May 2020 » Market Analysis » NYC Buildings For Sale

May 2020 New York Buildings For Sale

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Buildings Sold:

Jonathan Rose Companies bought a large affordable-housing apartment building on the Upper West Side for $94 million. The Midtown-based company paid $93.83 million to buy the 217-unit Tower West building at 65 West 96th Street from the Starrett Corporation.

Habib American Bank acquired the organization’s building at 150 East 45th Street for $28.25 million.

The Children’s Aid Society sold its Midtown headquarters, as the nonprofit organization relocates to a property it purchased in Harlem.

RedSky acquired the site for $83.5 million in 2009, and filed plans for a 40-story apartment building with 470 rental units in 2018. Seven Valleys Capital, a lending business founded by Chinese real estate moguls Zhang Xin and Pan Shiyi, provided a $57.5 million refinancing that year.

Why Optimal Spaces Tenant Broker

  • Lease negotiation: full terms, renewals, expansion options
  • Cost analysis, inventory identification, negotiating scope
  • Risk mitigation against hidden pitfalls

Cost Savings

  • Negotiate 30+ leasing points to prevent hidden costs
  • Save 10–15% on total leasing costs
  • Save 100–200 hours filtering unviable spaces
  • Property access via broker databases and networks (off-market, subleases, future availability)

Alone or With Other Brokers

  • Managing agents owe fiduciary duty to landlords, seeking maximum price and terms rather than tenant savings.
  • Inherent conflict of interest as most brokers represent landlords
  • Risk of weaker terms and overlooked hidden costs
  • Heavy workload falls on you while best spaces are missed
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