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June 2018

June 2018 » Market Analysis » NYC Buildings For Sale

June 2018 New York Buildings For Sale

New York Buildings for sale:

An entity managed by hedge funder Mark Sonnino is selling 555 West 25th Streets office property for $52 million, four years after paying $27 million in an all-cash deal. The six-story loft building has just over 51,000 rentable square feet.

The Church of Saint Monica, at 413 East 79th Street, plans to sell 102,170 square feet of development rights at 406 East 80th Street to 79 East Owner LLC, an entity tied to Extell Development for around $35.8 million. The deal comes with an option for Extell to purchase an additional 6,748 square feet of development rights for $250 per square foot.

The Gould estate is in contract to sell 192-196 Lexington Avenue at the corner of East 32nd Street for $90 Million. The building is almost fully occupied. The building contains about 140,000-square. The buyer is the Gorjian brothers’ Gorjian Real Estate Group. The price per square foot is about $640.

New York Buildings Sold:

Highpoint Property Group bought 174 First Avenue, a five-story walkup in the East Village, for $12.1 million. The 9,384-square-foot building is between East 10th and 11th streets and contains five apartments and four commercial units. The seller is a joint venture between EBMG, LLC and AMJ Equities.

The Vanbarton Group obtained a $61 million loan from M&T Bank to fund the acquisition of the 305 East 46th Street. Vanbarton signed a contract to buy the 16-story, 187,000-square-foot office building. The closed purchase was $118.5 million and the new loan replaces a $65 million mortgage. The building is currently leased by the United Nations, which has been mulling whether to exercise a five-year lease renewal option.

Westbrook Partners is close to signing a hard contract to acquire the W Union Square hotel for $168 million. The building has a 270-key hotel at 201 Park Avenue South.

Investor Laurence Beame sold 24 St. Mark’s Place, a six-story mixed-use building in the East Village for $12.9 million. The property contains 16 apartments and a ground-floor retail space occupied by Caffe Bene. The buyer is Allied XVII LLC.

CareOne bought a three-story mixed-use building in Hudson Yards for $11.5 million. The property, at 407 Eighth Avenue, contains four apartments and a retail space occupied by Tempest Bar. The sellers are Michael Besen and the Sidney Rubell Company.

Blackstone Group agreed to buy luxury hotel owner LaSalle Hotel Properties with an all-cash bid of $4.8 billion, including debt. Chestnut Holdings picked up a 19-building retail portfolio for $55.2 million. The package consists of low-rise retail properties and one vacant lot, located in the Bronx, Brooklyn and Yonkers. The buildings collectively span 106,700 square feet but offer 600,000 buildable square feet. Most of the tenants are mom-and-pop grocery stores; one exception is the C-Town outpost at 1434 Jerome Avenue in the Bronx. The seller, the Berkovits family’s Scarsdale-based B&K Realty Management Corporation, who opted to liquidate all their assets.

Midtown Equities has bought 1 Broadway for $140 million. The 12-story landmarked office building is being sold by a Swiss trust that has owned the building since 2000. The 218,000-square-foot building was built in 1920 and is expected to be developed into modern offices.

Developer Peter Fine acquired a 25,000-square-foot lot at 1331 Jerome Avenue. Fine paid $11.1 million for the lot and plans to build a 195,000-square-foot mixed-use building with apartments and a ground-floor retail space. The seller is beer distributor Drinks Galore.

Corner Realty Group is in contract to buy 11 Hubert Street, a three-story commercial building in Tribeca, for $19.2 million.

Storage company Madison Development has purchased two sites in East New York for $25.3 million. The sites at 554 and 578 Cozine Avenue span two full city blocks, and they both contain one-story industrial buildings, which are not adjacent. Madison Development bought them from investor Lewis Gantman.

$130 million in financing was used to close on the purchase of the W Hotel New York on Lexington Avenue. Host Hotels & Resorts, a publicly traded hotel investment firm, entered into a contract to sell to Capstone and a then-unidentified equity partner.

APF Properties has entered into a contract to pick up a Midtown office building along Madison Avenue from Tishman Speyer and Cogswell-Lee Realty for about $225 million. The 19-story, 274,000-square-foot Art Deco property, is located at 183 Madison Avenue has been on the market since August. Tishman Speyer and Cogswell-Lee paid $185 million for it in 2014.

Feil is marketing the vacant, 85,000-square-foot office building at 140 West 57th Street as a residential redevelopment or a boutique office renovation.

Craig Nassi of BCN Development plans to buy and renovate Union Theological Seminary’s dormitory. Nassi paid more than $50 million for the gothic-style dormitory at 97 Claremont Avenue in Morningside Heights. Nassi plans to renovate the building’s interior, most likely for residential use. The dormitory features 82 rooms and spans 90,000 square feet. The seminary plans to lease the dormitory back from Nassi for the next three to five years, while a new building is constructed a block away.

Cayre Equities bought the former Getty gas station site in Harlem for $10.5 million. The one-story property, at 119 West 145th Street, is about 4,430 square feet. The seller is Platinum Realty Associates which bought the site for $4.6 million in 2015.

Landlord Luellen Goldstein sold a four-story mixed-use building at 154 East 79th Street on the Upper East Side for $12.8 million. The buyer is East 79th Street Development LLC, which is controlled by Nancy Black.

Apex Investments bought an office building and two development sites in the Crotona Park East area of the Bronx for $12.7 million. The sale includes 1527 Southern Boulevard, a two-story building at the corner of East 172nd Street, and the vacant lots at 1520 and 1528 Minford Place. The seller is Gem Equities LLC, which is controlled by George E. Maloof.

Salt Equities has sold the Riff Hotel Chelsea for $27.5 million to a group of investors, who plan to tear down the existing building and replace it with affordable luxury condos. Salt Equities sold the hotel at the corner of West 30th Street and Eighth Avenue to an investment group Eastern Star Development. However, Salt will still be keeping the 5,000-square-foot retail portion of the building which encompasses half of its value. The hotel consists of the building’s upper floors. The site has 71,000 square feet of buildable space overall and currently houses the four-story Riff Hotel. The investment group plans to make its pending condo project 130 feet tall.

Eretz Group bought a Midtown office building that was once home to actress and Hearst mistress Marion Davies. The firm purchased 9 East 40th Street for $70.3 million. K Property Group is in contract to buy the Soho office and retail building at 446-448 Broadway for $45 million. The 37,000-square-foot building is situated between Grand and Howard streets with a $58 million asking price. Wah Kwan is the seller.

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