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November 2019

November 2019 » Market Analysis » NYC Buildings For Sale

November 2019 New York Buildings For Sale


Buildings For Sale:

JPMorgan may sell 383 Madison Avenue. The consideration comes as the financial company weighs moving thousands of jobs outside of the New York area in an effort to lower costs ahead of a possible financial slowdown.

Buildings Sold:

Jeon America Inc. bought a five-story office building at 42 West 28th Street for $10.5 million from Uk Choi’s Legend Corp. The property is about 42,000 square feet. Savanna has gone into contract to sell 2417 Third Avenue the Bruckner building for $65 million to ZG Capital Partners. The deal works out to about $369 per square foot and is expected to close by the end of the year.

Sam Chang bought the vacant lot at 150 West 48th Street for $140 million from Rockefeller Group. He is expected to build a hotel that could span 276,000 square feet.

Marriott International has purchased the Union Square W Hotel and plans to overhaul the century-old property. The seller was Westbrook Partners, which bought the hotel at 201 Park Avenue South a year ago. Marriott spent $206 million to acquire the 270-key hotel, but a deed filed put the sale price at $166 million.

The medical company Surgicore purchased five commercial condo units at 305 East 47th Street for $17 million. The firm bought the Manhattan properties from Thorne Lau Chin LLC. The building is home to the Midtown Surgery Center. Heritage Equity Partners purchased a Bronx warehouse at 286 Rider Avenue for $10 million from Robert Newblatt. Moskovits bought the Mott Haven property with her business partner Michael Lichtenstein. They plan to demolish the warehouse and replace it with a 140-unit, 120,000-square-foot rental building for their first project in the South Bronx.

Jacob Chetrit is buying 220 East 42nd Street from SL Green Realty for $815 million. The 37-story property, also known as the News Building. It was formerly the headquarters for the New York Daily News. SL Green bought the property in 2003 for $265 million. The building is 97% occupied. Average rents are $57 per square foot.

Aju Hotels & Resorts is the buyer in the recent sale of two Midtown hotels of the former Chesapeake Lodging Trust. The buyer, a subsidiary of South Korean-based conglomerate Aju, picked up 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms.
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