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May 2012

May 2012 » Market Analysis » NYC Buildings For Sale

May 2012 New York Buildings For Sale


New York Buildings sold

Jamestown Properties purchased 325 Hudson Street the expected price to be about $500 per square foot, or around $120 million.

Hidrock Realty purchased the vacant lot at 133 Greenwich Street for $27.9 million in a joint venture with Robert Finvarb Companies, and will develop a hotel there. The joint venture will develop a 28-floor, 300-room hotel at an estimated cost of $70 million. The new inn, between West and Washington streets in Lower Manhattan, should be open for business in early 2015.
A group of parcels known as the Bedford portfolio, along Bedford Avenue in Williamsburg, has closed for about $66 million. The plots of land — at 158-160 N. 4th Street, 151-173 N. 3rd Street and 237-241 Bedford Avenue — will be developed into 50,000 feet of retail space and 39 residential units by a joint venture consisting of RedSky Capital and Waterbridge Capital.

Normandy Real Estate Partners finalized its $125 million purchase of the 275,000-square-foot office building 1370 Broadway. The sellers were Sitt Asset Management and Carlton Associates.

Turkish-based hotel chain Marmara Hotels & Residences paid $55 million for the failed condominium conversion at 114 East 32nd Street. Petra Capital Management sold the property after taking it over from developer Harry Jeremais, who defaulted on a $95 million loan

Simon Development Group took ownership of a 130-unit residential project in Long Island City, following a foreclosure on the $51 million note from Citibank in July 2011. Simon Development, based in Midtown, acquired the Crescent Club at 41-17 Crescent Street on March 16.

Allen Gross’ GB Lodging’s purchase of the Temple Court building, a nine-story city landmark at 5 Beekman Street formerly owned by the Chetrit Group and Bonjour Capital, closed for $64 million, on March 15.

Simon Development Group took ownership of a 130-unit residential project in Long Island City, following a foreclosure on the $51 million note from Citibank in July 2011. Simon Development, based in Midtown, acquired the Crescent Club at 41-17 Crescent Street on March 16.

NYC Buildings For Sale

The Jolly Madison a 242-room property, on Madison Avenue and 38th Street, is up for sale, Madrid, Spain-based NH Hotels is the current owner

Pharmaceutical giant Pfizer announced that it will sell two large parcels in South Williamsburg to a newly formed venture. Pfizer accepted a number of bids for the parcels, at 306 Rutledge Street, between Broadway and Harrison Avenue, including those from local community groups for around $10 million.

A 4,523-square-foot development site at 15 Renwick Street in Soho, approved for a 65,000-square-foot, 12-story luxury building with 44 condominium units, is set to hit the foreclosure auction block May 23,

Father-son real estate investors Harry and Billy Macklowe, are marketing 90 percent stakes in 610 Broadway and 400 Madison Avenue.
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