New York City office
and retail Market Research

May 2014

May 2014 » Market Analysis » NYC Buildings For Sale

May 2014 New York Buildings For Sale

Buildings For Sale

A West Side’s Hudson Yards development site, nearby parcel could sell more than $100 million.

A nonprofit organization is selling a landmarked church for $50 million. The Federation of Protestant Welfare Agencies, the owner of the Church Missions House at 281 Park Avenue South, is looking to sell the century-old building to fund its services, including advocacy and management assistance for more than 200 churches and social-service groups.

An affiliate of Walter & Samuels is looking to sell an Upper West Side parking garage site, which is being marketed as a potential redevelopment into condominiums. The 7,700-square-foot site at 219-223 West 77th Street, between Amsterdam Avenue and Broadway, boasts 77,000 square feet of buildable space. The property is expected to fetch at least $61 million, or $800 per square feet.

A six-building Upper West Side portfolio near Columbia University is on the market with an asking price of $89 million. The properties are located at 500 Cathedral Parkway and West 110th Street; 3143, 3147 and 3149 Broadway; 111 West 104th Street and 242 West 109th Street.

The planned home of Rabbi Yishayahu Yosef Pinto’s Shuva Israel West Synagogue is now back on the market for $1.75 million.

Albany is expanding its options to find a new bidder and use for Bayview Correctional Facility, a former women’s prison in Chelsea. The state’s EDC, is now giving would-be developers the option to buy the 550 West 20th Street property outright or purchase a long-term lease. The Empire State Development Corp. is searching for a buyer that would convert the building over to commercial use, specifically office space.

Buildings Sold

Crown Acquisition Group and Starwood Capital Group just closed on the purchase of a retail property at 150 West 34th Street for $255 million. Air-rights would allow for the site to be redeveloped into a 300,000-square-foot hotel and retail tower. The buyers entered contract for the four-story, 80,000-square-foot property for around $850 per buildable square foot.

Ashkenazy Acquisition and the Gindi family, owner of 21, jointly acquired a seven-story office building on the Upper West Side for $20 million in an off-market deal. The 20,800-square-foot building at 2067 Broadway, near West 72nd Street, is fully occupied except two small office spaces. Tenants at the property include fast-casual restaurant chain Gigi Café and EPIC Security, a provider of uniformed guards at apartment complexes.

A Midtown-based developer and brokerage firm has scooped up the ground-floor retail condominium at 241 Fifth Avenue from Victor Homes for $6.8 million.

David Werner is in contract to purchase the Mobil building on East 42nd Street for more than $900 million.

London-based Tribeca Holdings purchased 10 Madison Avenue, home to Graff Diamonds, for $70 million.

Caspi Development is in contract to purchase a seven-story office building at 161 Bowery. The property into the neighborhood’s first office space for modern technology tenants. Caspi will be pay $12.75 million for the 15,984-square-foot building between Broome and Delancey streets. The property is slated to be renovated into full-floor office lofts and ground-floor retail.

Black House has recently closed on Hudson Yards parcels and air rights for $115 million to construct a 380,000-square-foot hotel and condominium tower. The land is located at the corner of West 38th Street and 11th Avenue. Black House partnered with a Chinese equity firm to acquire the site, sixty-five percent of the project. The hotel will be 115,000 square feet.

Private equity firm Westbrook Partners just closed on the acquisition of a building at 31 West 27th Street for north of $80 million.

A joint venture of the Bluestone Group and Princeton Holdings closed on the $18.35 million purchase of an L-shaped office and retail building in Soho adjacent to the Mondrian Soho hotel.

A Chelsea development site on West 19th Street, between Ninth and 10th avenues, has sold for $22.5 million.

BLDG Management bought a 191-unit luxury rental complex in Murray Hill last week from an Atlas Capital-led group for $126 million.

Normandy Real Estate Partners has entered into contract to sell a 275,000-square-foot office building at 1370 Broadway near 37th Street for $186 million. The potential buyer is the State of Florida Pension Fund.

Tishman Speyer is closer to buying a 1.2 million-square-foot site in Hudson Yards that was asking more than $200 million. The site stretches from West 35th to West 34th streets between 10th Avenue. The addresses are 507 West 34th Street, 510-28 West 35th Street and 435 10th Avenue.

Tishman Speyer just closed on the purchase of Hudson Spire development site as well as two other nearby pieces of land in a $438 million all-cash deal.

Developer Harry Macklowe is in contract to purchase a nearly 90,000-buildable-square-foot development site on the southeast corner of East 59th Street and Third Avenue from SL Green and Emmes Asset Management for $100 million. The price would translate to $1,118 per square foot. SL Green began looking to sell the three-building site at 985-89 Third Avenue sometime earlier this month.
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