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November 2020

November 2020 » Market Analysis » NYC Buildings For Sale

November 2020 New York Buildings For Sale


Buildings For Sale:

Four New York Plaza, a 22-story, 1.1-million-square-foot office building in the Financial District, is for sale. The current owners, Edge Fund Advisors and HSBC Alternative Investments, purchased the property in 2012 for $270 million and could sell it for $300 million.

Brookfield Asset Management is looking to sell its life-sciences real estate portfolio for around $3 billion. The investment company is marketing the 2.3 million-square-foot portfolio.

A 12-story building in New York’s Diamond District has hit the market for $113 million. The building at 576 Fifth Avenue contains both retail space on the lower levels and office space above.

Thomson Reuters is considering selling its 50% stake in its Times Square headquarters for an 885,000-square-foot building at 3 Times Square. Pricing wasn’t available, but at $800 per square foot the 32-story property could be worth roughly $700 million.

Buildings Sold:

Sam Chang sold a newly completed hotel in Chelsea for $147 million. The 531-key property is located at 140 West 28th Street. The buyer’s name was not disclosed.

60 Guilders and the Carlyle Group have found a buyer for four condos at their Midtown South office-condo conversion. JLA Home picked up four condo units at 20 West 33rd Street for $35 million, totaling 55,000 square feet of showrooms.

The estate of John Xikis sold a 50,910-square-foot apartment building at 25-98 36th Street in Astoria for $15.6 million. Nelson Management Group was the buyer, acting through the limited liability company Global 36th Street.

CW Realty Group purchased a 20,000-square-foot educational building at 1491 Bedford Avenue in Crown Heights for $13.9 million through the limited liability company 1499 Bedford. The seller was S.R. Nager Management via Loki Realty LLC.

Magna Hospitality Group is acquiring two Manhattan hotels, Courtyard by Marriott, 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street. Combined they have more than 460 rooms

Silverstein Properties has closed on a $171 million refinancing deal for an office building in Midtown. The five-year loan for 529 Fifth Avenue was provided by JPMorgan Chase.

The Kips Bay office townhouse owned by graphic designer Milton Glaser sold. The 9,000-square-foot building at 207 East 32nd Street went for $7.5 million, or $833 per square foot. Before the pandemic struck, he hoped to sell it for $12 million.

Silverback Development acquired a 31,200-square-foot parking facility at 580 Gerard Avenue in Concourse for $16.9 million, through the limited liability company SD Gerard Avenue. The property has 214,800 square feet of development potential.

Emmes Asset Management was the seller.

An LLC affiliated with Shlepper’s Moving and Storage purchased six industrial properties and a vacant lot in Morrisania with a total of 59,207 square feet for $14 million. The seller was A&I Bronx Realty Corp. The properties are located at 437, 439 and 441 164th Street; and 432, 434 and 442 165th Street as well as a nearby vacant lot.

Brookfield is considering a bid for the 20-story building at 410 Tenth Avenue, SL Green Realty’s Amazon-anchored office building near Hudson Yards.

The retailer Akris will buy three properties at 831, 835 and 837 Madison Avenue for $45 million. The deal includes three ground-floor retail spaces, along with 15 residential units. The deal came out to $1,340 per square foot, a significant decline from 2014’s $7,589 per square foot.

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