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May 2018

May 2018 » Market Analysis » NYC Buildings For Sale

May 2018 New York Buildings For Sale

New York Buildings for sale:

SL Green Realty and partner Ivanhoe Cambridge are in contract to sell the office portion of 1745 Broadway for $633 million, or $939 per square foot. The buyer is an “institutional client of Invesco Real Estate.” The owners put the 685,000-square-foot office condo, which spans floors 2 through 26 in the 50-story building up for sale.

Vornado Realty Trust said they had a “handshake” deal to sell the company’s 49.5% stake in 666 Fifth Avenue to the, Kushner Companies. It intends to retain its ownership in the building’s retail condominium, even if the deal to sell its office stake goes through.

New York Buildings Sold:

The Jackson Group bought a commercial condo at 424-426 Broadway in Soho for $11 million. The seller is the Shih family which has owned the unit since the 1980s.

Extell Development closed on its acquisition of 1514 First Avenue and contains seven apartments and two commercial units from Montrose Associates for $16.2 million.

RWN Real Estate Partners is selling 300 West 122nd Street to Happy Living Development. The property fell into the hands of its lender when Ari Shalam’s RWN won with a winning bid of $48.6 million. That same month, RWN secured a combined $100 million in acquisition and construction financing from JPMorgan Chase.

Rybak Development bought 24 1st Avenue and 99 East 2nd Street for $11.5 million at an auction. The properties contain two apartments and three commercial units. The two contiguous buildings previously housed drag venue Lucky Cheng’s, which closed after its owner died of cancer in 2014. The seller, Uriel Marrache, previously listed the buildings for $26 million, but was at risk of defaulting on an $11 million loan.

Sorgente Group of America sold three commercial condo units at 66 White Street for $13.4 million. The buyer is 66 White Street 10013 LP.

Sioni Group is in contract to buy the 12-story, 160,000-square-foot office building at 240 West 40th Street. DKNY’s Midtown office from JPMorgan Chase, Olmstead Properties and Jonathan Rose Companies for $105 million.

Invesco is in contract to buy the leasehold on the Live Nation building at 430 West 15th Street from the TH Real Estate and Annuity Association for more than the asking price of $150 million. TH Real Estate acquired the building in 2016 for $135 million from Atlas Capital Group. However, the company now appears to be getting rid of its assets, as it recently put its Midtown headquarters at 730 Third Avenue on the market as well.

In 2016, Pfizer embarked on a search for both the buyer of its longtime two-building headquarters on East 42nd Street and for a new office in New York City. Pfizer agreed to sell the properties to David Werner for about $360 million and that it had finalized an 800,000-square-foot lease at Tishman Speyer’s proposed office tower, the Spiral.

The Vanbarton Group is picking up the Albano Building, a Midtown East property entirely leased to the United Nations, for $117 million. The Midtown-based real estate investment firm signed a contract to acquire the 16-story, 187,000-square-foot building at 305 East 46th Street. The owner is the Government Properties Income Trust. Siras Development bought a commercial condo unit at 525 West 24th Street in Chelsea for $14 million. The building, which sits between 10th and 11th Avenue, contains two units and spans 10,382 square feet. The seller is art dealer Andrea Rosen who is closing her gallery.

RCG Longview sold its 124-room Aloft Hotel in Harlem to California-based investor Core Capital Investments for $33.8 million.

Pan Express Travel bought 32 West 38th Street, a four-story industrial building in Midtown South, for $10 million. The property, which sits between Fifth and Sixth avenues, spans 7,198 square feet and contains one unit. The seller is Wootos Realty, which has owned the building since the 1980s. Pan Express’ acquisition is just one block from its current office at 109 West 38th Street.
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