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November 2014

November 2014 » Market Analysis » NYC Buildings For Sale

November 2014 NYC Buildings purchased & For to purchase


New York Buildings sold

Two properties in Midtown East were just sold for $18 million.

A five-building development site at 134-142 Bowery sold for $45.3 million.

A Midtown East-based real estate investment firm bought 66 Pearl Street for $30.1 million.

Emmes Asset Management is selling a Midtown South office building at 158 West 27th Street for a sizable profit. The 118,000-square-foot building is in contract for $82.5 million.

New York University bought a 151,000-square-foot building in Noho for $157 million, with plans to convert it into a temporary space for athletic facilities.

Ashkenazy Acquisition Corporation bought a pair of adjacent retail buildings a block south of the Port Authority Bus Terminal in Midtown for a combined $40 million.

A partnership led by real estate investors closed on the purchase of a long-term ground leasehold at the 42-story Mobil Building for $855.2 million.

A Rhode Island-based hotel investment and management firm Group just sold two Midtown hotels for a total of $135.2 million.
The Carlyle Group and Capstone Equities is in contract to sell 570 Seventh Avenue for $163 million, nearly double what they paid for last year. The sellers paid $83 million in July 2013 for the167,000-square-foot property. American Realty Capital, a Midtown-based sponsor of real estate investment trust, is set to buy the 21-story building for $976 per square foot.

A real estate investment firm purchased a 132-key Midtown hotel for $50 million from long-time owner Jeport Hotel. The new owner plans to spend up to $10 million renovating the structure with a distinctive undulating facade, to reposition it as a four-star boutique hotel.
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A Hawaii-based commercial real estate investment firm has purchased the Fairfield Inn & Suites in Midtown for $69.6 million. The 22-story, 239-room hotel at 325 West 33rd Street, between Eighth and Ninth avenues, opened last year. Spartanburg, S.C.-based firm OTO Development has owned the site since paying $21.9 million for it in 2010.

An architecture firm and real estate development firm paid $50 million to the Archdiocese of New York for an Upper West Side church property. Tamarkin Co. bought the six-story building at 553-559 West End Avenue, at the corner of 87th Street. The building, with an alternate address of 555 West End Avenue, was previously home to the St. Agnes Boys High School, a Catholic school run under the auspices of the Archdiocese. The seller was listed as St. Joseph's Seminary and College.

A family-run firm based in Long Island closed on a $24 million purchase of a West Village walk-up with retail tenants. Longtime owners sold the 1890s-era red brick and brownstone building at 61 Grove Street last month for $24 million.

Ashkenazy Acquisition and a Germany-based Investment have bought two retail condos at 522 Fifth Avenue.

Tishman Speyer Properties and a partner bought 183 Madison Avenue for $185 million. An argentinian investment company sold the art deco building on East 34th and Madison. The building was originally designed for the silk industry, and multiple fashion tenants are still housed there.

The Community Service Society of New York, a nonprofit advocacy group for low-income New Yorkers, paid $27.5 million to purchase a full floor office condominium unit at Time Equities' 41-story building at 633 Third Avenue.

Memorial Sloan Kettering Cancer Center and Hunter College have yet to close on a planned $226 million purchase of an Upper East Side site for a medical complex.


A major hotel developer just acquired the ground lease at the site of the Holiday Inn Express at 532-540 West 48th Street for $16.5 million.

NYC Buildings For Sale

Gary Barnett's Extell Development is in talks with the Calvary Baptist Church to acquire the church site at 123-141 West 57th Street for a project separate from the nearby One57. Calvary Baptist owns both the church and the Salisbury Hotel on the 191,000-square-foot site, between Sixth and Seventh avenues.

Billy Macklowe is testing the Midtown South office market with the 20-story 386 Park Avenue South, which some think may sell for more than $200 million. That could nearly double the sale price from two years ago.

RFR Realty founders have put the Gramercy Park Hotel on the market. The 186-room, 18-story hotel at 2 Lexington Avenue is valued at $260 million.

A Brooklyn-based, family-run real estate firm plans to put a 20-story office building at 40-42 Exchange Place in the Financial District on the market next week. The property is expected to sell for $140 million, based on neighborhood sales.

Premier Equities is asking $50 million for a two-story Upper East Side retail building with air rights that would allow it to be redeveloped with as many as 11 floors of apartments on top.

A privately owned Upper East Side development site that could end up costing more than $100 million is now on the market.

The State Teachers Retirement System of Ohiohas put a 49 percent stake in 590 Madison Avenue on the market. The building, which was originally developed as IBM's headquarterscould obtain as much as $1.5 billion. Ohio STRS will still keep a majority interest in the 43-story, 1 million-square-foot tower. The property on the corner of East 57th Street and Madison Avenue includes a large public plaza.

Morgan's Hotel Group is looking to sell its Hudson Hotel on Columbus Circle for an estimated $500 million.

A partnership between Monday Properties, Invesco and South Korea's National Pension Service put their 1.4 million-square-foot office tower at 230 Park Avenue on the market. The landmark skyscraper near East 46th Street, also known as the Helmsley Building, is expected to sell for $1.1 billion, or $800 per square foot. The property's value was $635 per square foot back when the pension service and Invesco bought their stakes there in 2011.

Keystone Equities has put the seven-floor office condominium component of the East West Bank building in Chinatown on the market. The property is expected to sell for as much as $30 million.

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