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November 2018

November 2018 » Market Analysis » NYC Buildings For Sale

November 2018 New York Buildings For Sale

NYC Buildings For Sale:

Barnett’s Extell Development put the 600-unit building at 555 10th Avenue on the market with an asking price of $775 million.

The owners of 417 Park Avenue are making another push to co-op the apartment building. 417 Park is a 13-story building that has fielded interest from a number of buyers in recent years, including a $250 million offer from Kushner Companies.

Trinity Real Estate is looking to ground lease one of its Hudson Square development sites in a deal that could be worth $180 million or more. Trinity Church put the development site at the corner of Canal Street and Sixth Avenue, known as 2 Hudson Square on the market.

HNA Group is trying to sell 850 Third Avenue. HNA bought the office building in 2016 for $463 million and secured a $342 million refinancing loan for it.

Fosun International is looking to sell its 60-story Financial District tower 28 Liberty for $1.6 billion. The Chinese industrial conglomerate bought the tower for $725 million in 2013, when it was called 1 Chase Manhattan Plaza. Fosun quickly embarked on a repositioning of the 2.2 million-square-foot building, sinking millions into a renovation and attracting tenants.

Gerard families placed a luxury residential building in Bushwick on the market for $34 million.

The property, at 951 Madison Street near the corner of Broadway, is a 41,000-square-foot property with 37 apartments. It also contains two retail spaces spanning 10,000 square feet

NYC Buildings Sold:

Beach Lane Management bought a five-story apartment building for $27.5 million. The seller of the 16-unit, 11,000-square-foot building at 1064 Madison Avenue between East 80th and East 81st Street.

Hidrock Properties bought a development site and a six-story residential property in the Financial District for $41 million. The two adjacent properties at 140-142 Fulton Street sit mid-block between Broadway and Nassau Street, completed in two separate transactions. The 140 Fulton parcel is a vacant lot that covers 2,714 square feet and sold for $19.8 million. 142 Fulton is a six-story rental building. It was sold for $21.2 million and contains five apartments and one commercial unit.

Savanna is in contract for the 126,000-square-foot building at 48 West 25th Street for $100 million, which sits between Broadway and Sixth Avenue near Madison Square Park.

Delshah Capital has closed on its acquisition of a Brooklyn-centric 28-property package from Silvershore Properties for $102 million. The properties included in the deal are 149 Rivington Street and 41 Henry Street in the Lower East Side and 1038 Bedford Avenue, 137 and 148-150 Patchen Avenue, 142 Grove Street, 1446-1452 Myrtle Avenue, 623 Halsey Street, 590 Bushwick Avenue, 308 Kosciuszko Street, 552 Gates Avenue, 371 Irving Avenue, 236 Howard Avenue, 208 Hoyt Street, 124 Jefferson Avenue, 166 Bleecker Street, 161-165A Howard Avenue, 415 Myrtle Avenue, 167 Waverly Avenue, 193 Sackett Street, 219 13th Street,278 Dean Street, 372 Baltic Street, and 802-808 Prospect Avenue in Brooklyn. Most buildings, sold for under $4 million, collectively span about 200,000 square feet, with 210 apartments and 12 commercial units. The most expensive building in the package is the 13th Street property, which sold for $11 million.

Riverside Church has purchased 97-101 Claremont Avenue in Morningside Heights from the Union Theological Seminary for $46.5 million. The seminary had been using the property as a dormitory.

Dalan Management Associates and Miami-based Elion Partners teamed up to buy the “Chelsea Collection” from Brodsky for $83 million in an off-market transaction.

Bank of New York Mellon has purchased 101 Barclay Street in the Financial District for $352 million. The company acquired the ground lease for the building in 2013 for $164.4 million and has now purchased the land outright from the City of New York. BNY has occupied the office building, also known as 240 Greenwich Street, for more than 30 years. BNY was just four years into a 20-year lease at Brookfield Place.

Equity Residential’s sale of 101 West End Avenue to the Dermot Company and Dutch pension fund PGGM for $416.1 million.

Investor Li Hui Lo has sold the Garment District property at 235 West 35th Street to H.I.S. Hospitality for $44 million. Lo bought the 17-story, 92-key hotel for $37.2 million in 2015.

Invesco Real Estate signed a contract to buy a majority stake in a portfolio of multifamily buildings owned by AvalonBay Companies for $760 million. Invesco signed a contract to buy an 80% stake in five Manhattan rental buildings with a combined 1,300 residential units and 58,000 square feet of retail.

Prana Investments has purchased a portfolio of eight Bronx multifamily buildings for about $65 million from the Morgan Group. The buildings are located throughout the borough at 1562 and 1580 Thieriot Avenue in Van Nest, 3115 Sedgwick Avenue in Bedford Park, 1236 Grand Concourse in Claremont, 219 Echo Place in Mount Hope, 711 East 231st Street in Wakefield, 3050 Perry Avenue in Norwood and 2511 Frisby Avenue in Parkchester. The buildings contain a total of 361 residential units across roughly 330,000 square feet. Prana plans to maintain and improve the properties, operating them as long- term investments.

The Orbach Group has sold five buildings for $57 million to an unnamed 1031 exchange investor. The 120-unit portfolio includes 4 Manhattan Avenue, 8 Manhattan Avenue, 10-16 Manhattan Avenue, 3-5 West 108th Street and 7-9 West 108th Street. The purchase price is a 57% premium over the $36.15 million it paid in 2013 and 2015.

After taking control of 1231 Third Avenue from Thor Equities, SL Green Realty is selling the property and an assemblage down the street. The real estate investment trust has gone into contract to sell its fee interest in 1231 Third Avenue and 31,000 square feet of development rights, as well as an assemblage at 252-254, 257, 259 and 260 East 72nd Street for a total of $144 million. The buyer’s identity was not immediately clear.

Quality Communities, a venture between Taconic Investment Partners and Clarion Partners, is picking up a pair of apartment buildings in Concourse for $27.8 million. The properties, at 1534 Selwyn Avenue and 1197 Grand Concourse. The larger property is 1534 Selwyn, a six-story, 80,800-square-foot building with 73 apartments. The Grand Concourse property, meanwhile, is a five-story, 59,100-square-foot building with 58 units. All apartments in the buildings are rent-stabilized.

Brookfield Property Partners purchased a stake in Richard Ravitch’s Waterside Plaza, a four-tower complex along the FDR Drive and East 25th Street, which valued the asset at $650 million. The complex has nearly 1,471 apartments and was built in 1974. The majority of the units are free market. The complex includes about 50,000 square feet of commercial space, with much of that occupied by the British International School and several retailers. Insiders also pointed to the large outdoor space and a big garage that could be upgraded.

Simon Baron Development bought out partner Quadrum Global’s stake in an Upper West Side rental building for $130.9 million at 393 West End Avenue. Simon Baron, headed by Jonathan Simon and Matthew Baron, acquired a 97.8% stake in 393 West End Avenue. The property is a 16-story building at the corner of West 79th Street. The 134,200-square foot building contains 114 units.

Developer Rotem Rosen and his partners at MRR Development bought Hotel Indigo on the Lower East Side for $162.5 million.

Arden Group is reportedly in contract to buy the ground lease of the Viceroy Hotel at for $41 million. It last changed hands for $148.5 million in 2013.

One of the largest investment sales deals of the year closed when the Vanbarton Group bought the office tower 425 Lexington for $700 million. The seller is a client of J.P. Morgan Asset Management, and Hines manages the office tower. It last traded in 2013 for $665 million.

The Montague-Lee Limited Partnership, an entity controlled by Korean investor Ui Kun Lee, bought the building that houses TGI Fridays for $22.5 million in Times Square. The seller is Lake Placid, New York-based Terra Nova Properties. The firm acquired the building for $18 million in 2010.

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