Buildings for Sale:
The State Teachers Retirement System of Ohio is selling 590 Madison Avenue. They are hoping to achieve $1.1 billion for the 1-million-square-foot property located between East 56th and East 57th streets. The building is also known as the IBM Building.The Princeton Club, a 10-story, 64,000-square-foot building located at 15 West 43rd Street is for sale asking $40 million. The building could be used as mixed-use combinations that range from office and hotel to residential rentals and condos, student housing or a United Nations headquarters.
Hotel Bossert foreclosure sale is scheduled as the debt ballooned to $177 million. The 14-story building, which Chetrit and David Bistricer purchased from the Jehovah’s Witnesses in 2013. They promised to restore the hotel to its former glory, including adding 78 guest rooms, a restaurant and a rooftop bar. Chetrit bought out Bistricer’s interest in 2019 and secured a $112 million loan from Cantor Commercial Real Estate Lending.
Buildings Sold:
Durst sells $135 million stake in Halletts Point megaproject to Affinius Capital. Hallets Point includes a 958-unit rental tower in Long Island City in a deal that valued the 71-story skyscraper at more than $700 million. Affinius acquired a stake in 3-24 27th Avenue, a 162-unit stabilized affordable building that Durst opened in 2023. It also got an interest in 20 and 30 Halletts Point, a pair of 27 and 32-story multifamily buildings with 647 units and 8,000 square feet of retail space.BentallGreenOak sold 101 Greenwich Street to Quantum Pacific BGO’s and agreed to pay more than $100 million. The 26-story office building, which is alternatively addressed at 2 Rector Street. for a potential conversion to residential.
NYU buys Hebrew Union College at 1 West 4th Street in NoHo for $75.5 million HUC will continue using property until a new location is ready.
NYU purchased a 12-story student housing development at 35 Cooper Square from Bhatia Development and Sherwood Equities for $69.2 million.
PH Realty in partnership with Rockledge picked up $61 million in loans held by PIMCO and backed by a portfolio of six Bronx apartment buildings. The private lender sold tehm for $28 million, that’s 45 cents on the dollar. The 442-unit portfolio is 100% rent-stabilized.
Fortress Investment Group sold David Werner 300 E 42nd Street for $52 million, less than half its 2019 price to buy the 235,000-square-foot building for the 18-story building. The building has several long-term leases in place that would make it difficult to clear out for a conversion.
Legion Investment Group and its partner, Gindi Capital, bought two properties in a six-parcel assemblage on Third Avenue and East 21st Street. The purchases included a five-story rental building at 37 Gramercy Park East and a co-op at 38 Gramercy Park North. The co-op at 38 Gramercy Park North was purchased for $47 million.
Avdoo purchased the properties on 1341-1347 Second Avenue and 242 East 71st Street from Gatsby Enterprises for $52 million. Gatsby Enterprises paid $27.5 million for the buildings in 2008. The company had planned to construct a 21-story building on the site.
Penthouse 80 at 520 Fifth Avenue is in contract to an unknown buyer expected to be in the full $11.5 million asking price or $4,489 per square foot. The unit is considered the highest private residence on Fifth Avenue.
The MTA agreed to part sell a development site in the Bronx for $14 million that could provide up to 1,200 housing units selling a site at Bullard Avenue and East 241st Street to a development team that includes Webster Leasing, Best Development Group and Joy Construction. The new 1200 units across three buildings, all of which would be income-restricted. Harris, who previously worked at Trinity Place Holdings and Forest City Ratner, became senior vice president of transit oriented development in December.
