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March 2018

March 2018 » Market Analysis » NYC Buildings For Sale

March 2018 New York Buildings For Sale


New York Buildings for sale:

HNA Group will put $4 billion in U.S. properties on the market, including 245 Park Avenue, the Manhattan office tower it paid $2.2 billion for just last year.

The Roe Corporation is looking to sell the 131,000-square-foot development site with approved plans for a 45-story condominium-and-hotel tower overlooking City Hall Park at 267 Broadway.

Ares Management is looking to sell its 50% stake in a Greenwich Village office building at 799 Broadway that its partner Normandy Real Estate Partners is planning to demolish and replace with a ground-up, Class-A office building. The sale of the minority interest is expected to bring the total capitalization of the project to $250 million, or $1,300 per buildable square foot.

Thor Equities and Premier Equities are selling the Meatpacking District retail condominium fully occupied by Lexus to a subsidiary of Germany’s second-largest bank for $88 million or $4,900 a square foot.

Foxy Management is planning a nine-story, 177-unit building spanning more than 120,000 square feet on sites at 2016 Arthur Avenue, 612 East 179th Street and 2010 Arthur Avenue. The company is purchasing the sites for about $4 million.

Vornado Realty Trust is putting together an assemblage just south of Hudson Yards. Steve Roth’s real estate company acquired 537 West 26th Street in West Chelsea, a one-story commercial building that was once the studio of celebrity photographer Annie Leibovitz, for $44 million.

New York Buildings Sold:

HUBBNYC picked up a retail condo just north of Lincoln Center for $39 million. The investor bought the property at 2021 Broadway, at the base of the Nevada Towers co-op building.

Host Hotels & Resorts, is in contract to sell the W Hotel New York at 541 Lexington Avenue for $190 million. The seller is believed to be Capstone Equities.

The Naftali Group has purchased the third and penultimate building in its planned assemblage on the Upper East Side for around $26 million. The company’s assemblage would span from 1039-1045 Madison Avenue between East 79th and 80th streets. The company purchased the property from Buchbinder & Warren.

The Institute for Family Health sold its Union Square location for $39.5 million. Gramercy Park Real Estate LLC, whose manager is listed as Michael Horrigan, is the buyer of the six-floor, 37,000-square-foot medical office building at 14-16 East 16th Street.

A group of three Italian families have sold a Soho retail building and two retail condominiums for $82.5 million. The buyer, Aidan Brooks, did not acquire the properties outright. Brooks bought shares in a Luxembourg holding company that owns the properties. The deal for the five-story building at 106 Price Street and neighboring retail condos at 102 Prince Street and 114-122 Greene Street.

HFZ Capital Group has purchased a commercial building on the Upper East Side for $22.5 million in a potential assemblage play. The developer purchased the two-story building at 1135 Lexington Avenue from Mary McCullough and John Bono, a pair of Long Island-based sellers.

RFR Realty has purchased eight retail condominium units at 122 Greenwich Avenue in the West Village for $31 million from New York REIT.

Google is close to acquiring the Chelsea Market building for more than $2 billion.

Chinese billionaire Cai Kui seems to be in talks to purchase up to $800 million worth of hotels, about seven or eight from MassMutual.

The Gotham Organization is in contract to buy part of the Covenant House site at 460 West 41st Street for $78 million. The developer plans to build a new mixed-use, mixed-income residential project on the site. First, however, Gotham will build a new facility for Covenant, a nonprofit that helps homeless teens.
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