May 2022 » Market Analysis » NYC Buildings For Sale

May 2022 New York Buildings For Sale

Buildings for Sale:

SL Green Realty has to sell its $120 million stake in Times Square’s Crowne Plaza hotel, after a judge ruled that investor Andrew Penson has the right to buy it. SL Green and Argent Ventures are fighting over control of the land underneath the 795-room hotel at 1601 Broadway, which is in default on its $330 million mortgage.

Brookfield Asset Management and China Investment Corporation are selling One New York Plaza, their 50-story office building in the Financial District.

Nightingale Properties is selling 300 Lafayette Street. Bids on the property, which features 63,000 square feet of office space atop 18,000 square feet of vacant retail. Bids are expected to come in at $200 million or about $2,444 a square foot.

Beacon Capital Partners and MetLife are seeking a buyer for their space at 575 Fifth Avenue and are aiming for a sale price of $400 . The roughly 500,000-square-foot office condominium at the corner of West 47th Street is 80% leased.

123 East 35th Street, aka the James F.D. Lanier Residence, an 11,600-square-foot townhouse, is asking $33 million.

Buildings Sold:

Brookfield sold a 49% stake in One Manhattan West to Blackstone in a deal that valued the 67-story office tower at close to $3 billion.

Natixis made a $1.6 billion bet on 20 Times Square, a 42-story tower that includes a hotel, retail and 18,000 square feet of electronic signage. Natixis financed the deal for Maefield Development and Fortress Investment Group, who were both landlord and tenant at the tower. Siffin and Fortress defaulted on the leasehold debt, forcing Natixis and a group of overseas investors to take over the property through foreclosure.

A&E Real Estate purchased the 354-unit rental building at 140 Riverside Boulevard for $266 million.

The Dermot Company bought a 302-unit apartment building at 1277 East 14th Street in Midwood, Brooklyn for $180 million.

Zelig Weiss took control of the William Vale hotel in Williamsburg and made an all-cash offer to buy the property late last year. Weiss is offering to buy the debt on the William Vale for $157.3 million. As part of the deal, Weiss, a 50% owner of the property, will acquire the remaining equity interest in it from All Year. The deal still needs approval from the bondholder.

A Harlem townhouse at 32 Mount Morris Park West sold for $6.4 million or $907.

London-based Chelsfield Group picked up the ground lease at 580 Broadway, an ornate office building in Soho, spanning 128,000 square feet for $50 million.

Joseph Chetrit has closed on the site at 260 South Street on the Lower East Side from CIM Group and L+M Development Partners for $78 million.

Alchemy Properties is trying to buy the West-Park Presbyterian Church. The church is appealing its landmark designation so it can sell the 140-year-old property to Alchemy Properties, The developer plans to tear down the church at 165 West 86th Street to make way for an apartment building. The developer will build a 10,000-square-foot worship space for the church to use. The church will receive $8.8 million on top of the purchase price to outfit the space how it pleases.

A 132-key hotel called the Gregory has emerged from foreclosure at half the value it had after Meadow Partners’ spent about $60 million to buy it in 2014 and renovate it.

Bobby Zar’s ZG Capital and Jeff Krasnoff’s Rialto Capital Management signed a contract to buy the 20-story building at 45 East 53rd Street for $105 million. The owners plan to spend $60 million to $80 million to modernize the building, in hopes of attracting boutique financial services firms.

Vlash Pepa and Denis Xhari bought the Gregory Hotel out of foreclosure at 42 West 35th Street for $33.9 million. Meadow Partners bought the 55,500-square-foot building for nearly $50 million and spent $10 million on renovations.

GP Properties bought a 55,000-square-foot apartment building with 55 units at 105 West 55th Street in Midtown for $32 million. Melohn Properties sold the building.

Binyamin Beitel, through an LLC, purchased a development site at 120 East 144th Street in Mott Haven, the Bronx, for $41.5 million from Tori Realty Group.

Jack Deutsch of Woodcrest Property bought a 76,000-square-foot nursing home at 119-09 26th Avenue in College Point, Queens, for 31 million. The Weingarten and Schon families were the largest of seven owners who sold the building.

Speedway sold a 27,500-square-foot parcel at 401 West 207th Street in Inwood for $25 million. Iconix Brand Group and wholesale beverage seller Taino Group were the buyers. The property was part of a $42.6 million portfolio sale that included 210 Greenpoint Avenue, 2864 Atlantic Avenue and 1885 Atlantic Avenue in Brooklyn.

A 22,000-square-foot building at 1851 Phelan Place, recently operated as an adult shelter, sold for $25.5 million. Yoel Zagelbaum signed as the borrower for the buyer, a limited liability company. The property had previously been managed by Childrens Community Services Inc.

Sam Shpelfogel bought a 23,000-square-foot medical center at 1401 Newkirk Avenue in Ditmas Park, Brooklyn, for $18 million. Jeffrey Berger of B&K Realty Associates was the seller.

Phipps Houses Group bought a 38,000-square-foot development site at 110 East 138th Street in Mott Haven, Brooklyn, for $16.1 million. Ryden Realty was the seller. The parcel has a development potential of 176,000 square feet with an inclusionary housing bonus.

ASG Equities recently purchased a 12,500-square-foot lot at 472 86th Street in Bay Ridge for $12.5 million from the Julian and Sharon Smith Family Trust. The firm plans to demolish the buildings in the assemblage and develop a retail complex, which is expected to span 150,000 square feet.

Aview Equities bought a 18,500-square-foot development site at 232 Seigel Street in Bushwick for $10.5 million. The Prior owner had planned to build a hotel on the site.

Yoel Zagelbaum's new entity bought a 11,600-square-foot retail and office building at 1732 Webster Avenue in Claremont, the Bronx, for $11.25 million. An affiliate of Daniel Rabinowitz was the seller. The 5,100-square-foot parcel is in a Qualified Opportunity Zone.

Piyush Golia bought a 13,800-square-foot office building at 8 East 41st Street in Midtown South for $12.4 million. The Wings Group sold the property.

Robert Saffayeh bought a 19,850-square-foot parcel at 205 14th Street and 228 13th Street in Park Slope, Brooklyn, for $11.25 million. A parish of the Catholic Church sold the properties, which includes a 6,600-square-foot residential building used as a rectory and a 22,900 square foot church.

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