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November 2013

November 2013 » Market Analysis » NYC Buildings For Sale

November 2013 New York Buildings for Sale


NYC Buildings For Sale

A West 39th Street development site that could support a 60-room limited-service hotel has hit the market. The site at 335 West 39th Street, located between Eighth and Ninth avenues, will allow for a 44,437 square-foot-building by combining its current zoning entitlement with extra air-rights acquired through the city’s Hudson Yards district improvement bonus.

A firm founded by former executives from SL Green Realty and Broadway Real Estate Partners is looking to unload a 12-story Chelsea office building that could fetch as much as $90 million , or almost double the purchase price paid during the real estate boom.

A 12,327-square-foot retail condominium at the Hit Factory is available and now asking $8.7 million.

A package of three West Village retail condominiums, one of which is currently occupied by a celeb-studded Italian coffee house and a restaurant is set to hit the market for $17 million.

The MTA has recently re-opened bidding on its headquarters, following alterations to the proposal to re-zone Midtown East. Developers now have until October 16th to re-submit proposals for the 20-story building at 347 Madison Avenue.

The owners of One Worldwide Plaza has just received the go ahead from a New York State judge to sell the building to American Realty Capital for $1.35 billion The building has 1.8 million-square-foot. RXR was set to pay $605 million for a 40% stake in the building, which is partly owned by an investment firm. RXR was working with American Realty as a joint investor, until American Realty talked directly to George Comfort about going solo on the purchase.

A package of lots with a total of 132,780 buildable square feet on Broadway between Leonard and Franklin streets in Tribeca is for sale. The lots are located at 353 and 355-357 Broadway with a total of 10,956 square feet and 23,220 square feet of air rights from the neighboring lot at 359 Broadway.

New York Buildings sold

A partnership led by a family-run firm paid $33.6 million to acquire two contiguous buildings on a corner lot in Chinatown.

NoMad’s M Ave hotel sold for around $28.5 million. The 62 Madison Avenue property, near East 27th Street, was formerly owned by an entity controlled by Livorno Properties principals. The building is a 12-story with 72-room hotel features two penthouse suites, a fitness center and a roof access. The property went on the market after the former owners declared bankruptcy.

Thor Equities bought a piece on Eighth Avenue, paying more than $12 million for a retail condominium between 45th and 46th streets. The two-story, 7,000-square-foot retail property at 725 Eighth Avenue includes a basement, ground floor, second level and two mezzanines.

Fosun International is the new owner of 1 Chase Manhattan Plaza, a 2.2 million-square-foot Lower Manhattan office tower.The building sold for 725 Million and will be kept as an office tower.

Extell Development acknowledged its 14-property Ring Portfolio acquisition, a more than 1 million-square-foot package that includes 212 Fifth Avenue, 251 Park Avenue South and 17 West 60th Street.

Joseph Beninati, one of the founders of Greenwich-based Antares, a real estate development and private equity company, signed the deed for 515 West 29th Street for $24.35 million. Antares is the developer behind such commercial office towers as 100 West Putnam Avenue in Greenwich, Conn.

A small Midtown office building just off of Fifth Avenue has just sold for $16.4 million or just north of $1,000 per square foot to a new Korean investor. The 16,115-square-foot building at 4 East 46th Street comes with 30,000 square feet of air rights, making it a viable prospect as a boutique hotel. The building could also receive additional air rights if the Midtown East rezoning proposal is approved.

Ashkenazy Acquisitions is in contract to buy the ground under 625 Madison Avenue for roughly $400 million. SL Green Realty has a long-term lease at the 563,000-square-foot, 17-story building. Ashkenazy already owns the leasehold at 635 Madison Avenue, the retail condominium rented out to Barney’s at 660 Madison Avenue and the retail condo occupied by Prada at 841 Madison Avenue.

Thor Equities is in contract to buy two Fifth Avenue buildings near the Diamond District for about $105 million. The deal will add to their Fifth Avenue portfolio a 12-story building at 562 Fifth Avenue at the northwest corner of 46th Street, and a connected seven-story building at 564 Fifth Avenue.

A Private equity firm and ClearRock Properties will renovate their 16-story office building at 920 Broadway for $10 million. The building, which the firms purchased for $58.5 million from Yeshiva University, has 110,000 rentable square feet and 96 feet of retail frontage on Broadway.

A Japanese investment firm and landlord sold a 21-story office building at 100 William Street for $170 million. A Canadian insurance and financial services company paid $10 million less than the seller did in 2007. The 400,000-square-foot Lower Manhattan building near John Street had trouble filling up with tenants. It became fully occupied last year after being one-third vacant for years.

American Realty Capital’s New York Recovery REIT is in contract to buy the 756,000-square-foot office tower at 1440 Broadway from an investment firm for $528.6 million.

Hidrock Realty sold its 12-story office building in the Garment District. The landlord sold the 65,000-square-foot property at 65 West 36th Street for $29 million to the Sioni Group. Twenty-thousand square feet of unused air rights went to an insurance company and a real estate firm for an additional $6 million.

L&L Holding Company, which picked up 114 Fifth Avenue for $165 million in a joint venture earlier this year, is now in negotiations to co-own the 2.2 million-square-foot tower with Fosun International.
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