Buildings for Sale:Industrial real estate investment volume rose by 31% year-over-year to $1.8 billion. This followed a record-setting fourth quarter of 2021, during which investment volume doubled year-over-year to $5.2 billion and nearly a third of the year’s transactions were completed.
The tri-state area had a record $10.6 billion in industrial real estate deals last year, a 64% increase from the previous year.
New York City had almost $3.6 billion in industrial real estate investment volume last year, with Queens experiencing a nearly 50% year-over-year increase to nearly $1.5 billion.
RXR and the Blackstone Group are marketing 1330 Sixth Avenue, aka 1330 Avenue of the Americas. The joint venture is aiming to get more than $350 million in a sale of the 40-story office tower.
Nelson Management, JP Morgan Asset Management and L+M Development Partners are seeking more than $200 million for their Lafayette Boynton and Promenade Nelson apartment complexes, which count roughly 1,300 units. is a complex of four 19-story towers in the Soundview section of the Bronx with 972 units. The Promenade Nelson is a 32-story tower sitting at the border of Marble Hill and Riverdale with 318 units The properties are covered by an agreement under the state’s Article XI program.
The owners of the planned 26-story tower at 159 Broadway filed for bankruptcy in 2020 and were planning 21 residential units and 235 hotel rooms. The site is in the early stages of excavation. It’s situated in a qualified opportunity zone and includes a 25-year industrial and commercial tax abatement.
The New York Eye and Ear Infirmary at 218 Second Avenue is in talks to be sold and demolished. and is expected to bring $70 Million.
Fairstead, which co-owns the seven-building complex with Artemis Real Estate Partners and C-III Capital Partners, is expecting bids of at least $400 million for the complex known as Delano Village. 1,802-unit complex. The complex is 93 percent leased.
Buildings Sold:Black Spruce, Orbach strike $1.8B NYC multifamily deal pick up 1,700-unit UES portfolio developed by Sheldon Solow included are six-building Upper East Side apartment portfolio for $1.75 billion, 1 East River Place on East 72nd Street.
SL Green Realty closed on its $445 million buy of 450 Park Avenue. SL Green is taking a 25.1% interest in the property. The rest of the ownership group includes institutional investors from Israel and South Korea. The sellers were Oxford Properties and Crown Acquisitions, who sold the building for a deep discount.
A&E Real Estate is near a deal to buy the 455-unit tower at 160 Riverside Boulevard from Equity Residential. The purchase price will be around $400 million, or about $763 per square foot.
Metro Loft Management and Jeffrey Gural are in contract to buy 25 Water Street from Edge Funds,. The 1 million-square-foot tower, formerly known as 4 New York Plaza The purchase amount is the same as the $250 million mortgage. JPMorgan Chase, has been trying to sublease the unoccupied 500,000 square feet of its 700,000 square feet that expires January 2025 and has several extension options.
Silverstein Properties and Metro Loft Management are converting $180 million 55 Broad Street to residential and will have 571 market-rate apartments, from studios to three-bedroom apartments in the 425,000-square-foot property. The conversion is expected to take three to four years.
The Fruchtlanders’ Lineage Properties sold the multifamily buildings at 2001 Story Avenue in Unionport and 883 East 180th Street in West Farms for $105 million and $64 million, respectively. The two-building portfolio includes more than 500 units and 600,000 square feet. The Story Avenue building boasts 355 units and 422,000 square feet, and rents are typically between $1,400 and $2,500. The East 180th Street property has 200 units and 181,000 square feet.
Allure Group bought the SUNY Downstate Medical Center in Bay Ridge for $160 million. Abraham Leser’s Leser Group, and intermediary buyer Pearl Schwartz, a little-known dealer flipped the contract to Allure for a $7 million profit.
The Dermot Company picked up The Addison at 225 Schermerhorn Street for $142.3 million. The seller was Multi-Employer Property Trust, a fund managed by BentellGreenOak.
Top Rock Holdings bought the office portion of 609 Fifth Avenue for $100 million. The space was previously occupied by WeWork.
Watermark Capital sold the Holiday Inn in Chelsea located at 121 West 26th Street,.
Two Kings Real Estate bought the 226-key hotel for $80.3 million.The property sold for 30 percent less than the $113 million
The Hilton Times Square was purchased by Apollo Global Management and hospitality investor Newbond Holdings for $85 Million. The deal for the property is expected to close this summer and the owners hope to have the hotel at 234 West 42nd Street up and running by the fall.
Carlton Hobbs sold the home at 60 East 93rd Street for $52.5 million.
A pair of entities connected to Read Property Group sold an apartment building at 487 Keap Street in Williamsburg for $36.3 million to a trio of entities tied to Highview Property Group. Built in 1910, the 57,000-square-foot property has 51 units on six floors.
A group of LLCs tied to Gaia Real Estate bought Side apartment buildings at 99 Allen Street, 177 Ludlow Street and 102 Norfolk Street for $34.8 million from 3 entities connected to SMA Equities. The mixed-use properties have 56 residential units and five retail spaces.
An LLC connected to Acuity Capital Partners sold vacant land and a two-floor warehouse at 21 and 35 Delavan Street in Carroll Gardens for $32 million to the New York City School Construction Authority. The neighboring properties encompass almost 60,000 square feet.
An entity connected to the Vanbarton Group sold a trio of adjacent properties in Tremont for $29.6 million to an LLC with ties to real estate investment firm, Verv Capital. A commercial and office building at 2056 Morris Avenue, an apartment building at 2062 Morris Avenue and a commercial and office building at 103-109 East Burnside Avenue.
An LLC tied to RedSky Capital and Terra Capital Partners sold a mixed-use building at 658 Driggs Avenue in Williamsburg for $25.5 million to an entity called Core Driggs LLC. Robert Li signed for the buyer. The five-story property features 20 residential units and 4,100 square feet of ground-floor retail. RedSky purchased the property for $9.3 million in 2013.
An LLC connected to the Freo Group purchased a Lower East Side mixed-use building at 167 Eldridge Street for $19.3 million. The seller was a group of entities tied to Schoolyard Enterprises. Built in 2002, the 32,700-square-foot property has 19 units across eight floors. The asking price was $21 million when it went on the market in 2019.
AHRC New York City sold a Long Island City building at 32-03 39th Avenue for $19.1 million to an entity connected to Yitzchok Katz’s Developing NY State. The one-floor building spans 22,500 square feet. The plan is to build multifamily on this corner lot and another at 31-17 39th Avenue, which sold for a combined $28.6 million, and qualify for the just-expired 421a tax break.
An entity tied to Slate Property Group sold a commercial condo unit at 1286 First Avenue on the Upper East Side for $18.7 million to an LLC connected to the accounting firm Levy Group CPAS. The real estate investment firm’s co-founder Martin Nussbaum signed for the seller. The commercial unit is one of two in the five-floor, 44,300-square-foot, mixed-use building.
34 East 61st Street LLC purchased a mixed-use commercial and residential building at 34 East 61st Street on the Upper East Side for $16.5 million from Petrus NY.
Bell Station Realty sold a mixed-use commercial and office building at 42-11 214th Place in Bayside for $14.7 million to Cement & Concrete Workers Pension Fund. Built in 2018, the four-floor property spans 30,100 square feet.
An entity connected to real estate developer Yan Moshe bought a commercial warehouse at 456 West 55th Street in Hell’s Kitchen for $15 million. An LLC tied to real estate investor Alan Fried was the seller.
An entity connected to the Harkham family bought a mixed-use commercial and residential building at 133 Grand Street in SoHo for $11 million. An LLC with ties to Corigin was the seller.