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March 2015

March 2015 » Market Analysis » NYC Buildings For Sale

March 2015: New York Buildings For Sale


NYC Buildings For Sale

General Growth Properties is putting an 85,000 square feet of fully-leased Noho office space up for sale located a 200 Lafayette Street.

Just three years after paying $360 million for an office tower at 575 Lexington Avenue, Normandy Real Estate Partners is looking to sell.

The Chetrit Group is seeking a buyer for its Hudson Yards development site, but in the interim, the firm is planning on spending $29 million to more than double the buildable square footage the property allows as-of-right.

433 Fifth Avenue is for sale asking $30 million for a six-story Midtown commercial building. The 17,000-square-foot property at, between East 38th and 39th streets, contains jewelry retailer Prima Donna on the ground floor and five full-floor office suites above it.

Herald Square Properties and the Davis Companies are asking $125 million for a pair of Garment District office properties that total 210,000 square feet.

an office and retail building at 949 Southern Boulevard in the Bronx is for sale asking $43.5 million.

The Upper East Side site of the Gristedes supermarket asking $100 million could house an even larger tower than expected, if combined with an adjacent site that too just hit the market Tower on Gristedes site could span up to 180,000 square feet.

The Chen Foundation, a landlord affiliated with the T.F. Chen Cultural Center, a nonprofit that promotes arts education, has put a six-story Soho mixed-use building on the market for $40 million.



New York Buildings sold

The Kaufman Organization sold an 11-story office building in the Flatiron District for $92 million.

Ralph Tawil's Centurion Realty acquired a 33,500-square-foot retail space at the base of the Tribeca condominium building the Northmoore for $30 million.

Shorenstein Realty Services is in contract to pay $330 million for the ground lease at 1407 Broadway, a 1.1 million-square-foot office building in Midtown.

The Abu Dhabi Investment Authority, the sovereign wealth fund of the oil-rich emirate, is buying the upcoming Edition hotel at Madison Square Park.

The city is soliciting development proposals for a Downtown site that, with the purchase of air rights available from a nearby nonprofit, could accommodate a project of more than 125,000 buildable square feet.

Anbang Insurance Group is buying 717 Fifth Avenue from the Blackstone Group. The 26-story, 465,000-square-foot office tower is on the corner of 56th Street, one block south of the Crown Building, which is 80,000 square feet smaller and sold for $1.75 billion last year.

Sharif El-Gamal'sSoho Properties is in contract to buy a Chelsea development site at 113-117 West 24th Street for $60 million. The deal will allow a commercial project of about 125,000 square feet to be built.

Barry Sternlicht's Starwood Capital Group sold its remaining 49.9% stake in Central Park South's Hilton Garden Inn to a Lenox Hill-based investor and carpet importer. The deal was struck just over a year after the 401-key hotel opened its doors, and values the property north of $150 million.

A Realty Trust just picked up a commercial space and a garage at the base of an Upper East Side rental tower owned by O'Connor Capital Partners for a total of $51 million.

Lau Management purchased four Lower East Side buildings for $50 million.Carlherman Realty Corp. sold two of the buildings at 116 Elizabeth Street and 132 Bowery for $25 million. Fuss and Lieberman Realty Corp. are the sellers of 145 and 149 Bowery, two adjacent five-story buildings located between Broome and Grand Streets.

The Doria family, founders of Grace's Marketplace, has acquired the retail component at the base of a 12-story Tribeca building at 261 Broadway for $22 million.

A Chinese insurer Group agreed to buy the Baccarat Hotel from Starwood Hotels & Resorts Worldwide for more than $230 million, setting a per-room price.

A Real estate investment firm/Group purchased a four-story retail building on the Lower East Side that currently houses TD Bank and Bank of America for $25.6 million.

RFR Realty paid $55 million for the former Germania Bank building on the corner of Spring Street and the Bowery.

An Investment Management firm, a division of the central bank of Norway, is in contract to acquire a minority stake at 11 Times Square.

Flag Luxury Properties bought the two properties, 1185 Broadway and 29 West 28th Street, for a $100 million.

Thor Equities has bought the bottom floors of 470 Broome Street for $45 million.

DalanManagement firm acquired a pair of 12-story Midtown office buildings from Adee Associates for $36 million.The buildings are located at 10 East 33rd Street and 12 East 33rd Street, and have a total of 61,100 square feet.

Jowa Holdings, aJapanese investment firm bought up a 10-story office building for $165 million. Jowa bought the 180,000-plus square-foot building at 321 West 44th Street.The building is home to the New York Observer.

American Realty Capital is in contract to buy 123 William Street for $253 million. The property has 545,000 rentable square feet and is 81% leased. The State of New York, the City of New York, the federal government, the Securities Training Corporation and McAloon& Friedman, P.C. are among the tenants in the 26-story building.
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