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June 2009

June 2009 » Market Analysis » NYC Buildings For Sale

June 2009 New York Buildings For Sale


Manhattan Buildings sold

A second-floor duplex at the Plaza Hotel Residences sold for $2,751 per square foot, about half the price that similarly sized units were closing for last year. The three-bedroom unit with 4,283 square feet was sold by the developer, Elad Properties, to a company called Paradeplatz Ltd. for $11.786 million. The condo faces Central Park in the rehabilitated hotel at 768 Fifth Avenue.

The Windermere has been sold to Windermere Property LLC, a company that made an agreement with the city to repair the landmarked building. The former owner and Tokyo-based developer Toa Construction had reached a tentative deal with Windermere Property. Windermere Property has promised to temporarily stabilize the building, at 400-406 West 57th Street, at Ninth Avenue, and then perform long-term repairs. The building's tenants sued Toa in 2007 and the city filed a suit against the developer in 2008 in an effort to force Toa to make repairs. Both suits were settled this week as a condition of the sale.

New York Buildings For Sale

AIG selling Japan headquarters for $1.2 billion.

An auction company has been retained to sell two of the three Hamptons homes owned by disgraced attorney Marc Dreier, as well as his Manhattan condominium.. The Southampton homes are at 109 and 111 Dune Road, them for $11.6 million about five years ago. He reportedly paid $5.4 million for his apartment at 151 East 58th Street two years ago. Dreier was arrested for securities fraud in December.

Arbor Realty Trust is looking to sell its $71.65 million mortgage on 303 East 51st Street, the construction site where a crane collapsed in March 2008. The Kennelly Development Company's original plan was to erect a 42-story condo building at the location, and the developer poured more than $120 million into the project. The developer stopped making payments after the crane accident, and the building is now facing foreclosure.

485 Lexington Avenue is for sale for $525 million a 926,122 RSF Class A office building

Prices at the Apthorp have dropped to an average of $1,850 per square foot for a finished apartment, down from $3,000 when the 163-unit building, which spans an entire block between Broadway and West End Avenue on 79th Street, first came on the market in June 2008. The Apthorp avoided foreclosure in January after lenders Anglo Irish Bank and Apollo Real Estate demanded that Maurice Mann, the original sponsor of the condo conversion, pay more than $22 million to correct a loan imbalance.

Three houses on East 90th Street, listed at $20 million, a year after a Landmarks Preservation Commission hearing on their potential combination. The three homes, with a total of 12,434 square feet and about 2,280 square feet of outdoor space, are at 57, 59, and 61 East 90th Street.
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