New York City office
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May 2017

May 2017 » Market Analysis » NYC Buildings For Sale

May 2017 New York Buildings For Sale

New York Buildings For Sale:

L&L Holding Company and PGIM Real Estate are looking to sell three interconnected Chelsea office buildings. The firms own the buildings at 511-541 West 25th Street, between 10th and 11th avenues. They bought them from the Related Companies for $160 million in 2014. Sources said they are seeking about $200 million, or $1,000 per square foot, for the buildings.

Billy Macklowe and Principal Real Estate Investors are looking to sell a Midtown office building at 311 West 43rd Street. The partnership purchased the 186,000-square-foot building in 2015 for $107 million from Atlas Capital. The 43rd Street building is 90% occupied.

UBS Realty Investors put the Quin hotel at 101 West 57th Street on the market. The 17-story, 213-key property could get more than $1 million a key, or more than $213 million. UBS acquired the property for $60 million in 2010 from a partnership headed by Equinox founder Danny Errico. The company rebranded and renovated the property, known as the Buckingham Hotel.

New York Buildings Sold:

Vornado bought a five-story property in Tribeca from Summit Equities for $19 million. The building at 148 Duane Street is divided into three commercial condominiums, with residential, retail, and cellar components that span 20,061 square feet. The residential space takes up 13,700 square feet and the retail condo spans 3,972 square feet.

Cape Advisors sold a pair of small buildings on Murray Street in Tribeca to Barry Lipsitz for $25 million. The two-story buildings at 57 and 59 Murray Street are part of a six-building assemblage at 57-61 Murray Street, which is also known as 75 West Broadway.

David Chu, sold a six-story mixed-use building in Chelsea for $14.1 million to David Brand of Great Neck. Chu bought the 24-unit building at 256 West 15th Street for $13 million in 2014.

Status Capital paid $61.5 million for a retail property on Madison Avenue. Sitt bought the five-story, roughly 9,300-square-foot building at 715 Madison Avenue from Joshua Mailman and his daughter Jody Wolfe.

China's HNA Group, is in contract to buy the Midtown office tower at 245 Park Avenue for $2.2 billion.

The Laurie M. Tisch Foundation bought the site of the Vilcek Art Gallery on the Upper East Side from the Vileck Foundation for $19.3 million. The two-story building is a converted townhouse at 167 East 73rd Street with one residential unit and two commercial units.

Boston-based TA Realty bought a six-story building at 1200 Sixth Avenue for $40 million, or $1,861 per square foot. The building has 21,492 square feet and comes with 22,300 square feet of air rights. The is 70% leased. This is the first time that TA Realty has invested in the city.

Savanna sold the retail condo at 10 Madison Square West for $97.5 million, three years after buying it for $60 million. TH Global Real Estate, a subsidiary of TIAA Global Asset Management, is the buyer of the 20,619-square-foot space on Fifth Avenue.
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