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June 2023

June 2023 » Market Analysis » NYC Buildings For Sale

June 2023 New York Buildings For Sale

Buildings for Sale:

Premier Equities bought the hotel at 1141 Broadway in 2019, and is seeking around $60 million for the 10-story NoMad property.

Three Nolita Veracity Equities are slated for a foreclosure auction as the firm struggles to repay a $41 million loan. 31 Prince Street, 46 Spring Street and 48 Spring Street are now more than 121 days delinquent. Appraised value has dropped from $66 million when the loan was issued in March 2018 to $49.5 million. All the properties are walk ups and have a combined 48 residential units, only six of which are rent-regulated and eight retail spaces.

RXR has defaulted on its 33-story office tower at 61 Broadway in the Financial District. Now, the property’s lender is looking to sell the debt.

Invesco is selling the ground lease on 430 West 15th Street, a fully leased 100,000-square-foot converted parking garage that the investment management giant acquired in 2018 is seeking upwards of $90 million, far less than the $150 million it paid for the ground lease five years ago. The building’s current tenant Live Nation occupies all eight stories in a sublease for 100,000 from Palantir Technologies in 2017.

Buildings Sold:

Brookfield Properties moved to buy back a piece of One Liberty Plaza from the Blackstone Group, its partner at the 2.3-million-square-foot property. Six years ago it was valued at $1.5 billion, now at a $1 billion valuation.

RXR defaulted on 61 Broadway and is turning over ownership to whoever buys the $240 million defaulted loan, which may sell for roughly half of the building’s $440 million valuation from 2016.

A group led by Jeffrey Gural won the right to acquire the Flatiron Building in an auction for $161 million with bidding starting at $50 million. A previous attempt to auction off the historic but vacant office building at 175 Fifth Avenue devolved into chaos when Jacob Garlick made a winning bid of $190 million but then failed to put down a deposit.

Tredway paid $150 million to buy the Sea Park Apartments at 2930 West 30th Street from the Arker Companies, acquiring 387,000 square feet.

Empire Capital Holdings agreed to buy 529 Fifth Avenue from Silverstein Properties for $105 million. Silverstein refinanced the property three years ago for $171 million and also recently spent $20 million on renovations.

Carlyle pays $100M for two-tower 421a site in Gowanus. Society Brooklyn, the larger of the two towers located at 267 Bond Street, will consist of 344 residential units and 32,000 square feet of commercial space. Sackett Place, the other tower at 498 Sackett Street, will have 173 residential units. 75% of the apartments will be market rate and 25% will be set aside as affordable housing.

Sotheby’s is buying 945 Madison Avenue from the Whitney for around $100 million. The building is a five-story building about 77,000 square feet. Sotheby’s takes occupancy in 2025, after the Frick Collection’s sublease ends in August 2024 and will be used as an auction house, exhibition space and offices.

The MTA acquired a site at 160 East 125th Street in Harlem from Extell Development for $82 million. The MTA paid a premium for the 1.6-acre site. The site will serve as an entrance to the extended Second Avenue subway, one of three stations being added to the Q line. MTA plans to build an underground connection between the various subways at East 125th Street.

Vornado sold its Rego Park development site at 93-30 93rd Street for about $70 million to Chris Jiashu Xu.

Northwind, partner in Paz’s shuttered hotel at 225 Bowery, bought a $68 million loan on the property from Bank Hapoalim. Bank Hapoalim claimed Omnia owed about $78 million, including interest and other fees. Northwind has positioned itself to acquire the property outright, either through a bankruptcy sale or a foreclosure.

Douglaston Development acquired a shovel-ready site at 1057 Atlantic Avenue in Bedford-Stuyvesant, where the firm plans to build a 456-unit rental building that will qualify for 421a if it’s finished in time.

Douglaston bought the site for $66 million and landed a $185 million construction loan from Wells Fargo and M&T Bank.

David Mugrabi sold 12 East 82nd Street to an unknown buyer for $41 million. The 12,000-square-foot home listed for $52 million in December 2021.

150 Central Park South: Rupert Murdoch paid $35.2 million for a Central Park South co-op. The 6,500-square-foot unit has seven bedrooms and five bathrooms.

WPH34A at 500 West 18th Street asked $28 million. The 5,700-square-foot condo has five bedrooms and five and a half bathrooms.

Zhang Xin’s townhouse at 45 East 74th Street asked $26.5 million. The 9,000-square-foot, five-story limestone house has six bedrooms and six and a half bathrooms.

The Carlyle Group purchased a stake as a limited partner at 26-32 Jackson Avenue from Fetner Properties and the Lions Group who bought the site for $42 million. Plans for the site call for a pair of apartment buildings with 363 units, 30% of which (109 apartments) will be set aside as income-restricted rentals.

The Moinian Group by converting a $20 million loan to equity it provided to Thor Equities. Thor’s stake in the 300,000-square-foot property at 245 Fifth Avenue has been reduced to 7%, while its partners including the Moinian Group and individual members of the Moinian family now own the remaining 93%.

251 West 91st Street and Unit PHA closed for $13.5 million or $3,831 per square foot.

234 East 46th Street sells at 90% discount. The 20-story property belonged to Prodigy which imploded. A 95-unit building traded for $69 million in 2014 and was valued at $125 million two years later. Now sold again for $13 million. Prodigy, which had a majority stake in the 20-story property, and lost when the $81 million refinance loan matured.

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