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May 2021

May 2021 » Market Analysis » NYC Buildings For Sale

May 2021 New York Buildings For Sale


Buildings for Sale:

The $19.5 million loan on the 72-key hotel at the Mave Hotel at 62 Madison Avenue has been sent to the special servicer. The loan is now more than 90 days past due.

Buildings Sold:

HFZ Capital Group and the Marble Collegiate Church have lost control of their NoMad joint venture. Mezzanine lender Vanbarton Group took control of the development site at Fifth Avenue and West 29th Street, where the church has stood since 1854, in a UCC foreclosure auction.

604 Fifth Avenue sold to the Japanese snack chain Minamoto Kitchoan for just under $45 million. The six-story building was previously home to an 18,000-square-foot TGI Fridays. Minamoto Kitchoan will use the space for a new flagship.

H Hotel purchased air rights for $11 million to build a massive cantilever, a horizontal extension secured at just one end at its development site at 58 West 39th Street. Wei Hong Wu acquired the 23,500 square feet of development rights for a forthcoming 29-story hotel from the adjacent 13-story Refinery Hotel at 63 West 38th Street.

Manhattan’s biggest distressed hotel deal of the pandemic just closed for $175 million. Isaac Hera’s Yellowstone Real Estate Investments bought the 600-room Watson Hotel at 440 West 57th Street. Yellowstone bought the leasehold on the property as well as the mortgage held by HSBC, which shopped the loan around after Richard Born and Ira Drukier’s BD Hotels defaulted last year.

A prolific real estate investor will acquire the 55-year leasehold of a Harlem office complex at 317 Lenox Avenue from Brookfield Asset Management. The deal is still pending but is expected to close for approximately $60 million.

Rockrose Development purchased a 14% interest in a 218,000-square-foot office building at 11 East 26th Street in Nomad for $32.9 million. The investment values the pre-war building at $235 million, down slightly from its pre-pandemic valuation of $246 million. The 21-story building faces Madison Square Park and has retained most of its value, even as the broader office market struggles.

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