June 2022 » Market Analysis » NYC Buildings For Sale

June 2022 New York Buildings For Sale

Buildings for Sale:

Vornado hopes to sell 40 Fulton Street for $130 million and $140 million. The REIT’s 1980s-era office property at 40 Fulton Street in the Financial District is for sale, a 29-story building.

Oceanwide Holdings has lost control of a Manhattan development site where it planned to build a 1,500-foot skyscraper at 80 South Street.

Buildings Sold:

Host Hotels & Resorts sold the Sheraton New York Times Square Hotel, a 1,780-room hotel, located at 811 7th Avenue to MCR Investors for $323 million.

RFR Holding and Penske Media Corporation finalized the $290 million purchase of 475 Fifth Avenue. Penske Media contributed 50% of the equity in the partnership.

645 Madison Avenue Titan Golden Capital has now purchased the ground underneath the tower for $201 million to buy the property from a joint venture. The purchase gives Titan Golden full ownership of the 22-story building, located a block from Central Park at the corner of Madison Avenue and East 60th Street.

Silverstein Properties and Metro Loft Management teamed up to buy 55 Broad Street for roughly $180 million from the The Rudin family, who developed the 425,000-square-foot property in 1967.

An unknown buyer has bought the Hudson Hotel, a 866-key hotel at 356 West 58th Street. The 385,000-square-foot property will no longer be a hotel, it will be a 438-unit residential development with office and commercial space.

Vornado Realty Trust has struck a $173 million deal to sell 33-00 Northern Boulevard, its Center Building office property in Long Island City. It is a roughly 550,000 square-foot building at 33-00 Northern Boulevard to a partnership led by 60 Guilders.

Midwood closed on its $102 million purchase of a 158-unit apartment building at 56 Seventh Avenue from BlackRock.

TF Cornerstone purchased a rental complex for $71 million, the Berkley at 223 North 8th Street. A partnership of Trinity Place Holdings and Pacolet Milliken Enterprises was the seller of the 95-unit building in North Williamsburg, where 20% of the units are set aside for affordable housing.

HUBB NYC picked up one of the few apartment buildings developed on the Lower East Side under the program for $64 million. HUBB, led by president John McCarthy, bought the 78-unit rental building at 167-171 Chrystie Street from developer Be Aviv. The purchase price was $63.5 million.

Charney Companies and Tavros Capital are in contract to buy the development site at 24-09 Jackson Avenue in Queens from Toyoko Inn. The cost won’t be known until the sale closes but the site was being offered at about $60 million.

An unknown buyer bought the 22nd full-floor unit at the Aman New York condominiums for $55 million or $8,730 per square foot. The asking price for the apartment was roughly $62.5 million. The 22nd floor apartment covers approximately 6,300 square feet and includes four bedrooms at 730 Fifth Avenue.

Slate, Fortress, bought a $78 million Manhattan multifamily portfolio containing 150 apartments. A pre-war rental at 231 East 76th Street, contains 87 apartments. 340 East 52nd Street in Midtown East, features 63 rentals. Both buildings combine for 133,000 gross square feet.

Avi Philipson–led group to buy William Vale hotel from All Year Holdings’ Israeli bondholders. The bondholders approved his proposal venture led by health care executive Avi Philipson is set to buy the debt and an equity stake in the Williamsburg sale and the deal is set to close in July.

Strulovitch put 31 buildings into Chapter 11 bankruptcy in 2019. And refinanced them from Maguire Capital. Maguire eventually took control of a majority of them. The auction, which included 11 qualified bidders, 27 signed and funded contracts and 140 rounds of bidding, was held earlier this year. The sale finally closed this month. Winning Bidders for Strulovitch's Properties:

Property Winning Bidder
1125-1133 Greene Avenue Marvin Azrak - Maguire Capital
1213 Jefferson Avenue Marvin Azrak - Maguire Capital
568 Willoughby Avenue Josef Mikkelson
618 Lafayette Avenue Joel Wertzberger
834 Metropolitan Avenue Joel Wertzberger
92 South 4th Street Marvin Azrak - Maguire Capital
325 Franklin Avenue Marvin Azrak - Maguire Capital
53 Stanhope Street Marvin Azrak - Maguire Capital
263 18th Street Marvin Azrak - Maguire Capital

BlackRock sells 98 Riverside Drive, a 125-unit rent stabilized building a rent stabilized rental for $90 million to Morris Schreiber after the city gave the building a Landmark designation.

The NYPL recently sold six commercial condo units at 445 Fifth Avenue for $38 million to Stream Line LLC.

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