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November 2008

November 2008 » Market Analysis » NYC Buildings For Sale

November 2008 New York Buildings For Sale

NYC Buildings For Sale

236 Second Avenue, an East Village 12,366-square-foot building, formerly housing Gateway Schools is on the market, along with an adjacent townhouse. It is located at 15th Street has seven floors contains nine classrooms, a gym, multi-purpose room, art room, library, offices and a courtyard.

1540 Broadway may be for sale as the remaining Harry Macklowe's Midtown portfolio moves into the final phase.

Bossert Hotel Developer RAL Companies walked from its agreement to purchase the former Bossert Hotel, located at 98 Montague Street, for $92 million from the Watchtower Group. The property will return to the market soon, probably with a lower price tag.

Tishman Speyer pulled out of negotiations to buy leasehold on the former Mobil tower at 150 East 42nd Street from Japanese real estate company Hiro for $300 million to $400 million.

New York Buildings sold

Developer Adam Gordon bought the Bouwerie Lane Theater building for $15 million. He intended to turn it into a family mansion, instead has listed the property for $36 million. The six-story building was built in 1874.

The Port Authority has sold about 1,200 square feet on West 30th Street for $4.155 million to Arisa Realty, which owns the parcel north of the site.

Over the past six months, McSam Hotel Group has unloaded a half dozen of its New York development sites to the Magna Hospitality Group, a small hotel investment and management firm.

After operating the Biltmore Theater for five years, the Manhattan Theater Club bought the four-story building at 261 West 47th Street in Times Square for $21.88 million. The seller was identified as the Biltmore Theater LLC.

Columbia University bought a warehouse in the footprint of its planned West Harlem expansion for $14.8 million. The 10-story warehouse, at 3247 Broadway, at 131st Street, is about 62,200 square feet.

JPMorgan Chase sold a Rockefeller Center banking location for $28 million to an entity that may turn the 18,598-square-foot building into a hotel. Chase sold the four-story building at 11 West 51st Street to a real estate investment trust.

406 East 91st Street The Convent of the Sacred Heart school paid Verizon New York $23 million for a three-story building on a 12,500-square-foot lot at 406 East 91st Street, more than six avenues east of its main campus at 1 East 91st Street at Fifth Avenue. The school plans to build offices, a gym and a pool at the site, where Verizon has a 35,778-square-foot garage and repair center.
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