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May 2016

May 2016 » Market Analysis » NYC Buildings For Sale

May 2016: New York Buildings For Sale


New York Buildings sold

Sierra Assets Group bought at 160 East 56th Street a Midtown office building for $18.7 million. The building has 42 units which are mostly office tenants with some retail and contain 51,900 square feet. David Associates, sued three of the property's managing members in October to fairly partition the proceeds from the sale, citing constant friction between the owners. The owners countersued, claiming they were owed income from the property that was never distributed.

The Renatus Group bought two contiguous mixed-use buildings at 152-154 7th Avenue for $10.5 million from Michael Connolly. One of the building's three retail tenants is the pub Peter McManus Cafe, which is located on the corner of West 19th Street.

RFR Realty sold the Soho Hotel at 11 Howard Street to German asset manager Commerz Real for $170 million. Rosen bought the 114,500-square-foot, 14-story former Holiday Inn hotel for $89.7 million from the Procaccianti Group in 2014. He then renovated the building and turned it into an upscale 211-room Soho Hotel.

The Carlyle Group">The Carlyle Group and 60 Guilders closed on the purchase of a Soho retail co-op unit at 106 Spring Street for just around $100 million and are close to acquiring the retail space at 93 Mercer Street for an estimated $40 million. The buyers are planning to reposition the retail spaces and lease them to two new luxury tenants. The existing retailers have vacated.

Empire Hotel Group purchased the 137-key Milburn Hotel at 242 West 76th Street on the Upper West Side, paying $69.4 million to Melvin Newman. Empire also received a $32 million mortgage from the Israel Discount Bank of New York for the property.

David Berley, chair of real estate firm Walter & Samuels, closed on the purchase of 516 Eighth Avenue for $25 million. The three-story, 7,500-square-foot building contains 2,000 square feet of retail and 5,500 square feet of storage space. The building, located between West 35th and 36th streets, is fully leased.

L+M Development Partners and a co-owner of Red Rooster Harlem paid $21 million for the restaurant's home at 310 Lenox Avenue, a three-story office building owned by the National Basketball Players Association.

City Urban Realty is in contract to acquire a six-story Chinatown office building for $25 million. The 22,000-square-foot property at 243 Canal Street, between Lafayette and Centre streets, from the estate of the late Sau Tchu Luu Fan, who bought the building in 1971. The deal with City Urban Realty is part of an estate sale.

An 88,000-square-foot West Harlem storage facility sold for $48 million. A surge in value since the property last changed hands three years ago for $13.3 million. An unidentified firm tied with the entity NYC Self Storage Convent LLC purchased the two-story building at 38-42 Convent Avenue from LSC Development.

NYC Buildings For Sale

Jeff Sutton and SL Green Realty">SL Green Realty are looking to sell an 11-story Soho office and retail buildings at 530-536 Broadway. For about $450 million. The buildings span 194,500 square feet and have steadily climbed in value over the past decade. Thor Equities">Thor Equities paid $190 million for them in 2007. Then, in 2014, a joint venture led by Sutton acquired them for $326 million. SL Green, which often collaborates with Sutton, invested $100 million into the joint venture. The partners also secured a $200 million mortgage.

The California State Teachers' Retirement System is looking to sell U.S. properties and buy European ones. The $180 billion pension fund's U.S. real estate assets are priced to sell. Calstrs owns a total of six properties in the city. The fund bought the 975,000-square-foot Americas Tower at 1177 Sixth Avenue back in 2007, along with Silverstein Properties, paying about $1 billion. The partners sold a minority stake in the property to UBS in 2014. Calsters allegedly owns 47.5% of the building. It bought a 90% stake in LCOR, a large developer formerly owned by Lehman Brothers, for $820 million in 2012, acquiring an interest in 25 Broad Street, a luxury rental building known as the Exchange. It also bought a one-third stake of Bentall Kennedy, the national real estate and development firm, paying $100 million. The company has an interest in the Charleston at 225 East 34th Street, Columbus Green at 101 West 87th Street, as well as development sites at 753 Sixth Avenue and 99 Church Street.

Jamestown Properties is looking to sell a 39-story, 721,000-square-foot office tower at 1250 Broadway, located between West 31st and 32nd streets. It is expected to sell for about $600 million, or $800 per square foot. After Jamestown and Murray Hill Properties bought the building from SL Green Realty for $310 million in 2008, they put $3 million into a renovation designed to attract Tech tenants.

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