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November 2016

November 2016 » Market Analysis » NYC Buildings For Sale

November 2016 New York Buildings For Sale


New York Buildings Sold:


ABS Partners and Benenson Investment Company">ABS Partners and Benenson Investment Company paid $62.75 million for the office-and-retail building at 145-147 East 57th Street. The asking rent is $60 per square foot. The venture paid $17 million for 407 East 70th Street, a five-story medical building on the Upper East Side.

ABS and Benenson 3 bought the fee at the AMC movie theater at 66 Third Avenue that has a ground lease through July 2037.

Caspi Development and RWN Real Estate Partners bought a Tribeca art gallery for $19 million from a group of investors. The building is located at 79 Walker Street, on the corner of Cortland Avenue. It is six stories with two commercial units totaling 21,582 square feet.

SRI LLC paid $17 million for a 30-unit multifamily building at 354 Cathedral Parkway, a six-story building spanning 20,412 square feet. Orbach Group bought the building for $7 million in 2012.

A Comfort Inn on the Lower East Side sold for $15.5 million. Gatsby Enterprises bought the 13,000-square-foot hotel at 136 Ludlow Street from Ashok Kumar. Ohebshalom already has a hotel project in the works at 163 Orchard Street.

UAL bought a pair of parcels at 419-423 Broadway in Soho for $28 million. UAL controls three corners at the intersection of Broadway and Canal Street. The two tax lots, sit at the northeast corner of the intersection, contain a small building and a three-story walkup that combine for nearly 7,500 square feet. The site and the potential to build around 26,000 square feet. The seller was Gee Yi Liang.

BLDG Management bought 145 East 125th Street for $27 million in an all-cash. The six-story, 36,000-square-foot building’s entire office component, is leased to the Salvation Army. The deal closed at $750 per square foot.

SMA Equities purchased a 11,000-square-foot vacant commercial building at 1495 Third Avenue between East 84th and 85th streets for $18.2 million. The five-story building is adjacent to a medical office building that SMA owns at 1491 Third Avenue. The lot can house a building more than double its current size.

GDS Development closed on a deal to purchase a Chelsea development site for $16 million. The developer then submitted plans for a new residential and retail building containing 16,000 square feet on two parcels at 253 10th Avenue and 500 West 25th Street. GDS received the approval to demolish the four-story building on the corner of 25th Street and 10th Avenue.

A six-story commercial building at 137 West 19th Street in Chelsea sold for $10.5 million. Big Apple Properties grabbed the building from Cerium Inc. The building is home to five commercial tenants.

New York Buildings For Sale:


Jack Parker Corporation is looking to sell its 729-room hotel Le Parker Meridien in Midtown. The hotel which Parker developed opened in 1981 and is valued around $500 million. The 40-story building is operated by Starwood Hotels, which was acquired by Marriott International in a $13 billion deal. The property is being offered without a management contract.

Pfizer is looking to sell its headquarters at 219 East 42nd Street and 235 East 42nd Street.

ATCO Properties & Management is in contract to buy RPW Group’s 165,000-square-foot Class B 18-story Garment District office building for $108 million, or about $655 per square foot. RPW bought 275 Madison Avenue from RFR Holding for more than $270 million. The property is 95% leased to a variety of TAMI and fashion tenants. Almost two-thirds of the tenants have leases expiring after 2020.
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