June 2021 » Market Analysis » NYC Buildings For Sale

June 2021 New York Buildings For Sale

Buildings for Sale:

A Williamsburg assemblage once slated for an office and retail development is on the market for $65 million. The parcel at 87 Wythe Avenue is a combination of a 37,000-square-foot renovated retail space and 22,400 square feet of vacant land, which could give way to a 53,000-square-foot building.

Billionaire investor Ron Burkle and hotelier Andrew Zobler, the owners of the NoMad Hotelare, are facing a foreclosure on their equity in the hotel at 1170 Broadway. This is the second time that Burkle and Zobler have faced foreclosure on the property, which they control via a ground lease.

The single-family home at 53 Prospect Park West was designed by architect William Tubby in 1900. The now 5,724 square-foot building was commissioned by financier William H. Childs. The Brooklyn Society for Ethical Culture purchased the property in 1948 and has held it since then. The group has used it as a venue for meetings, weddings, community gatherings and other events now for sale asking $30 Million.

Buildings Sold:

The owner of Moxy Hotel in the Financial District has handed the keys back to its lender. Tribeca Associates opened a 30-story hotel at 143 Fulton Street in 2018 and transferred the ground lease to AllianceBernstein.

Wharton Properties sold a Midwood commercial building.

Merchants Hospitality sold the building at 11-01 43rd Avenue in Long Island City to a creditor, Taconic Capital, for roughly $38.4 million.

Boris Kuzinez has sold his 60,000-square-foot office building at 260 Fifth Avenue for $52.5 million The buyer is Texas-based rug manufacturer Amir Loloi, who scooped up the NoMad office building for $6.5 million less than what Kuzinez paid for it in 2016.

The REIT is set to buy the ground lease on the 20-story building at 360 Park Avenue South. The purchase price for the lease is $300 million, but includes several operating partnership units that could be converted into stock, bringing the total to more than $325 million. The building’s owner, Enterprise Asset Management, has been trying to sell the ground lease since March. The 450,000-square-foot building will be completely vacant at the end of the year, when the master lease held by the business information firm RELX expires.

Myles Horn of Glacier Equities, of condo units in bulk, acquired 62 of them at 148-09 Northern Boulevard in Murray Hill for $22.5 million, an average of just under $363,000 per unit. The building has 87 units. An affiliate of Rockfarmer Properties was the seller.

An affiliate of ABJ Properties acquired a potpourri of Brooklyn properties including a condo building at 22 Covert Street in Bushwick; rental buildings in Park Slope, Flatbush and Kensington; and portions of two mixed-use buildings in Greenwood for $14.8 million. The sellers were a variety of limited liability companies managed by Janine Hodgkins.

A 58% tenancy-in-common interest of a 100,000-square-foot manufacturing building at 154 Scott Avenue in East Williamsburg traded hands for $14 million. Dawson Stellberger signed for the buyers, one of which is an affiliate of API, a 1031 exchange company based in California. The seller was a limited liability company YYY Realty.

Bronstein Properties sold apartment buildings at 35-25 and 35-35 95th Street in Jackson Heights for $12 million. The two buildings have a total of 80 units and 62,000 square feet. The buyer was Victor Sismanoglou through limited liability company JH 95 Street Realty.

Premier Equities bought the Duane Street Hotel in Tribeca for $18 million and signed short-term rental company Sonder to a lease there. The sale works out to $419,000 per room.

GDSNY and Klövern acquired a 4,300-square-foot retail building at 407 Park Avenue in Midtown for $30.7 million. The seller was Land Finance, which bought property for $8.7 million in 2010. The partners plan to combine the parcel, which has 32,000 square feet of development potential, with an adjacent parcel at 417 Park Avenue for an office project. Together, the two properties have more than 250,000 square feet of buildable space.

Ivy Realty sold a 260,000-square-foot office building at 133-33 Brookville Boulevard in Rosedale for $29.5 million. Anthony DiTommaso, Jr. signed for the seller, while Joel Kiss of Northeast Capital Group signed for the buyer. The purchase included seven adjacent lots that are used for parking.

Steven Kassin’s Infinity Group bought a 25,333-square-foot retail and office building at 55-03 Myrtle Avenue in Ridgewood for $17.5 million. The seller was Traditional Casket Corp.

The Atlantic Development Group purchased a 37,000-square-foot parking structure at 1949-1961 Jerome Avenue in Morris Heights for $13.9 million. The seller was Tremont Garage Realty Corp.

A limited liability company purchased a 13,500-square-foot mixed-use building at 300 East 50th Street in Midtown for $12 million. The LLC, 300 East 50th Street Owner, is registered to MaryAnne Gilmartin’s MAG Partners. The sellers were Bradley Wilson and Anne Evans via the LLC Wilson Evans 50th.

A clothing brand reportedly paid AB & Sons the firm led by Isaac, Eli and Abraham Chetrit between $160 million and $200 million for the five-story, 95,500-square-foot property at 546 Broadway.

Northwood Investors have agreed to pay $325 million for a pair of mixed-use buildings in the heart of the neighborhood. The two buildings at 520 and 524 Broadway have a combined 180,000 square feet of office space and 60,000 square feet of retail space. The properties are 90% leased, with tenants that include Keith McNally’s Balthazar restaurant, the clothing store Aritzia and WeWork.

HFZ Capital has transferred 21 co-ops at the Chatsworth, 344 West 72nd Street, its Upper West Side co-op conversion, to its lender, an affiliate of Starwood Capital.

SL Green Realty has sold 635-641 Sixth Avenue to Spear Street Capital for $325 million. The transaction, which values the Midtown property at more than $1,200 per square foot, is expected to close in the second quarter.

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