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March 2021

March 2021 » Market Analysis » NYC Buildings For Sale

March 2021 New York Buildings For Sale


Buildings Sold:

SL Green Realty is unloading its stake in Midtown’s Tower 46. The real estate investment trust is in contract to sell its 25% interest in the commercial condominium units at 55 West 46th Street to a Brookfield Asset Management real estate fund for a gross valuation of $275 million, or $793 per square foot.

DivcoWest is going to buy a Hudson Square building and has an exclusive agreement to buy Jamestown Properties’ 325 Hudson Street. Pricing for the 10-story, 225,000-square-foot building is north of $150 million.

CBS Broadcasting, an entity owned by ViacomCBS, bought a site at 500 West 57th Street from Extell Development for $26.75 million.

Steel Equities acquired a 44,600-square-foot warehouse at 121 Morgan Avenue in East Williamsburg for $31 million.

An Amazon-leased warehouse in Brooklyn sold for $46 million. Asset manager BentallGreenOak purchased the 100,000-square-foot property at 2300 Linden Boulevard in East New York from Turnbridge Equities and Harbor Group International.

Philips International sold two commercial condo units totalling 48,800 square feet at 40 Rector Street in the Financial District. The sale price was $25 million. The buyer was the Union of Orthodox Jewish Congregations of America.

Thor Equities nabbed $76 million construction financing and a $155 million joint venture equity recapitalization for its warehouse property at 280 Richards Street. As of November, the 117,230-square-foot office building is 97% leased to seven tenants, all paying triple-digit rents per square foot.

New York LaGuardia Airport Marriott and a massive development site have sold for a combined $103 million. The 443-key Marriott at 102-05 Ditmars Boulevard sold for $86.6 million, and the 1.5-acre development site which could hold a 750,000 square foot project sold for $17 million. The buyer is a California-based private equity firm ASAP Holdings. They have plans for housing and a community center on the development site.

Buildings For Sale:

One of Perelman’s lenders is moving to sell defaulted loans with a balance of $193 million for 27-33, 35 and 41 East 62nd Street.

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