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June 2014

June 2014 » Market Analysis » NYC Buildings For Sale

June 2014 New York Buildings For Sale


New York Buildings For Sale

The Rubin Museum of Art is looking to sell a Chelsea development site that delivers more than 70,000 buildable square feet of space. The site, which is now a seven-story building, is expected to go for $60 million. The site at 115 Seventh Avenue near West 17th Street is most valuable as a condominium-and-retail project. Thus, the current structure would have to be demolished.

A local investment company that has for decades owned a building which houses a drug abuse treatment facility has put the property on the market. Many in the industry think the property could sell for $40 million or more. The owner of 500 West 57th Street, home to the A.R.E.B.A. Casriel addiction abatement center, put the building on the market after talking with brokers who suggested it had untapped potential as a retail store. The nonprofit has a lease that expires at the end of 2015.

SL Green is in contract to sell its leasehold interest in a 422,000-square-foot office building at 673 First Avenue to New York University Hospitals Center for $145 million.

Albany is expanding its options to find a new bidder and use for Bayview Correctional Facility, a former women’s prison in Chelsea. The state’s economic development corporation, the agency handling the sale, is now giving would-be developers the option to buy the 550 West 20th Street property outright or purchase a long-term lease. The Empire State Development Corp. is searching for a buyer that would convert the 110-square-foot building over to commercial use, more specifically office space.

Bank of New York Mellon is planning on selling its headquarters at 1 Wall Street for between $500 million and $600 million to a venture lead by investor Harry Macklowe.

After being sold in January for almost $14 million, 6 St. Mark’s Place is up for sale again. The asking price at this time is $16.75 million.

The Chera family’s Crown Acquisitions, along with the large Canadian investment firm Oxford Properties Group, are just days from closing on the acquisition of the 33-story building located at 450 Park Avenue designed by Emery Roth & Sons. The purchase price was $545 million, which puts almost half the value of the tower in the retail base.

The Australian mall giant Westfield Group closed on its $1.4 billion purchase of the massive retail space at the World Trade Center. Now the real estate investment trust’s New York City team is quickly trying to lock in tenants for the few remaining vacancies before the complex opens next year. It’s a high-stakes job at the most high-profile retail complex project in the U.S.

Anthony Malkin’s Empire State Realty Trust has purchased the ground and operating leases for two Midtown properties.

Fashion companies are increasingly looking to buy their New York City retail condominium units, in an effort to escape paying sky-high rents every month. An example is Rigo Holdings, the real estate division of a private fashion firm, paid $11.5 million recently for two condos at 57 West 38th Street. The three-floor space will house showrooms.

The Washington Heights Congregation sold its temple at 815 West 179th Street and plans to move to a space at the base of the Mount Sinai Jewish Center. The Modern Orthodox Jewish synagogue has been at the 179th Street location, near the George Washington Bridge, for almost 43 years, and the president said necessary repairs would be too costly. The new space at 135 Bennett Avenue will be smaller.

The Lightstone Group paid $60 million for a 12-story, 142,000-square-foot distressed office building at 130 William Street in Lower Manhattan. The property is located between John and Fulton Streets and is more than half vacant. It could be ripe for a conversion to condominiums project.

A Flatiron District-based private real estate investment firm just sold a Midtown East commercial building that houses a Harley Davidson motorcycle accessories store.

Premier Equities bought a Flatiron District commercial building from Emmett Enterprises. The 9,900-square-foot property at 1151-1153 Broadway near 23rd Street closed for $11.3 million, or $1,140 per square foot. It holds both retail and storage.

Related Companies is in talks to pay $200 million for two parking sites near the High Line area in West Chelsea.

The Washington Heights Congregation sold its temple at 815 West 179th Street and plans to move to a space at the base of the Mount Sinai Jewish Center. The Modern Orthodox Jewish synagogue has been at the 179th Street location, near the George Washington Bridge, for nearly 43 years, and the president said necessary repairs would be too costly. The new space at 135 Bennett Avenue will be smaller.

New Rochelle, N.Y.-based landlord and brokerage Goldfarb Properties bought a 134,000-square-foot mixed-use building in the Bronx from the Bronx-Lebanon Hospital Center for $27.8 million. The 13-story property at 1770 Grand Concourse holds 185 rental apartments, as well as 14,000 square feet of office space and 7,500 square feet of garage space. The Bronx-Lebanon Hospital Center Department of Dentistry is one of the office tenants.

Shalimar Management purchased a garage site ripe for conversion at 403 East 60th Street for $31.5 million, more than $7 million above the property’s $24 million asking price. The nonprofit Ronald McDonald House New York was the seller. Shalimar, an operator of rental properties in the city, is run by Charles Fridman.

KLM Construction Corporation acquired an 110,000-square-foot building at 920 Broadway in the Flatiron District for $120 million. The Carlyle Group and ClearRock Properties handed off the 16-story office property near East 21st Street for $1,100 per square foot, a record for the area.

Real estate investment firm Savanna, in a joint venture with KBS Capital Advisors, picked up 110 William Street from Swig Equities and the Dubai Investment Group for $261 million.

A Real estate investment firm bought a six-story commercial building in Chelsea for $26.4 million.

Premier Equities and Thor Equities jointly closed on the $22 million purchase of a pair of Soho mixed-use buildings from East End Capital. The five-story mixed-use building at 25 Mercer Street and the three-story, 10-unit building at 27 Mercer Street were sold as part of a $33 million portfolio. A Sportswear retailer occupies the ground floor of 27 Mercer. The five-story manufacturing building at 21 Mercer, which houses a stand-alone Nike Sportswear store on the ground floor, sold separately for $11 million to Thor and Premier last year. All three properties entered contract last June.

A Hotel real estate investment trust reportedly paid $95 million for the 27-story Courtyard by Marriott Times Square West hotel. The 224-room hotel near West 38th Street opened a year ago. It holds 655 square feet of meeting space. Carey Watermark financed the deal with $56 million of debt, acquiring the property from Navin Dimond of Colorado-based hospitality firm Stonebridge Companies.
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