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July 2010

July 2010 » Market Analysis » NYC Buildings For Sale

July 2010 New York Buildings For Sale


NYC Buildings For Sale

SL Green Realty has put 19 West 44th Street on the market, hoping to get at least $110 million for the property. The real estate investment trust recently tapped CB Richard Ellis to sell the 93-year-old, 18-story office building between Fifth and Sixth avenues. Sources say the move is part of a strategy for SL Green to raise more cash to expand the company's existing 23-million-square-foot Manhattan portfolio. SL Green hopes to get about $372 a square foot for 19 West 44th Street.

685 Third Avenue received more than a dozen offers came in -- many in the $150 million range -- during the first round of bidding for the 33-floor office tower that belongs to pharmaceutical giant Pfizer. Pfizer, which picked up the 650,000-square-foot property for $250 million in 2003, is selling it off as part of a restructuring of its real estate portfolio and was expected to get around $130 million for the building, or $200 per square foot.

A mortgage on three adjacent Upper East Side apartment buildings with a balance of roughly $13 million is for sale mortgage, currently held by Brooklyn Federal Savings. the site's redevelopment potential should draw a number of interested buyers.
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