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May 2013

May 2013 » Market Analysis » NYC Buildings For Sale

May 2013 New York Buildings For Sale


NYC Buildings For Sale

Vornado Realty Trust plans on selling Harlem Park, a plot of land that was previously designated for the development of an office building. The site, located at 1800 Park Avenue at 125th Street, will most likely get $62 million in proceeds and a $22 million net gain.

Officials at the Italian American Museum in Little Italy are planning to sell their three-story building to a real estate developer. The property is not landmarked and the zoning lot allows for an 85-foot, or more, six-story building. A new owner would allow the 1,000-square-foot museum to occupy a bigger space, rent-free, inside the new structure, and to preserve some of the building’s original details from its past as a bank.

333 West 34th Street, a fully-leased, 350,000-square-foot office building could sell for $225 million. The 10-story building is located between Eighth and Ninth avenues.

It appears that a corner in Long Island City, Queens that has 78,000 buildable square feet has just hit the market with an asking price of $11.25 million.

New York Buildings sold

San Francisco-based Spear Street Capital has just paid under $250 million to BCN Development for a pre-war Midtown South office tower at 315 Park Avenue South. This is the office investor’s first New York City buy. BCN is run by father-and-son duo,Bijon and Craig Nassi, who bought the 20-story, 356,000-square-foot building located between 23rd and 24th streets for $265 million in 2007. In August 2012, after being delinquent on the $219 million building loan, the property was at risk of foreclosure. In December of the same year, the debt was sold to SL Green Realty for $218 million.
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