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July 2017

July 2017 » Market Analysis » NYC Buildings For Sale

July 2017 New York Buildings For Sale

New York Buildings Sold

A two-story commercial building at the corner of East 149th Street and Cortland Avenue sold to Albert Babayev for $17.5 million. The 33,135-square-foot building at 356 West 149th Street is leased to a Rite Aid and located a block away from the Third Avenue and East 149th Street hub.

New Empire Real Estate sold off a Hell’s Kitchen development site for $15 million to the Coram Deo Church. Zhao bought the vacant lot at 409 West 45th Street in 2014 for $5.3 million, and plans to build a seven-story boutique condominium building on the site. The plans for the 10-unit, 11,872-square-foot building, were approved in 2015 but not yet completed.

A treatment center in Tremont traded hands for $10.5 million. A Jackson, sold the 65,181-square-foot building to two LLCs associated with Lazar Muller of the Monsey-based Gladiator Realty Corporation. VIP Community Services, the nonprofit that runs the center, sold it to the Jackson-based seller for $9.7 million.

Kash Group, in partnership with Shel Capital, is in contract to acquire the Morgans Hotel, which it plans to convert into a 90-unit micro-unit condominium as well as a ground-floor restaurant and three floors of either hotel rooms or corporate housing. Kash and Shel are expected to close next month on the $41 million purchase of the 17-story, 117-key property at 237 Madison Avenue.

The family of David A. Cohen sold a trio of properties in Nolita to investor Ari Zagdanski for $23.5 million. They paid all-cash for the sale of 162-166 Bowery, which has about 75 feet of frontage along the thoroughfare.

New York Buildings for Sale

As part of a $2.8 billion liquidation, New York REIT is looking to sell four of its remaining assets as a single package spanning 750,000 square feet. The real estate investment trust expects to sell the four office buildings in Chelsea and the Garment District for a combined $700 million. The four building consists of 245-249 West 17th Street; 218 West 18th Street; 229 West 36th Street and 256 West 38th Street. The REIT bought the properties for a combined $560.5 million.

New York REIT is looking to selloff of its standalone retail properties -and-retail portfolio. The bulk are concentrated on Bleecker Street. The buildings are in Midtown West, Tribeca and Greenwich Village.

MRP Realty and Long Wharf Real Estate Partners put a 60,000-square-foot Midtown office condo up for sale. The six-story property sits at the base of a 47-story condominium tower at 135 West 52nd Street, from developer Joe Chetrit for $36.3 million in 2015. Chetrit was converting the upper floors from a hotel into apartments.

Ivanhoe Cambridge and its U.S. partner Callahan Capital Properties are looking to sell the News Corp.’s headquarters building at 1211 Sixth Avenue. The 2-million-square-foot office tower is 99% leased and makes $98.3 million a year in net operating income.

Deka Immobilien is shopping a 16-story office building at 19 West 44th Street for around $200 million. The building, contains 293,000 square feet.

The boutique Hotel Indigo on the Lowest East Side is looking for more than $176 million. The seller expects the hotel at 171 Ludlow Street to get north of $600,000 per key.

Empire State Equities, a partnership that owns 29 West 35th Street, has put the Midtown office building on the market. The 12-story Class B building, located between Fifth and Sixth avenues, was built in 1911 and measures 85,000 square feet. Bids could reach up to $80 million.

The Shoreham Hotel in Midtown is on the market after the special servicer on the property’s mortgage foreclosed on borrower Ark Partners. The 177-key property at 33 West 55th Street is on the market.

The New York County Law Association is looking to sell its Downtown Manhattan headquarters, an 87-year-old building that is likely worth at least $30 million. 14 Vesey Street is a four-story landmarked building that spans 40,000 square feet.
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