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March 2011

March 2011 » Market Analysis » NYC Buildings For Sale

March 2011 New York Buildings For Sale

New York City Buildings sold

Russian composer Igor Krutoy and his wife, Olga, signed a contract signing for a Plaza Hotel condominium for upwards of $40 million. If the sale closes, it will be the second-priciest residential sale in the city since the collapse of Lehman Brothers, behind the Duke Semans Mansion, which sold for $44 million last year. For their money, the Krutoys will get around 6,000 square feet with views of Central Park, a combination of at least two renovated units, that was not officially on the market.

The 14-room duplex at 778 Park Avenue that Brooke Astor once called home is about to be sold for $19 million to Daniel Forcart, 47, a Swiss investment manager. The unit was listed in 2008 for $46 million, and the current discount had nothing to do with the notoriety of the apartment, where Astor's son, Anthony Marshall, allegedly confined her as he tried to steal her fortune before she died at her Westchester estate in 2007. he was drawn to the unit in the Rosario Candela-designed building.

Glenwood Management closed on the purchase of a vacant development site on the Upper West Side from Fordham University for $125 million which included the acquisition of more than 300,000 square feet of development rights. Glenwood went into contract in August and closed Jan. 7 for the site at 49-55 Amsterdam Avenue, at the corner of 62nd Street, adjacent to the school's Lincoln Center Campus. The site is approximately 90 feet by 110 feet.

Related Companies has sold the luxury Sagamore apartment building on the Upper West Side. The 265-unit rental building at 189 West 89th Street sold for $140 million. The buyer is a unit of Chicago-based private equity firm LaSalle Investment Management.
The Lamm Institute at 110 Amity Street went into contract last week for $3.6 together with its three neighboring lots on Henry Street, which went for $2.4 million. The Cobble Hill properties were at one point supposed to be developed by Time Equities, which purchased them from LICH, and they were then on and off the market. As of November, they were asking $6.4 million.

The owners of the Knoedler Gallery townhouse at 19 East 70th Street have sold it for $31 million, just over half the original $59.5 million asking price. Despite the discount, it is the second-priciest townhouse sale since 2008, after the Duke Semans mansion, which Carlos Slim bought for $44 million last year. The Italian Renaissance-inspired mansion was built in 1909 and has housed the gallery for the past four decades. The buyers plan to turn the 19,000-square-foot property back into a single-family home.

The recent sale of a four-story building at 221 First Avenue, between 13th and 14th streets in the East Village, was an all-cash deal for $4.4 million, and marks a record for the neighborhood. The price of the 3,954-square-foot property came out to $1,112.80 per square foot, marking the highest amount ever paid for a mixed-use investment property in the East Village.

NYC Buildings For Sale

Midtown's Paramount Hotel is to hit the auction block. The hotel, located at 235 West 46th Street between Seventh and Eighth avenues, is currently owned by Walton Street Capital and Highgate Holdings, the latter of which is expected to retain a stake in the building. The 597-room hotel is expected to draw numerous bidders. Although it was not clear how much the hotel is expected to net at auction, hotel investors are interested in the New York City market.

InterContinental hotel group is to sell its Barclay New York hotel at 111 East 48th Street between Park and Lexington avenues. The Midtown hotel has an asking price of $321.14 million. Although there is no word yet on which specific buyers are looking at the 685-room, 14-floor hotel, it's attracted interest from international bidders in Qatar, Abu Dhabi and China. But while InterContinental is looking to shed this property, the company is not downsizing across the board in Manhattan. Last summer, the hotelier unveiled the new 607-room InterContinental Hotel Times Square, with Shake Shack taking the ground-floor retail space.
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