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July 2014

July 2014 » Market Analysis » NYC Buildings For Sale

July 2014: NYC Building Sold & For Sale


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A development firm bought a pair of Financial District buildings from the Century 21 department store company for $46 million.

The San Francisco-based investment and building firm inked a contract to buy a development site at 112-118 Fulton Street in Lower Manhattan from the Lightstone Group for more than $170 million.

375 West Broadway may be {dynamic_word3} for $125 million. It {dynamic_word3} for $81 million last year.

Michael Shvo is in contract to buy 22 Thames Street, or 125 Greenwich Street, from Fisher Brothers and Steven Witkoff for around $180 million.

A New York-based asset firm is nearing a deal to buy a group of 47 U.S. hotels for about $800 million.


The Soho-based Tavros Capital Partners signed a contract to buy a collection of three mixed-use buildings including one that houses the popular Meatpacking District restaurant Diner, for $105 million.

A Condo developer Agime has paid nearly $31 million for adjacent lots in the Hudson Square area, including a shuttered church that Extell Development bought last year. Agime paid Extell $18.4 million for the lot at 568 Broome Street, site of Our Lady of Vilnius. Agime also bought the adjacent walkup at 572 Broome Street for $12.3 million. Sousa inherited the brick walkup from her aunt and uncle, who bought the building in 1955 for $18,500.

Thor Equities is partnering with a mall real estate investment trust to buy the office and retail building 685 Fifth Avenue from retailer Gucci for more than $475 million.

A British hotel company closed on its purchase of the Novotel New York Times Square hotel for $265.8 million. A European hotel operator will keep managing the building at 226 West 52nd Street. Apollo Global Management and Chartres Lodging Group paid $94 million for the 480-room site in 2012. The hotel subsequently underwent an $85 million renovation.

A Real estate investment and development firm picked up a three-level retail condominium at 377 Broadway for $10 million. The 15,000-square-foot property, {dynamic_word3} from a private equity fund is rumored to be the possible location of Keller Williams New York's Downtown office.

The Chetrit Group unloaded part of its redevelopment project at the former St. Vincent's Midtown Hospital to an unnamed buyer for $41.4 million.

State Bank of Texas CEO Chan Patel and his sons, Sushil Patel and Rajan Patel, acquired a pair of six-story Garment District office buildings for $20 million. The Dallas-based firm plans to raze the structures and construct a limited-service hotel on the site. The properties at 4-6 West 37th Street, between Fifth and Sixth avenues, are nearly 44 feet wide. Both buildings have 2,000 square feet of ground-floor retail and roughly 9,500 square feet in office space. The {dynamic_word4} of 511-521 West 25th Street. L&L Holding Company and Prudential bought the property for $160 million from Related Companies, which picked up the 200,000-square-foot property for $92 million in 2012. The building is located close to the High Line and is home to Victoria Beckham's fashion label as well as Target's creative staff

5 Times Square, the headquarters Ernst & Young LLP, {dynamic_word3} for $1.5 billion in the biggest transaction for an entire building in the city since 2010. A partnership led by New York real estate investor David Werner bought the tower from AVR Realty Co

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Developer Alf Naman is putting the site of the Anton Kern Gallery in Chelsea on the market for $27 million.

Starwood Capital is looking to sell the hotel portion of the development at a cost that works out to a record-breaking $2 million per room at the Baccarat Hotel & Residences in New York.

The 15,368-square-foot building at 3 West 16th Street, a renovated and unoccupied six-story property that boasts four luxury residential units and one commercial unit, which was formerly home to the Sixteenth Street Synagogue, is on the market for $30 million.

77 Bowery is in contract to sell the Chinatown building's retail condominium for $12.5 million. The retail condo at the eight-story, 40,700-square-foot property, holds about 3,700 square feet on the ground floor and 2,026 square on the mezzanine floor, as well as about 7,850 square feet of cellar and sub-cellar space.

A four-story Lower East Side building that use to house the Action for Progress day care center is back on the market for $36 million. The landlord for the property at 255 East Houston Street, also known as 171 Suffolk Street, suffered substantial damage as a result of a demolition next door in 2010. The day care center was forced to leave. The next year, the building was listed but did not sell.

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