New York City office
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March 2017

March 2017 » Market Analysis » NYC Buildings For Sale

March 2017 New York Buildings For Sale

New York Buildings for Sale:

Three Riverside Boulevard parking garages encompassing more than 228,000 square feet and 995 parking spaces are asking $65 million, or $65,300 per space. The parking garages are at the base of five condominium buildings at 80, 100-120 and 220-240 Riverside Boulevard.

Developer Steve Witkoff has a federal judge’s approval to sell the Park Lane Hotel as part of an agreement to oust Malaysian investor Jho Low. U.S. District Court Judge approved plans as part of a cooperation agreement reached after Low became entangled in a money-laundering scandal. The current plan is to sell the whole property. Low provided most of the equity for the $654 million acquisition of the 26-story hotel in 2013. Low is at the center of a money-laundering scandal, in which he allegedly siphoned hundreds of millions of dollars from a Malaysian investment fund known as 1MBD and funneled that money to investment in real estate, including the Park Lane.

The State Teachers Retirement System of Ohio is putting its retail condominium unit at 15 Union Square West on the market. The pension fund has been in talks to market the 15,000-square-foot space at the base of a 12-story, 89,240-square-foot residential condo building directly west of Union Square. It could sell for more than $60 million.

Aion Partners is looking to sell a 115,000-square-foot office and retail condo at 86 Chambers Street in Tribeca. Aion bought the condo in 2004 and refinanced the asset in 2016 with a $43.5 million loan.

New York Buildings Sold:

LargaVisa sold a one-story retail property at 246-248 West 125th Street for $17.8 million. LargaVista bought the 5,046-square-foot property from Harbor Group International in 2015. The buyer appears to be Eugene Fata of the Fata Organization, which owns several properties along West 125th Street.

Zar Property NY acquired a 13-story building at 250 West 54th Street with 163,000 rentable square feet for $83 million. The building was previously owned by Ascot Properties Company, an investment firm that bought it in 1978. The deal works out to around $509 per square foot.

Icon Realty Management purchased the 45,499-square-foot building at 133 West 25th Street, a nine-story office building in Chelsea for $33 million. Dezer Properties was the seller. The purchase works out to $725 per square foot.

BLDG Management bought a two story 5,460-square-foot building at 7 East 53rd Street for $15.25 million. The seller, BPI Express Remittance Corporation, is a branch of the Bank of the Philippines. The building is occupied by Le Pain Quotidian.

Florida-based SJM Partners bought an auto-repair shop at 607 West 47th Street, between 11th and 12th Avenues for $18.5 million. The two-story building spans 15,062 square feet.

Vendome Property Management picked up a six-story mixed-use building at 558 Broome Street for $15.75 million. The 14,737-square-foot property at the corner of Varick and Broome streets includes 20 residential units and five commercial units. The seller, Joseph DeFranca, owned the property since 1980.

An unknown buyer bought a five story, 11,000-square-foot commercial building in Tribeca for $11.5 million. Jay Mittman of Port Washington is the seller of the six-unit building at 106 Franklin Street.

Kroger Company bought three Greenwich Village retail condominium units at 250-254 Bleecker Street for $20.6 million. The retail, at the base of the five-story roughly 22,000-square-foot building, is home to Murray’s Cheese and Amy’s Bread and was owned by Murray’s Cheese proprietor Rob Kaufelt.
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