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July 2009

July 2009 » Market Analysis » NYC Buildings For Sale

July 2009 New York Buildings For Sale

Manhattan Buildings sold

The AIG buildings -- 70 Pine Street, which might become a landmark, and 72 Wall Street -- sold for less than $140 million, under $100 a foot. Youngwoo & Associates and Kumho Investment Bank agreed to buy the buildings, AIG's former headquarters, which total 1.4 million square feet. The buyers are expected to create a mixed-use development that could include residential and retail space, and will have to put down at least a $10 million deposit at the contract signing. Because of anti-terror legislation, the Department of State will have to approve the overseas buyer.

The president of the Landmarks Conservancy wrote to the city's Landmarks Preservation Commission asking to consider 70 Pine -- an Art Deco building designed by architectural firms Clinton & Russel and Holton & George in 1932 -- for landmark designation. De Bourbon said the commission has "authority to designate a building without an owner's consent.

Extell Development sold a 10-story building at 30 West 47th Street for nearly $8 million less than the company paid for it last year after stripping it of air rights needed for its nearby Gem Tower. Extell sold the property at 30 West 47th Street to Jemsa Realty for $42.5 million. The developer bought the property for $50.1 million in 2008, and then transferred air rights from the building to its under-construction, 32-story tower at 50 West 47th Street.

A Jewish mental health and social service agency based in Midtown bought a parking garage at 210 West 77th Street between Amsterdam Avenue and Broadway for $45 million, or about $588 per developable foot. The Jewish Board of Family and Children's Services, based in its own building at 120 West 57th Street, went into contract in December 2007 and closed on the purchase.
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