings along it. The properties are addressed at 485-487, 489-491, 497 and 501 Ninth Avenue. The site is based between West 37th and West 38th streets, and it can handle up to 185,000 square feet of development or as much as 320,000 square feet if Pinnacle secures air rights available from the Port Authority.

Basset Properties sold the NoMad home of The Cutting Room music venue for $59 million. Windsor Management Corporation picked up the 12-story building at 44 East 32nd Street. Basset bought the 91,111-square-foot building, which was built in 1916, for $510,000 in 1980. The property is 92% leased.

North Hudson Realty Corp. sold 163 West 23rd Street, a six-story Chelsea office building that was built in 1931, for about $18 million. The buyer was an LLC tied to Christopher Chang and based in Great Neck, N.Y. Cathay Bank provided $8.7 million in financing.

Peter Castellana, Michael Ashkenazy and Anthony Brannan of Metro Mechanical paid $19 million for a commercial condo in the 28-story 169 West 95th Street. The seller of the Upper West Side unit was listed as Starrett Companies. Castellana, whose Cactus Holdings Inc. operates the Western Beef supermarkets, and Ashkenazy have partnered before. In January, the duo bought three commercial properties in the Bronx for $18 million.

Macklowe Properties snagged the former site of the nonprofit library Center for Fiction for $16.5 million from Sun’s Acres LLC. The library sold the building at 17 East 47th Street to Sun’s in 2014 for $18 million, the first time the property was on the market in about eight decades.

Acuity Capital Partners has purchased 545 Broadway in Williamsburg for $23.25 million from Blesso Properties.

RFR Holdings tied a bow on its $180 million sale of the office portion of 160 Fifth Avenue. The sale to nonprofit Simons Foundation closed at a price of $180.75 million, that works out to nearly $1,480 per square foot. UPS bought an industrial site in Brooklyn that it had leased and will likely be the site of a new distribution center. UPS bought a group of six waterfront parcels in Red Hook for $303 million from Sitex Group. The site offers up to 1.2 million buildable square feet.
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