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January 2021

January 2021 » Market Analysis » NYC Buildings For Sale

January 2021 New York Buildings For Sale

Buildings For Sale:

HFZ Capital Group is in danger of losing another project in its embattled development portfolio. Ziel Feldman’s firm is facing foreclosure on the mezzanine position at a NoMad development site where it plans to build a 600,000-square-foot office tower. HFZ’s site consists of eight parcels on the block between Fifth Avenue and Broadway between 29th and 30th Street, with another under contract. With additional air rights and a bonus for a public plaza, the assemblage has a total of 617,167 square feet of development rights.

Buildings Sold:

The Seidman Family sold a 12,590-square-foot mixed-use building at 128 West Houston Street in Greenwich Village for $11 million. The buyer was Gary Spindler, acting through Sul-hous Holdings LLC.

The Center for Urban Community Services acquired 35,000 square feet of vacant land at 713 and 718 East 211 Street in East Bronx for $10.8 million. The seller was B&B Urban. The land will belong to Williamsbridge Gardens, an affordable housing complex.

Pancas Restaurant, Inc. sold a 11,000-square-foot mixed-use building at 47 West 55th Street for $10 million. Frank Caselli signed as the seller. The buyer was Abraham Heby through limited liability company AH 55th Street Owner.

A limited liability company affiliated with medical practice Manhattan Specialty Care purchased a 14,814-square-foot office building at 147 East 26 Street in Kips Bay for $10.6 million. The seller was SBF Corp., affiliated with the industrial and toy workers union Local 223.

A limited partnership affiliated with Ary Freilich sold a 11,300 square feet commercial space at 249 8th Avenue in Chelsea for $11 million. Elizabeth Freilich signed as the seller for BFE Management Corp. An LLC affiliated with Schuckman Realty was the buyer.

The $195 million mortgage on Vornado’s Times Square hotel is being sold at a major discount. Andrew Penson is buying the senior mortgage on the 795-room Crowne Plaza Times Square for about $90 million.

Ray and Jack Yadidi and Isaac and Eli Chetrit sold a 18-story building at 15 West 47th Street for $110 million to an affiliate of the ELO Organization.

Vanbarton Group has taken control of a Manhattan hotel building backed by investors in the near-defunct crowdfunding platform Prodigy Network. The mezzanine lender held a UCC foreclosure auction for interests in the entity that owns the 84 William Street hotel.

The Reuben Brothers paid around $150 million for the Surrey Hotel, a discount of roughly 30% off its asking price. The company run by Simon and David Reuben purchased the hotel at 20 East 76th Street, That’s about $65 million less than the asking price of $215 million.

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