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July 2019

July 2019 » Market Analysis » NYC Buildings For Sale

July 2019 New York Buildings For Sale

Buildings Sold:

The land under the Dream Downtown hotel in Chelsea sold for $175 million. The buyer of the hotel and retail condominium units at 355 West 16th Street was Worth Capital Holdings 52 LLC, with Charles R. Holzer as managing member.

VRV Corporation sold two adjacent, five-story mixed-use buildings at 213 and 215 First Avenue for $19.65 million. The corporation had owned the buildings, which have 28 apartments combined, for decades. The buyers were two limited liability companies that listed Abraham Sanieoff as manager. First Republic Bank loaned $11.3 million for the purchase. Entities tied to Sanieoff recently picked up two other properties in the Lower East Side.

The Morgan Group sold a 79,000-square foot walk-up mixed-use building at 135-145 West Kingsbridge Road in the Bronx to an entity with investor Ignacio Castillo as its managing member. The price was $16.25 million for $206 per square foot for the six-story building, which dates to 1922. The property has 58 apartments and nine retail stores and sold at a 5.4% cap rate.

Azimuth Development Group and Round Square Development paid $16 million for a 19th-century-era church at 1975 Madison Avenue, comprising the church and neighboring commercial structure from the Metropolitan Community United Methodist Church. The other property in the transaction was 45 East 126th Street, the three-story brownstone next door to the church. Demolition permits have been filed for the site. Subotovsky has redeveloped other church properties around the city, but the developer plans have yet to be finalized for the Central Harlem site.

An entity tied to Abraham Russak sold 240 Broadway, a five-story mixed-use building that the company owned for decades, in Williamsburg for $20.1 million. The buyer of the 24-apartment, almost 39,000-square-foot property was 240 Broadway Property LLC.

A partnership between the Modell family and BEB Capital has bought 22 West 38th Street in an off-market 1031 exchange for $60.5 million. Dalan Management sold the 12-story, 60,000-square-foot property. The building includes one retail unit and 11 office units, and Knotel has a large lease at the property containing six floors and about 35,000 square feet.

The Cofinance Group purchased 137 Second Avenue, a 22,000-square-foot office building, for $18 million.

Barberry Rose Management sold a mixed-use building with 44 apartments and nine retail stores at 1588-1600 Amsterdam Avenue for $16.8 million, containing 38,000 square feet or $435 per square foot and a 4.6 capitalization rate. The buyer was David Eshaghoff of Eshco Realty.

A three-story commercial building at 51-55 East 125th Street in Harlem traded for $12.95 million. The seller, an LLC that lists Robert Nass as a member, bought the property for $6.25 million in 2010. The new owner is 125th Street Bapaz LLC.

The North Shore Tennis & Racquet Club in Bayside closed on the sale of its property in the Queens neighborhood for $12.25 million. The buyer was 6118 Bayside LLC. The athletic club located at 34-28 214th Place was sold to developers who plan to raze the site and build a new center there.

The Abu Dhabi Investment Authority agreed to buy Vornado Realty Trust’s minority interest in 330 Madison Avenue, giving the sovereign fund full ownership of the property. The deal values the Midtown East building just over $1,000 per square foot, or about $900 million. Vornado will net approximately $100 million in proceeds from the deal after deducting the property’s $500 million mortgage.

Allianz has acquired a 49% equity interest in 26 floors at 30 Hudson Yards. The equity was previously owned by AT&T’s WarnerMedia, until Related entered a contract to buy and lease back WarnerMedia’s office for $2.2 billion.

Buildings For Sale:

Anbang Insurance Group put the office condominium at 717 Fifth Avenue for north of $200 million, which could be roughly half the $415 million that the insurance giant paid for the property four years ago.

SL Green Realty has put its Daily News building up for sale with an asking price of $900 million. They are seeking offers for either full ownership of the 1.2 million-square-foot building located at 220 East 42nd Street or a joint venture interest. The $900 million asking price values the property at nearly $740 per square foot.

Sapir Corp. is seeking $23 million for 218 Madison Avenue. A four-story mixed-use building occupies the property which is on the corner of East 38th Street. Sapir wants to sell the property so that the company can focus more on other developments.
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