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January 2020

January 2020 » Market Analysis » NYC Buildings For Sale

January 2020 New York Buildings For Sale

Buildings For Sale:

Viacom is considering a sale of CBS’ 38-story Midtown headquarters. CBS occupies about a third of the 870,000-square-foot building at 51 West 52nd Street.

Orda Management Corp. is looking to sell 225 and 233 Park Avenue South containing about 675,000-square-foot for as much as $800 million.

Target signed a lease for a 33,000-square-foot store on 42nd Street between Seventh and Eighth Avenues. The store will be Target’s 10th small-format shop in Manhattan, and is slated to open in 2022.

Buildings Sold:

McDonald’s sold a three-story retail building containing 5,800-square-foot at 429 Seventh Avenue for $35 million. The buyer was Buvet Fee Owner LLC. The deal works out to just over $6,000 per square foot. The Blackstone Group bought up a one-story warehouse in the Bronx and paid $28.5 million for 535 Zerega Avenue in Castle Hill. The sellers were Simone Development Companies.

Acadia Realty Trust is continuing to buy Soho retail space with another $28 million buy. The real estate investment trust picked up the leasehold interest in the retail space occupied by Victoria’s Secret Pink at 565 Broadway. The seller was an Aventura, Fla.-based entity.

H Holding Group, Klosed Properties and Namdar Realty Group paid $17.5 million for a five-story warehouse at 780 East 135th Street in the South Bronx from Bluestone Group and Princeton Holdings. The property spans 84,650 square feet.

Related Companies bought a commercial condo unit at 30 Hudson Yards from the Metropolitan Transportation Authority for around $17.2 million. Related is the developer of the property and previously bought back WarnerMedia’s office condo in the building for about $2 billion.

An LLC linked to Comfort Management bought a one-story commercial building at 1960 Broadway in Cypress Hills for $12.5 million from Danrich LLC. The building is about 6,500 square feet.

iStar bought 110 and 114 Ridge Street on the Lower East Side for $10.5 million from Admiral Capital Group.

Vornado Realty Trust sold to Naftali Group for about 18% more than it paid four years ago for 1167 Madison Avenue and 50 East 86th Street. They paid $71 million.

Baldwin Realty sold 72 Nassau Street to Hidrock Properties for $36 million. The property owner plans to develop a 125,000-square-foot mixed-use building on Fulton Street.

Goulston & Storrs bought a pair of commercial condo units at 445 Fifth Avenue from the New York Public Library for about $10.8 million.

The Feil Organization paid $72 million for 530 West 25th Street containing 95,000 square feet from the Brown family for about $760 per square foot.

Columbia Property Trust and Normandy Real Estate Partners have closed on their $205.5 million purchase of 250 Church Street in Tribeca. They plan to redevelop it as a boutique office space. They purchased the building from Norvin Properties. Atlas Capital Group is in contract to buy 110 Leroy Street for $79.5 million for the nine-story, 80,000-square-foot building. The seller is Arthur Leeds Associates.
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