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March 2023

March 2023 » Market Analysis » NYC Buildings For Sale

March 2023 New York Buildings For Sale

Buildings for Sale:

Related Companies’ fund management arm and BentallGreenOak are ready to walk away from the Point LIC, a small campus of converted warehouses in Long Island City, that sit mostly vacant after six years. BrightSpire Capital is looking to sell the non-performing loans, and the borrowers have agreed to hand the keys to the Point over to whoever buys the debt through a deed-in-lieu of foreclosure. The mortgages on the two buildings total around $150 million. The two properties: a 130,000-square-foot former oil storage warehouse at 2100 49th Avenue, dubbed the Paragon Building, and a 220,000-square-foot building across the Long Island Expressway at 2109 Borden Avenue.

Pearlmark Real Estate wants to sell Tower 56 at 126 East 56th Street for $110 Million which will cover its outstanding debt. Tower 56 is 33-stories.

Starwood Capital Group’s special servicing arm LNR Partners and Wilmington Trust, acting as a trustee for CMBS bondholders, filed a pre-foreclosure action against Thor Equities’ 597-599 Fifth Avenue and 3 East 48th Street over a $105 million CMBS loan.

The United Nations International Children’s Emergency Fund USA listed its three-story office condo in the Financial District for sale with no asking price. The 70,000-square-foot space is part of 125 Maiden Lane. The condo can be sold in totality or purchased by individual floor.

Buildings Sold:

Vanbarton sold the eight-story property at 15 Laight Street to Hyundai Motor Group for $275 million. Hyundai is expected to use the 108,000-square-foot property for a showroom and offices.

Alexico to buy 158-182 Remsen Street and 170 and 185 Joralemon Street for $200 million from St. Francis College’s. The campus has 500,000 square feet of as-of-right buildable space. The purchase works out to about $400 per square foot. The site is eligible for an inclusionary housing bonus of 100,000 square feet.

Hilton Grand Vacations buys Midtown timeshares for $136 million at 12 East 48th Street from 54 Madison Partners. The purchase pencils out to $1.2 million per unit, or about $2,800 per square foot, spent a total of $194 million acquiring property, following an initial $58 million deal for 50 units in 2021.

Hawkins Way Capital purchased the New York Marriott East Side hotel at 525 Lexington Avenue with partner Värde Partners from Deka Immobilien for $153.4 million for the 655-key property, a little more than half the $270 million Deka paid for it in 2015.

Slate is buying 600 Columbus Avenue for $120 million, a 166-unit rental building. The units are a mix of market rate and rent-stabilized apartments.

Standard International paid $1.1 million per room for its $106.9 million acquisition of the 97-key Sixty Soho Hotel at 60 Thompson Street from the Pomeranc family’s Sixty Collective. The property is 56,000 square foot.

Columbia Property Trust sold 149 Madison to Enchanté Accessories for $77 million. The sale price was nearly $11 million less than when Columbia paid $87.7 million for the land beneath the office building in 2017.

York Prep School sold 40 West 68th Street on the Upper West Side to Cognita for $50 million. York Prep isn’t moving or closing.

Townhouse Property Group sold the Cornerstone Treatment Facility at 159-05 Union Turnpike in Hillcrest, Queens, for $44 million. The five-story, 80,000-square-foot medical center.

Maddd Equities and Joy Construction bought a development site at 375 West 207th Street in Inwood for $27.8 million from an entity tied to the NYC Housing Partnership. Maddd and Joy received approval for a 611-unit, 686,000-square-foot affordable housing project that will span two towers and include 60,000 square feet of commercial space.

Empire Capital Holdings sold a mixed-use building at 324 Grand Street on the Lower East Side for $23.8 million to investors Derrick and Thomas Fok. The sale works out to $1.13 million per unit. The 21-unit, 24,400-square-foot property.

Rockrose Development bought 32-43 49th Street in Long Island City in three deals combining for $22 million from the Local 807 Labor-Management Pension Fund. Zoning allows for 69,000 buildable square feet. The properties currently host a two-story, 15,700-square-foot retail building, a 10,000-square-foot warehouse, and three parking lots spanning more than 53,000 square feet.

Oren Evenhar bought a development site at 130-134 East 101st Street and 1578 Lexington Avenue in East Harlem for $21.1 million from Children’s Aid Society and the Life Changers Church & Ministries of Manhattan. Evenhar has filed plans for a 10-story building on the site that will be occupied by both the sellers and a Mount Sinai medical facility.

Maninder and Kavneet Sethi bought a development site at 25-12 and 25-16 37th Avenue in Long Island City out of bankruptcy for $14.1 million. The seller was an LLC tied to David Goldwasser. D.A. Development and JBL Development Group filed plans in 2017 for a six-story, 41-unit condo project on the site.

Nonprofit Concern for Independent Living bought a warehouse at 21 East Clarke Place in Concourse, the Bronx, for $12.8 million from A&A Moving & Storage. The industrial building spans 21,500 square feet and was last sold in 2015 for $9 million.

Stylianos Aniftos and Astrit Skara picked up a development site at 26-37 30th Street in Astoria for $10.5 million from three separate LLC’s. Development Street Advisors’. The 16,300-square-foot lot consists of four adjacent lots on 30th and 31st Streets between Astoria Boulevard and Newtown Avenue.

An entity connected to Uri Mermelstein bought a development site at 151-11 Sixth Road and 151-17 Powells Cove Boulevard in Whitestone for $12.1 million from Donna-Marie Korth. Whitestone assemblage spans almost 200,000 square feet.

David Zwirner Art Gallery acquired a property at 527 West 19th Street in Chelsea that houses one of its galleries.

Top 2022 Buildings Sold:

  1. 550 Washington Street: $1.97 billion: Buyer: Alphabet Inc.: Seller: Oxford Properties/CPP Investments bought the 1.3-million-square-foot office building.
  2. 245 Park Avenue: $1.77 billion: Buyer: SL Green Realty: Seller: HNA Group snapped up the 1.8-million-square-foot office building for about $1.77 billion.
  3. 8 Spruce Street: $930 million: Buyer: Blackstone: Seller: Brookfield Asset Management and Nuveen Real Estate. A 76-story, 899-unit rental property.
  4. 616-626 First Avenue: $837 million: Buyer: GO Partners Seller: JDS Development Group and Baupost Group. A pair of luxury apartment buildings at 616-626 First include an infinity rooftop pool and a sky bar.
  5. 450 Park Avenue: $445 million: Buyer: SL Green Realty: Seller: Oxford Properties and Crown Acquisitions. SL Green Realty acquired a 25% stake in the office building at the 33-story, 335,000-square-foot property.
  6. 160 Riverside Boulevard: $415 million: Buyer: A&E Real Estate: Seller: Equity Residential. The 455-unit, 525,000-square-foot building is one of three multifamily properties overlooking Riverside Park between West 66th and West 69th streets.
  7. 640 Columbia Street: $332 million: Buyer: CBRE: Seller: DH Property Holdings and Goldman Sachs Asset Management. Amazon is leasing the 400,000-square-foot warehouse for 12 years.
  8. 811 Seventh Avenue: $323 million: Buyer: MCR Investors: Seller: Host Hotels & Resorts. The 51-story hotel traded hands for $415 million less than when it sold for $738 million in 2006.
  9. 1330 Sixth Avenue: $320 million: Buyer: Empire Capital Holdings: Seller: RXR Realty and Blackstone. It is a 40-story, 520,000-square-foot office building.
  10. 475 Fifth Avenue: $291 million: Buyer: RFR Holding and Penske Media Corporation: Seller: Nuveen Real Estate and NBIM RFR Holding. It is a 275,000-square-foot office building.

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