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March 2010

March 2010 » Market Analysis » NYC Buildings For Sale

March 2010 New York Buildings For Sale

Manhattan Buildings sold

Harry Macklowe is getting out of residential real estate with the sale of all three of his apartment buildings to Equity Residential, for a combined purchase price of $475 million: The buildings are Rivertower at 520 East 54th Street for $150 million, the Longacre House at 305 West 50th Street, and 777 Sixth Avenue, each with 293 units and a little more than $80 million in debt. Macklowe has also sold the Drake Hotel site at Park Avenue and 56th Street for $305 million.

NYC Buildings For Sale

Two more boom-era Manhattan projects are headed to foreclosure as the residential development sector continues to get pounded. The first, a 22-unit condominium project at 523 Greenwich Street, is headed to a March foreclosure auction with a $17.3 million lien. The second, a planned 33-story property at 176 Madison Avenue with a $29 million mortgage, has been hit with a lis pendens. The Frank Williams-designed tower is to have 69 apartments at $2,000 per square foot, and a boutique hotel.

Laurence Gluck and the Riverton Houses Harlem's 63-year-old Riverton Houses will be sold in a public foreclosure auction, following orders from State Supreme Court. The seven buildings, which lie between 135th and 138th streets, Fifth Avenue and the Harlem River, were purchased by developer Laurence Gluck for $135 million in 2005, at the height of the housing boom. He refinanced the property in 2006, recouping his own $44 million investment plus more with a new, $225 million mortgage and a $25 million loan. He renovated the buildings and landscaped the property, but when, by 2008, only 10 percent of Riverton apartments had been deregulated. The property, recently appraised at just $108 million, has $240.6 million in debt.
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