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March 2020

March 2020 » Market Analysis » NYC Buildings For Sale

March 2020 New York Buildings For Sale

Buildings for Sale:

2 Grand Central Tower was built in the 1980s and is for sale. Rockwood Capital is the seller of the 44-story building. They are expecting to sell for $580 million or about $850/RSF. CBS is looking to sell 51 West 52nd Street for more than $1 billion for its nicknamed Black Rock. The broadcaster, which merged with Viacom late last year in a $25 billion deal, announced that the company would look to sell the building.

Amazon has been in talks to acquire the Lord & Taylor building from WeWork. The deal could be valued close to $1 billion. Talks remain fluid and a deal still faces hurdles, before it can materialize. WeWork would have to finish the redevelopment of the property.

Investors LIVWRK and FM Capital are looking to sell the former marine repair shop at 160 Van Brunt Street. They converted it into space for tenants like Elon Musk’s car company and others. The sellers are expecting to get offers north of $60 million for the roughly 119,000-square-foot building.

Lexin Capital has put the 12-story Caxton building at 229 West 28th Street on the market and is aiming to get $135 million to $140 million for the property.

Buildings Sold:

Gary Tsan purchased one of the last remaining large land parcels for $60 million in Downtown Flushing. The parcel is located at 133-25 37th Avenue and allows for about 205,000 buildable square feet as of right. The land is likely to be a mixed-use development with retail, hotel and residential space. The seller Yihai Group had purchased the site in 2013 for $28.8 million.

Marriott Vacations Worldwide is buying 33 West 37th Street, a few commercial condo units at a time. Marriott Vacations Worldwide purchased six commercial condo units at the building from Henry Silverman’s private equity firm 54 Madison Partners for about $86.4 million.

The ELO Organization is in contract to buy 15 West 47th Street for $115 million from Eli and Isaac Chetrit. The property is 18 stories and spans 120,790 square feet. The Chetrits and their partner the Sioni Group bought it in 2012 for $62.5 million and had been looking to sell it since 2017.

EcoRise Development bought 59-161 Bleecker Street for $36 million from Joyland Group. The mixed-use building is eight-story and has about 30,000-square-foot, including four office units and 20 market-rate rental apartments. Joyland purchased the building in 2014 for $20 million.

A Brookfield Asset Management-backed fund is buying 315 West 33rd Street from SL Green for $446.5 million. The fund, known as Brookfield Premier Real Estate Partners, bought the mixed-use building known as “The Olivia” along with an adjacent parcel of undeveloped land for a price that worked out to around $906 per square foot.

Minrav Development purchased 305-311 First Avenue and 343 East 17th Street in Manhattan’s Gramercy Park from CIM Group for a total of $40.5 million. The firm spent $28.5 million on 305-311 First Avenue and $12 million on 343 East 17th Street. All five of the parcels are vacant, and the land spans a total of 11,500 square feet.

Rockrose Development bought a one-story garage at 27-34 Jackson Avenue in Long Island City from Cab Management Corp. for $26 million. The property spans 3,137 square feet and was built in 1931. Savanna is in contract to buy 1375 Broadway from Westbrook Partners for $435 million. The price works out to $864 per square foot.

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