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July 2013

July 2013 » Market Analysis » NYC Buildings For Sale

July 2013: New York City Buildings For sale

New York Buildings sold

Abe Talass' Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group. The 300,000-square-foot 295 Madison Avenue is part of a portfolio that Westbrook was marketing in April that is expected to get about $1 billion. The deal is expected to close in September.

The $1.3 billion sale of 650 Madison Avenue, which entered into a contract, Crown Acquisitions and Highgate Holdings, see value in the property's retail component.

Carey Watermark Investors announced the company's acquisition of the 226-room Holiday Inn Manhattan 6th Avenue, at 125 West 26th Street, in a property investment totaling approximately $121.4 million. Carey Watermark's investment includes a purchase price of $113 million and $8.4 million in planned capital improvements and acquisition-related costs.

Clarion Partners purchased 100-104 Fifth Avenue a 17-story Midtown South building in partnership with Invesco for $230 million..

A portfolio of 11 mixed-use properties on the Bowery has sold for $62 million. A family trust owned them and sold to Joseph Betesh of Milestone Equities whose family Dr. Jay's.

RXR Realty has agreed to buy a 49 percent stake in the office building at One Worldwide Plaza at 350 West 50th Street from a George Comfort & Sons partnership for around $660 million. The 1.9-million-square-foot Midtown property would receive a nearly $1.35 billion valuation, or about $708 per square foot.

NYC Buildings For Sale

Boston Properties' 48-story Times Square Tower is on the market and could get more than $1 billion. The 1.2 million-square-foot building, at 7 Times Square near West 41st Street, would easily get more than $1,000 a square foot. The Times Square Tower is almost fully occupied. Tenants include Ruby Tuesday, Thomson Reuters and Ernst & Young.

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