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November 2010

November 2010 » Market Analysis » NYC Buildings For Sale

November 2010 New York Buildings For Sale

New York City Buildings sold

JRK Hotel Group has sold the 193-room Hotel Roger Williams, at 131 Madison Avenue, to LaSalle Hotel Properties. LaSalle acquired the hotel's leasehold interest for $90 million, along with around $4.5 million in other costs which closed recently. JRK, who acquired the property on the corner of 31st Street in 2003, will retain management of the hotel.

Embattled developer Kent Swig lost ownership of 5 Hanover Square after Manhattan-based real estate firm Savanna bought the discounted mortgage on the 325,000-square-foot building. Savanna paid $51.5 million in cash to Capital One Bank, a 14 percent discount from the loan's face value of about $60 million. Swig agreed to surrender his equity and transfer the deed, but will continue managing the property. The building is 85 percent occupied and has an annual income in excess of $3 million.

Vornado Realty Trust purchased 150,000 square feet of retail space in the Lucida condominium on the Upper East Side from developer Gary Barnett earlier this month for about $190 million. The space, at 151 East 85th Street, includes storefronts leased to Barnes & Noble, Sephora and H&M. The deal also includes 24 rental units in the building, which extends from 85th to 86th streets.

NYC Buildings For Sale

The owners of Park Central hotel have put the 1,000-room property on the market and could get as much as $400 million in a sale. The hotel, where Eleanor Roosevelt, Mae West and Jackie Gleason once stayed, was the recent subject of a $65 million renovation project.
The double townhouse at 24 East 39th Street that has housed the Williams Club since 1924 is on the market and is expected to get close to $20 million. The six-story, 28,000-square-foot club was last appraised at $21 million and has 28 hotel rooms and several rooms for events; the National Realty Club was among the organizations that used to meet there. Williams College's alumni organization stopped using the club last spring.
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