January 2023 » Market Analysis » NYC Buildings For Sale

January 2023 New York Buildings For Sale

Buildings for Sale:

Quarters into bankruptcy, the co-living firm’s flagship property in Williamsburg has hit the market. Developer David D. Dweck is looking to sell the 160-bedroom, 62,600-square-foot campus on North 6th Street between Bedford and Driggs Avenues for $65 million.

Fred Ohebshalom is under pressure from Stillwater Asset Management who is looking to foreclose on the nine-story office building at 226 East 54th Street after purchasing the building’s debt.

180 Nassau Street is facing foreclosure after Pink Stone allegedly failed to service the debt 103-unit apartment building.

Ezra Unger is once again facing foreclosure at 427 Marcy Avenue as DW Partners has restarted the foreclosure process, a 25-unit project intended to house Hasidic families. Unger’s company owes $31.5 million in unpaid debt.

The family that owns the land underneath the IAC office building at 555 West 18th Street has put the property up for sale, The Resnicoff family ground-leased the site in 2004 to the Georgetown Company, which developed the iconic 200,000-square-foot office building.

That ground lease with Georgetown has a rent reset coming up in four years, which gives a new owner the chance to capitalize on the increase in West Chelsea property values over the past 20 years. No asking price is set, but the deal is expected to come in under $100 million.

Steve Wynn lists Duplex at 50 Central Park South for $90M atop Ritz-Carlton. The 10,875-square-foot apartment on the 30th and 31st floors of the Ritz-Carlton has three bedrooms, four bathrooms, two half-bathrooms, 15-foot ceilings, terraces and views of Central Park.

Buildings Sold:

RXR and Qatar’s sovereign wealth fund joined Meyer Orbach and Josh Gotlib on their $850 million purchase of three apartment buildings. The properties contain 850 units and are part of a larger, 1,766-unit portfolio that Orbach and Gotlib are buying from the Solow Building Company for $1.75 billion. The buyers have already closed on the $390 million purchase of the 408-unit 685 First Avenue for about $390 million, leaving another two buildings worth roughly $560 million to finalize.

Coca Cola sold 711 Fifth Avenue to Nightingale Properties and Wafra Capital Partners for $909 million. Wafra sold its stake in a deal valuing the property at $937 million.The new buyer was an investment group led by Michael Shvo whose offer of $955 million had been dismissed months earlier.

Argent Ventures is negotiating with Vornado on a restructuring plan that puts the Crowne Plaza Times Square Hotel in bankruptcy. Argent Ventures bought the defaulted mezzanine debt at a steep discount. The debt is $526 million on the 795-room hotel, 196,300 square feet of office space and 17,800 square feet of retail; $519 million is owed to senior and mezzanine lenders. Some $418 million in senior debt has been delinquent since April 2020. The hotel, on floors 15 through 46, reopened last month.

Metro Loft Management and Fortress Investment Group are nearing an agreement to buy a stake of 85 Broad Street from Ivanhoe Cambridge.

60 Guilders paid $143 million to Rabsky for a multifamily portfolio of 211 units across three properties and assumed $103 million of debt on the buildings. The Driggs, a 113-unit, 112,000-square-foot building at 205 North 9th Street. The seven-story building at 225 North 9th Street The six-story building at 220 North 10th Street.

Empire State Realty Trust buys 298 Mulberry Street, a mixed-use property for $114.9 million from Broad Street Development and Crow Holdings Capital. The seven-story property consists of 96 market-rate rental units and a CVS store. The building is 86,000 square feet.

Vornado Realty Trust sold a 29-story office building at 40 Fulton Street to David Werner for $101 million, The building contains 251,000-square-feet.

Empire Capital to buy Invesco’s piece of Mercedes House. Invesco Real Estate has struck a deal to sell its luxury apartments atop the Mercedes House in Hell’s Kitchen’s for more than $100 million.

The Brodsky Organization is in contract to sell the 250-unit tower at 7 DeKalb Avenue to Avanath Capital Management for $100 million.

ATCO bought out Richard Ruben’s stake in 630 Third Avenue for $97.8 million. The sale was between “related companies or partners,” the deed shows ATCO and Ruben co-developed the 23-story, 252,000-square-foot office building and have owned it since 1958.

O Hana Real Estate buys the Tillary Hotel from bankruptcy and acquired the 174-room hotel, a 64-unit apartment building and a commercial condo unit at 60 Duffield Street with a $94 million credit bid.

Extell Development sold Unit 124 at 217 West 57th Street. The unit was listed for $66 million, about a quarter off the asking price. The 7,000-square-foot, full-floor unit on what Extell calls the “124th” story is really the 84th floor.

JK Hotel Group has closed on its acquisition of the Jane Hotel at 113 Jane Street for $62 million from an entity tied to BD Hotels. Klein said he would convert the hotel’s public spaces into a private club. The ballroom is being turned into a members-only restaurant SVB New York banner. The rooftop bar is set to become an outdoor lounge.

Long-shuttered LaGuardia Courtyard Marriott sells for $53 million and is expected to be redeveloped by Kenny Huang at 90-10 Ditmars Boulevard sold the 288-key property for $53 million.

Aurora Capital Associates and Bridges Development Group became the leaseholders at the 103,000-square-foot GWB Market in a $46 million deal that is 82% leased. They are tasked with filling the remaining 18%, which is mostly smaller spaces inside the bus terminal.

Unit 122 at 217 West 57th Street closed for $45 million, full-floor, 7,000-square-foot unit. The sale closed for roughly $20 million below the unit’s asking price of $65.5 million.

An entity connected to Martin Nussbaum and David Schwartz’s Slate Property Group bought an apartment building at 123 East 54th Street in Midtown East for $37.7 million from an entity tied to Abington Properties. Built in 1977, the 56,000-square-foot property has 66 units across 15 floors.

An entity tied to Baron Property Group bought a development site at 4560 Broadway for $15 million from an entity connected to Largavista Companies. The site, which is now a parking facility, qualifies for the expired 421a tax abatement and is expected to be completed in 2024.

Walton Street GC Developments LLC bought a development site at 261 Grand Concourse in Mott Haven for $14.5 million from 261 Grand Concourse LLC. The Beitel Group’s Ben Beitel signed for the buyer and seller.

Lionheart buys 24-28 West 9th Street for $41.5 million and will remain a rental building. The 10-floor, 50-unit, 48,000-square-foot building will remain a rental building.

Chetrit Group sold a pair of retail properties at 1100 Kings Highway and 2067 Coney Island Avenue in Gravesend for $34 million to an entity tied to Odiljon Tursunov.

PH Realty Capital, TG Realty and Rockledge bought six apartment buildings, the Bronx, for $33.6 million from Arthur Leeds Associates. The portfolio includes 111 Tudor Place, 112-114 Tudor Place, 117-119 Tudor Place, 1170 Walton Avenue, 1176 Walton Avenue and 309 East 164th Street spans 297 units across 315,000 square feet.

Verizon bought a trio of warehouses at 131 Morgan Avenue in East Williamsburg for $30.9 million from 131 Morgan Holding Corp. Built in 1925, the properties span 56,500 square feet.

The Fruchthandler family’s FBE Limited bought an apartment building at 781 Washington Avenue in Crown Heights for $30.5 million from SJ Washington LLC. The three properties include 60 residential units across 48,000 square feet.

Ben Beitel’s Beitel Group bought a pair of development sites at 315 Grand Concourse and 270 Walton Avenue for $23.3 million from John Lage. The 315 Grand Concourse site has permits for a 13-story, 240-unit, 192,000-square-foot mixed-use building. The one-story, 10,200-square-foot car wash on the property. The 270 Walton Avenue site has a one-story, 15,800-square-foot warehouse.

Dax Real Estate bought a trio of small mixed-use buildings at 232-236 North 12th Street in Williamsburg for $21.8 million from JV North 12th Street LLC. Lilly Vertuccio signed for the seller. The buildings combine for 12 residential units across 25,000 square feet.

A pair of LLC’s bought two apartment buildings at 108-110 Ninth Avenue in Chelsea for $20.8 million from 110 Ninth Avenue Corp, an entity tied to real estate investor Alistair Economakis. The two buildings combine for 38 units across 22,600 square feet.

Turnbridge Equities bought a trio of warehouses at 1173-1175 Leggett Avenue and Grinnell Place in Hunts Point for $15.3 million from Easco Boiler Corporation.

ARM Capital Resources Corp bought an apartment building at 1815 East 17th Street in Homecrest, Brooklyn, for $15 million from an LLC tied to Metropolitan Properties. Built in 1964, the 74,000-square-foot building consists of 84 units across six floors.

Anbau Enterprises bought a 4,100-square-foot, non-residential vacant lot at 10 West 17th Street for $15.5 million from Bhatia Development. Bhatia and Sherwood Equities had filed plans to develop a 15-story residential condominium at the site.

Beekman NY LLC bought a mixed-use building at 166 William Street for $15 million from Wenn LTD. Built in 1900, the two-unit property spans five floors across 13,900 square feet.

Beitel Group bought a development site next door at 261 Grand Concourse for $14.5 million. The firm has plans to build a 12-story, 96-unit residential building on that property.

Albert and Neil Capone sold two parking lots at 6065 Strickland Avenue and 6075 Strickland Avenue in Mill Basin, Brooklyn, for $14 million. Agostino Vona, a project director at transportation service Maggies Paratransit, signed for the buyer. The two parking lots span 33,800 square feet.

Asset Preservation Inc. bought a trio of mixed-use buildings at 1256-1260 Lexington Avenue for $13.1 million from a trio of entities connected to Sierra Assets. Built in 1910, the four-floor properties consist of 14 units across 14,600 square feet.

Third Ave NY Realty LLC bought five mixed-use buildings at 1984-1990 Third Avenue in East Harlem for $13.5 million from 1990 3rd Ave LLC. Built in 1900, the properties consist of 13 units across 14,700 square feet.

Lions Group and Premier Care Industries bought a commercial building at 48-02 Queens Boulevard in Sunnyside for $10.9 million from an entity tied to Long Island-based Plaza Realty LLC. Built in 1929, the one-story property spans 13,300 square feet.

Beitel, through Besyata Investment Group, filed plans to build a 12-story, 96-unit residential building on the Bronx site. Beitel acquired the property in 2020 for $9 million.

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