New York City office
and retail Market Research

November 2022

November 2022 » Market Analysis » NYC Buildings For Sale

November 2022 New York Buildings For Sale

Buildings for Sale:

Stefan Soloviev is negotiating to sell 9 West 57th Street and is finalizing an agreement to sell the prestigious office tower. The 50-story, 1.6 million-square-foot building, was last appraised in July 2016 at $3.4 billion, or over $2,000 per square foot.

LoanCore Capital filed a lawsuit against a joint ownership venture at 111 East 59th Street, which includes Dune Real Estate Partners and Puma Construction Corporation. The lender alleged the owners defaulted on $193.4 million in loans and is calling for the forced sale of the retail and office property. Proceeds from a forced sale would go towards the alleged debt, along with legal bills, late fees and interest.

Deutsche Bank filed a foreclosure on behalf of CMBS bond holders, alleging that an entity tied to Sutton’s Wharton Properties defaulted on a $180 million loan at 1551-1555 Broadway, the site of American Eagle’s 25,000-square-foot flagship store in Times Square. The bank claims that 1551 Broadway Owner LLC now owes nearly $182 million, including the original loan amount and accrued interest and fees.

Falcon Properties is looking to sell a group of properties from 1024 to 1032 Sixth Avenue for around $75 million.

Talks between Sono and members of the Ghassemieh family, who own the 66-key Mr. C Seaport, are in early stages. A South Street Seaport hotel run by the Cipriani family may soon have a new owner in Sono Hospitality.

Buildings Sold:

Boston Properties ponied up $280.2 million for a 27% stake in 200 Fifth Avenue.

A Quebec businessman is behind the group that purchased 175 Water Street for $252 million. The buyer was identified as the entity 99c LLC for the sale of the 31-story office tower on behalf of the Vanbarton Group.

Barings bought the leasehold interest. Watermark Lodging Trust sold the leasehold interest in the 224-key Courtyard by Marriott at 307 West 37th Street which is valued at $73.7 million. The property’s fee owner is Stonebridge Companies.

Chartres Lodging paid $49.5 million to acquire the Muse Hotel at 130 West 46th Street. The seller was investment firm Barings, who acquired the 200-room hotel.

An entity connected to Regal Ventures purchased the retail condo unit and parking garage at 301 West 53rd Street for a combined $35.3 million from an entity tied to PGIM Real Estate.

An entity tied to real estate investment firm and Industry City co-developer Angelo Gordon bought a two-story retail building at 2250 Broadway for $27 million from an LLC connected to the Zucker Organization.

An entity connected to Quinlan Development Group bought a development site at 376 Fourth Avenue in Gowanus for $24 million from an entity tied to Susan Rattner. Quinlan plans a 197-unit, 17-story mixed-use project of 207,000 square feet on the site.

An entity connected to LNR Partners, the special servicing arm of Barry Sternlicht’s Miami-based Starwood Property Trust, bought the retail property at 470 Broadway in Soho for $25.4 million from an entity tied to Thor Equities.

A fifth-floor office and penthouse with a private rooftop at 936 Broadway in the Flatiron District traded for $12.9 million. Attorney Joshua Zelkowitz signed for the buyer, SE 936 Owner LLC.

The former Turtle Bay Music School sold a pair of commercial condo units at 345 East 37th Street for $12 million to Corinthian Office 3 LLC. The sale was between related parties.

Oleg Cassini’s foreclosed townhouse auctioned off for just $5 million.

135 East 19th Street in Gramercy Park goes to a lone bidder.

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