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July 2020

July 2020 » Market Analysis » NYC Buildings For Sale

July 2020 New York Buildings For Sale

Buildings For Sale:

Residential Cooperatives / Condominiums

In the past few years, developers have rushed to build scores of glitzy new projects, flooding the market and spoiling buyers for choice. There are now more than 15,000 unsold condos in the city. Of that 15,000 more than 15% or around 2,600 units is in just six buildings. Lenders are largely working with the building owners to give them time for the market to stabilize. Some of the inventory will be repositioned.

In New York City, some developers are hoping to clear a glut of unsold units by offering bulk deals at discounted prices. It’s an uncommon move that comes as the city’s weak luxury market is further hobbled by the pandemic.

Neighborhoods with highest dollar value of unsold units
NYC condos with 5 or more units that are less than 50% sold out:

NeighborhoodDollar valueNo. of condo projects
Plaza District$3.07 billion 3
Chinatown $1.48 billion 3
Midtown West $1.38 billion 1
Upper West Side $1.26 billion 7
Yorkville $1.01 billion 6
Chelsea $764 million 7
Gramercy $730 million 2
Lincoln Square $721 million 3
Flushing $618 million 19
Brooklyn Heights $607 million 4
Long Island city $547 million 12
Soho $482 million 2
Nomad $437 million 2
Midtown East $321 million 2
CentraI Harlem $279 million 4
Other neighborhoods $3.28 billion 53
More than 2,000 new development units will become available for sale this year: : Risland, United Construction & Development Group and FSA Capital Total Units: 802 $1B sellout. There are still more than 500 units that remain unsold with at least 226 contract sales with an average price of $1.2M.

Brooklyn Point Downtown Brooklyn : Extell Development Total Units: 485 138 Willoughby St. in Brooklyn is 720 feet tall, which is right now the borough’s tallest. Closings at the building, which has a total of 485 units, are starting this year but there remain more than 300 units still to be sold.

Front & York, a new development coming to Dumbo, Brooklyn Neighborhood: CIM Group and LIVWRK Total Units: 408 Due for completion next year, LIVWRK and CIM Group are building a 1.1M SF 85 Jay St. Front & York will feature condominiums, rentals, retail and 150K SF of amenities, including a rooftop pool, wine rooms and a coworking lounge. Of the 408 condo units, 400 are still unsold.

Buildings Sold:

Cohen Brothers Realty tvia 3 East 54th New York LLC signed a memorandum of contract with St. Bartholomew’s Church to transfer 58,800 square feet of development rights from 321 Park Avenue in Plaza District.

The Andrew W. Mellon Foundation has purchased 146 east 62nd Street, the Lenox Hill townhouse from Christopher Cerf for $7.8 million.

The Bukharian Torah Society purchased the shul at 82-33 Lefferts Boulevard in Queens for $12 million from the Tova Mashadi Center of Kew Gardens. The two-story building was constructed in 1982 and spans 24,300 square feet.

The Related Companies has an agreement to sell its Union Square apartment building for about $200 million to a firm representing an overseas buyer.
Watermark Lodging Trust paid Carey Watermark Investors’s WLT $73.5 million for 121 West 26th Street in Chelsea.

Goldman Sachs via 1FBBK Owner LLC paid Slate Property Group and Meadow Partners’s One Flatbush Avenue Property LLC paid $101.4 million for 1 Flatbush Avenue in Fort Greene.

Meadow Partners through the entity 542 Broadway Lender LLC paid 60 Guilders’s 60G 542 Broadway Holdings, LLC $10.9 million for 542 Broadway in Soho. Meadow had been 60 Guilders’ lender.
Raymour & Flanigan paid $20 million to Jenel Management, Philips International and the Dushey and Gindi families and others for two tax lots in Gravesend in two transactions. The retailer had previously been a tenant in the space.

Michael Dell’s MSD Partners buys $105 million in debt from JPMorgan Chase Bank secured by Pakistan International Airlines’ Roosevelt Hotel.

JPMorgan Chase Bank paid the Bank of China $115 million for 410 Madison Avenue in the Plaza District, which was the Chinese bank’s former headquarters.

Andrew Chung’s Innovo Property Group through the entity 28-90 Review Owner Avenue, LLC paid JBL Asset Management’s 2890 Review Equity LLC $34.1 million for 28-90 Review Avenue in Long Island City.

Adam Gordon’s Wildflower, Ltd. through the entity WF Industrial VIII LLC paid Sims Metal Management’s Simsmetal East LLC $26.5 million for 1341 Viele Avenue also known as 1340 East Bay Avenue in Hunts Point.

Cheskie Weisz’s CW Realty through the entity 251 Front LLC paid Paul Tocci’s 251 Front Street Realty Inc. $20.3 million for 251 Front Street also known as 68 Gold Street in Vinegar Hill.

Lendlease and L+M Development Partners through the entity Broadway Community Owner LLC paid Union Theological Seminary’s Union Theological Seminary In The City Of New York $60.7 million for 100 Claremont Avenue in Morningside Heights.

Maddd Equities and Joy Construction through the entity YYY Brooklyn NY LLC paid New York City Housing Authority’s New York City Housing Authority $24.85 million for land and an easement in Fort Greene.

Vincent Theurer through the entity VM Realty 8, LLC paid Richard A. Kaplin’s 417-441 40th St. LLC $9.0 million for 417 40th Street in Sunset Park.

David Samuels through the entity 149 Clarkson Partners Lp paid Urban View’s 149 Clarkson Ave LLC $4.2 million for 149 Clarkson Avenue in Flatbush.

One Manhattan Square Bridges Developer: Extell Development Total Units: 815 Extell Development has begun closings at this 815-unit building. Extell would offer discounts as high as 20% for still-unsold units. There are still more than 500 units left to sell.

David Werner has agreed to acquire 68 buildings for about $302 million from All Year. The deal would be executed in two stages: 45 properties will be sold for $176.6 million in late July, and the remaining 23 will be sold for $125.8 million in November.

Broadway Stages bought six lots in Glendale, Queens, for $19.6 million from Atco Properties. The purchase includes two one-story industrial buildings at 70-32 84th Street, a one-story commercial building at 83-14 Cooper Avenue, a one-story public facility at 70-25 83rd Street and a one-story industrial building at 70-29 83rd Street.

The Towers of the Waldorf Astoria, Waldorf Astoria hotel in New York City, bought by Anbang for $1.95B in 2014 Midtown Manhattan Developer: Dajia US Total Units: 375 Known as The Towers of the Waldorf Astoria. Sales launched in March. A total of 375 condominiums are on offer, but none have closed as yet.
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