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July 2018

July 2018 » Market Analysis » NYC Buildings For Sale

July 2018 New York Buildings For Sale


New York Buildings for sale:

RXR and Walton Street want to sell 237 Park Avenue, with an unofficial price tag of around $1.4 billion.

Host Hotels may sell some of its non-core hotels that could exceed $2 billion. Host owns multiple hotels in New York City, including the W Union Square and the New York Helmsley. It is close to selling the W to Westbrook Partners.

A subsidiary of Blackstone Group, EQ Office, is putting one of its office buildings near Bryant Park on the block. The 22-story, 350,000-square-foot property is at 114 West 41st Street with an unofficial asking price of $300 million, or about $870 per square foot.

New York Buildings Sold:

214-216 West 15th Street was sold for $12.7 million. It was the home of the Nazareth Nursery Montessori School, which operated for 114 years before closing in 2015. The buyer is Holliswood Development. Milstein Properties sold 250 Water Street to Howard Hughes Corporation for $180 million. The one-acre site, currently a parking lot, offers about 290,000 buildable square feet. The property also has the addresses of 304-312 Pearl Street, 2-8 Peck Slip and 116 Beekman Street.

The Jograj family sold 177 Vermont Street, 2708-2716 Atlantic Avenue and 142 Wynona Street for $11.5 million. The property was acquired by 2700 Atlantic LLC, which shares the same business address as Brooklyn firm Goldmont Realty. The Jograj family has owned the property since the 1980s.

Rotem Rosen, Jerry Rotonda and their Indian business partner have bought the Lower East Side’s Hotel Indigo. Rosen and his partners jumped on the deal and are now in contract to buy the property for $162 million. The National Academy of Design sold a piece of its Fifth Avenue headquarters for $25 million. An LLC linked to merchant bank Raine Group bought the 15,000-square-foot townhouse that was remodeled in 1913. The six-floor, five-bedroom townhouse at 1083 Fifth Avenue was part of a much larger, 42,000-square-foot complex housing the National Academy Museum and School, which announced in 2016 that it would list the properties for a total of $120 million.

AM Property Holding and Quality Capital USA sold a trio of office condominiums at 420 Fifth Avenue for $54 million. The investors paid $61.3 million in 2016 to buy four full-floor condo units in the building, sold two of those floors to the Italian eyewear company Luxottica for $36 million. AM Property and Quality Capital also sold another floor to Marist College for $18 million.

Westgate Resorts has bought the former site of the Hilton New York Grand Central for $50 million. It acquired the 300-key hotel at 304 East 42nd Street with plans to rebrand it as Westgate New York City. The seller is Tudor Equity Associates LP, connected to Lone Star Funds.

39 East 67th Street an Upper East Side townhouse sold for $16 million. The mansion was recently asking $18.75 million, below the $22.5 million it last sold for in 2014. The buyer is David Cayre. SL Green Realty sold its 50% stake in 724 Fifth Avenue to partner Jeff Sutton for net proceeds of $85.5 million. Sutton paid back SL Green’s “investment” in 720 Fifth Avenue and paid off part of another unnamed loan. SL Green issued a $33.75 million mezzanine loan on 720 Fifth Avenue in 2016. Sutton and SL Green brought 724 Fifth Avenue, a 65,000-square-foot retail and office property, for $200 million in 2012. 40 West 28th Street was sold for $13.8 million to Schmitt Capital. The 10,000-square-foot mixed-use building contains four apartments and three commercial units. The seller is the Vlachos family.

Ashkenazy Acquisition Corporation bought 2318 Broadway from American Multi-Cinema for $53 million. Part of the deal allows AMC to lease the space back from Ashkenazy for an initial $3 million the first year, with rent increasing 2% each year. The 15-year lease comes with an option to extend for two to 10 years.

The King’s College bought the Riff Downtown Hotel in the Financial District for $19.2 million, or $1,129 per square foot. The property, located at 102 Greenwich Street is a 17,000-square foot, 36-key hotel one block south of the World Trade Center. The King’s College plans to convert the property into a dormitory. The seller is Salt Equities, which bought the building for $6 million in 2012.

The Turtle Bay Music School bought two commercial condo units at 345 East 37th Street for $14.2 million. The seller is 60 Guilders.

Chanel has bought the 17-story building at 15 East 57th Street that housed its headquarters in Midtown East for $81.5 million. Metropolitan Real Estate, part of the Carlyle Group was the seller.

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