June 2012 » Market Analysis » NYC Buildings For Sale

June 2012 New York Buildings For Sale

NYC Buildings For Sale

Forest City Ratner is looking to find an investor to take as much as a 49 percent stake in 8 Spruce Street, the tallest residential building in New York. The 76-story, 903-unit Frank Gehry-designed building is now 80 percent occupied.

Thor Equities is seeking $45 million for the three-story, 15,525-square-foot building, at 446 West 14th Street, between Washington Street and 10th Avenue that it bought for $23.4 million in 2007.

Vornado Realty Trust is marketing its stakes in three New York City-area malls, as the investment trust looks to exit the sector. Vornado wants to unload a 32.4 percent stake in Brooklyn’s Kings Plaza Regional Shopping Center, a 1.2 million-square-foot mall that’s 95.6 percent occupied and anchored by Sears, Lowe’s and Macy’s. The property has a $250 million mortgage and posts annual sales figures of $655 per square foot.

Swamped in controversy from lawsuits, fraud and foreclosure in recent years, the condominium at 225 Rector Place will re-enter the market later. Related Companies, which bought the building out of foreclosure for $82.8 million last summer, hired Irish designer Clodagh to refurbish the building interiors and common spaces. The 181 units it is bringing to the market range from a 576-square-foot studio asking $495,000 to a 1,963-square-foot three-bedroom listed for $2 million.

New York real estate investment firms Princeton Holdings and the Bluestone Group are inching closer to their goal of buying an interest in the 14-building Manhattan Ring portfolio that has been valued at more than $460 million. Princeton, headed by Joseph Tabak, and Bluestone, led by his brother Eli Tabak, filed documents in New York State Supreme Court that back up their claim to buy a controlling stake in Michael Ring’s 50 percent interest in the portfolio of properties in Midtown South and Midtown, that he and his brother Frank Ring own. Frank operates F.M. Ring Associates, which manages the portfolio of office buildings concentrated in the Chelsea and Gramercy neighborhoods

Shareholders in Reading International want the firm to accept a $100 million offer for movie theaters it owns on the Upper East Side and Union Square, but the firm has plans of its own. Capstone Equities offered the money for Reading’s Cinema 1, 2 & 3, at 1001 Third Avenue near 60th Street, and Union Square Theatre, at 100 East 17th Street.

The Blackstone Group wants to unload its 51 percent stake in 1411 Broadway. The private equity firm has given the building’s co-owner, San Francisco-based Swig Company, an exclusive window to take the stake or find a partner. Swig Company developed the 40-story, 1.2 million-square-foot office tower between West 39th and West 40th streets, in 1970 with Jack Weiler.

New York Buildings sold

An unfinished Lower East Side hotel is on the block for $28 million, a 16-story, 98-room hotel at 139-141 Orchard Street. The site can also be purchased in combination with a five-story, mixed-used building and vacant lot, located at 77-79 Rivington Street for a grand total of $35 million.

Laurence Gluck’s Stellar Management and Largo Investments have sold 111 Kent Avenue, a 62-unit luxury rental building in Williamsburg, for just under $56 million, one year after the firm purchased the stalled project.

Stellar Management President Larry Gluck closed on his purchase of two industrial office buildings in Soho and plans to combine the structures into a single tower. Gluck paid $200 million for the 16-story, 320,000-square-foot office building at 161 Sixth Avenue and the 10-story, 250,000-square-foot property at 233 Spring Street, both of which are off the corner of Sixth Avenue and Spring Street.

Citibank renewed its 500,000-square-foot lease at 601 Lexington Avenue and is its largest facility in Manhattan.

Merrill Lynch, renewed its lease for the full 46th and 47th floors, for 60,000 square feet.
A storage facility at 1880 Bartow Avenue in the Baychester section of the Bronx, sold for $59.27 million.

A joint venture between Naftali Group and AEW Capital Management has closed on a 90,000-square-foot development site in Boerum Hill, Brooklyn where it will build an 85-unit luxury rental building.

Sitt Asset Management paid $11 million for 450 Broadway, a five-story retail building in Soho. The 13,760-square-foot property, between Grand and Howard streets, belonged to the late Jacob Wiesenfeld, a textile company owner who purchased the building for an undisclosed sum in 1988.

A multiplex at 2505 Bruckner Boulevard has sold for $30 million. The Lightstone Group bought the property from an entity called Kbt Theatres LLC, which in turned leased back the theater.

The Flushing, Queens luxury condominium development Sky View Parc, is now 50 percent sold. The project, at 40-22 College Point Boulevard, was re-launched last June.

JDS Development Group, the company behind the recent conversion of the Ralph Walker-designed Verizon building on West 18th Street, has purchased a majority interest in a development site formerly owned by Starwood Capital at 105 West 57th Street for $40 million. The firm is planning to break ground on a new 100,000-square-foot, mixed-use retail and luxury residential project in the spring or early summer, which will rise to over 50 stories and have condominium units as well as a significant retail component.

Real estate investor David Werner is buying floors 29 through 54, roughly 120,000-square-foot, in the Woolworth Building for $70 million. The floors have been kept vacant for years by the current owners of the property, a partnership between the investors Steve Witkoff and Rubin Schron. The two have come up with several plans for the space over the years, including converting it into residential space.

United American Land has closed on the 50,000 square-foot commercial condominium at 210 Joralemon Street for $10 million.

JPMorgan Chase paid $87.5 million for the eight-story Soho building at 525 Broadway where one of its most popular bank branches is located.

A partnership between HSBC Alternative Investments and Edge Fund Advisors has purchased the Lower Manhattan office tower 4 New York Plaza for $270 million. The building has 1.1 million square feet in space. The building was purchased on behalf of the London-based HSBC Club Programme.

Savanna is in contract to buy the retail condominiums at 40 Mercer Street for about $57.5 million.

Lehman Brothers Holdings acquired the last remaining 26.5 percent stake in Archstone for $1.58 billion, giving it complete ownership. The deal values the portfolio at $17 billion.

Savanna has picked up the long-term leasehold on 576 Fifth Avenue by buying a $7.4 million foreclosed mortgage and cutting deals with the fee owner and prior leaseholder.
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