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March 2009

March 2009 » Market Analysis » NYC Buildings For Sale

March 2009 New York Buildings For Sale


New York Buildings For Sale

The Lower East Side building 217 East Houston Street, at Essex Street, is on the market for $6.5 million. The five-story building has a club on the ground floor. Its lease extends until 2018 and the club pays $20,000 per month in rent, with a 3.5 percent annual increase.

The sale of Starrett City has been put on hold because the owner of the Brooklyn complex, Starrett City Associates, and federal housing officials have been unable to agree on the fair market value of future rents. Starrett City Associates had initially expected to select a winning bid by early September, but the owner felt rents set by the state Department of Housing and Urban Renewal were too low, preventing it from gaining fair value for the property. The 46-tower complex is the largest federally subsidized housing complex in the nation, and bids were expected to approach $1 billion.

Extell Development filed plans with the Attorney General's office to build the Diamond Tower, a commercial condo at 50 West 47th Street, between Fifth and Sixth avenues. Half the building will be devoted to the diamond industry users and the rest will be commercial offices. The diamond portion will have an entrance on 47th Street, and the offices entrance will be on 46th Street. The commercial units will range from 816 to 11,064 square feet, and be priced from $1.203 million to $15.2 million.

New York City Buildings Sold:

  • 726 Broadway, a 10-story, 350,000 RSF office building, was sold to New York University for $210 million.
  • 516 West 34th Street, a 12-story, 265,000 RSF office building, was sold to Coach for $126.3 million.
  • 1133 York Avenue, a 4-story, 46,191 RSF commercial building, was sold to Memorial Sloan-Kettering Cancer Center for $42 million.
  • 110 East 40th Street, a 9-story office building, was sold to Philips International for $35 million.
  • 58 Washington Square South, a 21,639 RSF church building, was sold to The Archdiocese of New York for $25 million.
  • 415 West 13th Street, a 5-story commercial building, was sold to Premier Equities for $18 million.
  • 64 Wooster Street, an 8-story commercial building, was sold to Zar Property for $12.65.
  • 644 East 14th Street, a Development site, was sold for $12.3 million.
  • 336 West 15th Street, a Development site, was sold for $3.55 million.
  • 36 West 44th Street, a 4,045 RSF office condo, was sold to The New York Genealogical and Biographical Society for $3.03 million.
  • 36 West 44th Street, a 1,635 RSF office condo, was sold to Solari Real Estate for $1.64 million.
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