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November 2011

November 2011 » Market Analysis » NYC Buildings For Sale

November 2011 New York Buildings For Sale


New York Buildings sold

Africa Israel USA sold the Clock Tower building at 5 Madison Avenue for $165 million.and close January 2012. The buyer has made a $5 million deposit -- $2 million of which is non-refundable.

Savanna formed a partnership with the Feil Organization to purchase the office building 21 Penn Plaza for $137 million. Previously Savanna picked up nearby 31 Penn Plaza for $130 million. It's also acquired 100 Wall Street, 80 Broad Street, 386 Park Avenue South, 104 West 40th Street, 1375 Broadway and 5 Hanover Square through a $550 million real estate investment fund it closed in April.

Brooke Astor's apartment at 778 Park Avenue has been sold for $21 million, about 50 percent less than its original 2008 asking price of $46 million. The buyer is an unnamed New York-based businessman. who added that the buyer will likely pay an additional 3 percent "flip" tax towards the co-op board's reserve fund. The co-op board at the building, between 73rd and 74th streets.

Invesco has put the office tower at 33 Maiden Lane on the sales market. Three-fourths of the 625,000-square-foot tower is leased by the ultra-credit-worthy Federal Reserve Bank of New York. But the bank rented the space in 1986 in an agreement that runs through 2023, guaranteeing it will be paying below market rate for another dozen years.

Glenwood Management has purchased from Fordham University a vacant development site at 165 West 60th Street, between Ninth and Amsterdam avenues, for $75 million, adding to its portfolio of former Fordham sites. Glenwood is said to be planning a massive 54-story residential tower at an adjacent lot at 160 West 60th Street.

The Rudin family closed on its $260 million purchase of the former main campus of St. Vincent's Hospital in Greenwich Village. The Rudins purchased the property from the closed hospital's Chapter 11 estate. The completion of the sale, with the assistance of Eyal Ofer's Global Holdings, will allow the Rudins to go forward with their plan to redevelop the site with a new health care center and condominiums, townhomes and a new elementary school. Rudin has donated the former hospital's O'Toole building to North Shore-Long Island Jewish Health Care System, which would run the neighborhood medical complex, expected to open in 2014.

Eight buildings were part of SL Green, Jeff Sutton and Stonehenge Partners' reported bulk New York City buy. The total price of the eight-building portfolio was $416 million and includes 44 West 55th Street, 400 East 57th Street, 752 Madison Avenue and 19 and 21 East 65th Street, in addition to 724 Fifth Avenue, a 12-story retail location that houses Prada, and 762 Madison Avenue, a five-story building with retail, including an Armani store, and office space.

The New York City School Construction Authority bought on One Peck Slip, a four-story, 71,000-square-foot building between Pearl and Water streets from the U.S. Postal Service for $13.5 million.

Extell Development paid $80 million for 16-18 West 57th Street a five-story commercial building that the previous developer bought in 2007 for $60 million, with hopes to build a 28-story mixed-use tower. Instead, their original lender Petra Capital Management sold the loan to a company affiliated with Barnett earlier this year,

The long-stalled concrete shell at 180 Ludlow Street on the Lower East Side is now owned by BD Hotels, who acquired the property for $25 million. It was sold to BD by S&H Equities, a real estate development firm specializing in the Lower East Side that's run by Serge Hoyda.

NYC Buildings For Sale

Bush Tower located at 130 West 42nd Street a 260,000-square-foot, is back on the market. The office property is expected to fetch around $140 million and was previously on the market for $165 million

Y&R, formerly Young & Rubicam, has put its Midtown headquarters located at 285 Madison on the market Y & R is also in discussions for 350,000 square feet in 3 Columbus Circle.., Y&R purchased its current headquarters at 285 Madison Avenue 28 years ago and has been looking for buyers for several months. The 28-story building near 40th Street has 407,127 square feet, including a 21,075-square-foot retail space on the bottom floor.

A site at 309 Fifth Avenue, between 31st and 32nd streets, is in contract to be sold to an entity controlled by New Tower Trust. A 27,000-square-foot building that is actually a 150,000-square-foot development site being sold by an entity controlled by a fashion company and Urban Development Partners. The site was last sold in 2006 for about $50 million and carried a $31 million mortgage from Arbor.

Invesco has put the office tower at 33 Maiden Lane on the sales market. Three-fourths of the 625,000-square-foot tower is leased by the ultra-credit-worthy Federal Reserve Bank of New York. But the bank rented the space in 1986 in an agreement that runs through 2023, guaranteeing it will be paying below market rate for another dozen years.
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