January 2024 » Market Analysis » NYC Buildings For Sale

January 2024 New York Buildings For Sale

Buildings for Sale:

  1. Pakistan International Airlines Corporation is nearing an agreement to bring its Roosevelt Hotel to market in the first step towards a redevelopment. The hotel on the 43,000-square-foot site by Grand Central Terminal through the state-run.

  2. Rene Benko’s Signa forced to sell stake in Chrysler Building. An Austrian court is forcing a sale of Signa Holding’s stake in the landmark Midtown Manhattan property. Benko’s company is believed to hold a 50-percent stake in the 77-story office tower.

  3. Lender seeks to foreclose on Isaac Hager’s Trader Joe’s property. G4 alleges his firm owes $140 million on the Williamsburg building. G4 Capital initiated a Uniform Commercial Code foreclosure on 200 Kent Avenue, a 132,000-square-foot commercial building anchored by Trader Joe’s.

  4. Isaac Kassirer defaulted on debt secured by a $110 million portfolio of rent-stabilized Bronx buildings earlier this year. Expenses ate away at cash flow and some tenants in the 27 buildings quit paying rent.

  5. Reuben brothers seek to seize Midtown West hotel. Hyatt’s Chatwal hotel mezzanine debt scheduled for January auction a non-judicial foreclosure process for the Chatwal, a luxury hotel property in Midtown West. An auction on the defaulted debt backing the 76-room property at 130 West 44th Street is scheduled for Jan. 17.

  6. Atlantic Yards is unfinished and facing foreclosure. The project’s senior lender quietly filed paperwork to begin foreclosure proceedings.

  7. Sharif El-Gamal’s vacant development site at 49-51 Park Place is facing foreclosure after a lender claimed he defaulted on a $7.5 million debt secured by the vacant parcel.

Buildings Sold:

  1. Nuveen acquired a 75% stake in a 12,000-unit portfolio of affordable rental buildings from Omni Holding Company for $956 million. There are 5,900 units in 72 buildings in the Bronx, Brooklyn, Queens, and Northern Manhattan.

  2. Related bought 625 Madison Avenue from SL Green for $630 million.

  3. Wells Fargo is paying about $550 million to buy Neiman Marcus’ former space at the location for a retail-to-office conversion. Prada is buying 724 Fifth from Wharton Properties’ for $425 million or $6,538 per square foot for the 65,000-square-foot property.

  4. GO Partners bought a 300-unit rental tower at 265 East 66th Street and is a group of rental townhouses facing East 67th Street from Sheldon Solow for $425 Million.

  5. Prada paid $410 Million for 720 Fifth Avenue.

  6. Extell agreed to sell 1710 Broadway to Riu Hotels and Resorts for $173 million and refiled Barnett’s plans for a 54-story, 292,456-square-foot hotel.

  7. Citadel, Vornado and Rudin Management have agreed to pay $164 million for the air rights above the landmarked St. Patrick’s Cathedral. The trio is set to acquire 525,000 SF of air rights, but a smaller deal is also possible, at $98 million for 315,000 SF, if the developers want to build a smaller tower. The developers may want to build a 1.7 million SF tower on a multiparcel site on Park Avenue.

  8. Tredway paid $150 million for Sea Park Apartments, containing 387,000 square feet at 2930 West 30th Street in Brooklyn and struck a deal to extend the properties’ 816 units affordability for 60 years and transition market units to affordable ones from the Arker Gilbane Development Company. Tredway will construct 250 new affordable senior apartments on a vacant lot in the portfolio.

  9. Blackstone sold off a 51% majority stake in 11 Manhattan properties to Atlas Capital Group for $142.4 million. Atlas also purchased the $90 million mezzanine loan.

  10. Blumenfeld Development bought 62-05 30th Avenue in Woodside for $50.6 Million and 34-09 College Point for $72 million from LSC Development.

  11. Ohana Real Estate Investors acquired a four-property portfolio from Tidal Real Estate Partners for $110 million, including a 196-room Hilton hotel at 140 Schermerhorn Street in Brooklyn and three retail condominiums. The 19-story hotel was built in 2016, spans 130,000 SF and includes 128 residential condominiums at 265 State Street.

  12. InterVest Capital Partners bought a portfolio of 14 buildings from Taconic Investment Partners for $60 million.

  13. The 312-unit Fannwood Estates was sold for $48 million. The buyer paid $153,000 per unit for six-story property 99-19 66th Road.

  14. Barberry Rose Management sold 16 rent-stabilized buildings to Coney Realty for $47 million.

  15. An entity connected to JCS Realty paid $38 million for 540 Atlantic Avenue, Brooklyn. JCS filed plans this year for an eight-story, 15-unit building with ground-floor retail space from Daily Mirror Associates LLC.

  16. Geshary purchased 560 Fifth Avenue for $38 Million or $2,800 per square foot.

  17. Shiya Labin paid Meadow Partners $32 million for the upper floors at 1000 Dean Street, in Crown Heights containing a 140,000-square-foot building.

  18. DW Partners sold its $25 million loan on the luxury development at 415 Marcy Avenue to Cirrus Real Estate.

  19. Hampton Inn at 320 Pearl Street. Slate Property Group paid $24.1 million to KSL Capital Partners.

  20. Wells Fargo paid $24 million to the Metropolitan Transportation Authority for a commercial condo at 20 Hudson Yards.

  21. A10 Capital took control of a property at 535 Broadway in Soho. The transfer was valued at $23 million From Continental Equities Group.

  22. R.A. Cohen & Associates via an entity paid $19.1 million for a 46-unit property at 136 Hicks Street.

  23. Nelic LLC paid $17 million to JT LIC Realty Corp. for 47-52 and 47-52 37th Street, an adjacent lot in Queens.

  24. Sowa Kousan Inc. spent $16.5 million to acquire 96 Sterling Place in Park Slope from Peak Capital Advisors, the 25-unit residential building.

  25. An entity connected to Simon Mirzokandov of Port Washington paid $16.1 million to an LLC controlled by Pyotr Yadgarov for a retail building at 273 Brighton Beach Avenue in Brooklyn.

  26. Charles Bendit and Karyn sold 40 West 74th Street to an unknown buyer for $1,500 per square foot for the 11,000-square-foot property.

  27. 287 East 10th Street was sold to The Joyce Theater Foundation for $16 million.

  28. Alloy Development paid $15 million to the Madison Square Boy & Girls Club for the building at 240 Nassau Street.

  29. Group RMC paid $14.5 million to the Church of St. Joachim at 5 Monroe Street and the neighboring structure at 53 Catherine Street in Two Bridges.

  30. Investors traded $13.9 million for a one-story warehouse at 524-526 Baltic Street in Gowanus and received a permit to construct a 96-unit building at the location, which he sold through the entity 524 Baltic Holding Co. LLC to an unknown investor.

  31. An entity managed by Efstanthios Valiotis paid $13.1 million for 1775 East 18th Street for the 96-unit, nearly 98,000-square-foot building.

  32. Parkview Mansion Properties LLC paid $12.6 million to acquire an assisted living building at 3200 Bronx Boulevard in the Bronx. The 118-bed facility is home to Parkview Assisted Living.

  33. Rybak Development paid Alex Sapir $12 million for a four-story mixed-use building at 218 Madison Avenue.

  34. Investors bought a 66-unit rental building at 96-09 66th Avenue in Rego Park for $10.8 million. The transaction included a vacant lot on Booth Street in Rego Park.

  35. JAM Real Estate received $10.5 million for 422 East 81st Street, a 20-unit residential building in Manhattan. The buyer was an entity connected to Japan-based Shink Co..

  36. A Shell company buys Princeton Club on 15 West 43rd Street for $8 million, at roughly $125 per square foot.

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