November 2023 » Market Analysis » NYC Buildings For Sale

November 2023 New York Buildings For Sale

Buildings for Sale:

CIM Group will hand the keys to 1440 Broadway back to its lender. It saw the $399 million loan backed by the Midtown building go to special servicing this month.

Buildings Sold:

Extell sold 1710 Broadway for $173 million. In 2017, Extell paid $268 million for it. Extell is working to get plans approved for a 54-story, 673-unit hotel to replace the six-story.

Sherwood sells Times Square hotel for $165 million. Apollo Global Management and Newbond Holdings are buying the 317-key hotel at 2 Times Square. The 200,000-square-foot hotel has 317 rooms. The transaction would break down to $825 per square foot, or $520,000 per key

Sovereign Partners are in contract to buy the 20-story office building at 100-104 Fifth Avenue in Midtown South for around $125 million. That is close to half off the $230 million that seller Clarion Partners paid for the property a decade ago..

Dune loses Plaza District office building to foreclosure to LoanCore. Capital acquires 200,000 sf property after $193 MY at 111 East 59th Street. The deed transfer value, a technical matter, was $5 million.

JDS’ 111 West 57th Street penthouse sells for $53 million. Unit PT61 asked $58 million in supertall’s offering plan. An unknown buyer paid $53 million, or roughly $7,600 per square foot, for a penthouse at the Billionaires’ Row supertall in what appears to be an all-cash deal.

The New York City School Construction Authority bought the building from Madison Realty Capital. Dubbed Woodside Central for $38 million, the building was constructed in 2023 and consists of 12 floors, 230,000 square feet, 183 residential units and one commercial unit. It is located at 46-10 70th Street. The sale was coupled with a termination of leases.

RJF Realty unloaded a Midtown office building that it has owned since 2000 for $37 million. The buyer is Korean media company MediaWill. The building is located at 110 West 32nd Street and has 102,000 square feet over eight floors and five units.

Orange Management sold 125 Third Street to investors Allan Lebovits, Joey Wertzberger and Moishe Loketch for $30.4 million. Orange Management and its partners paid $21.6 million in February 2022, shortly after zoning changes in Gowanus were approved.

Union Theological Seminary bought 27 condos for $23.5 million from Lendlease at 100 Claremont Avenue, part of the seminary on the Columbia University campus that has undergone a major renovation.

Frank Ng sold a lot for $19.5 million to Yosef Rabinowtz. The industrial buildings on the site, 130 Third Street, were constructed in 1910. It’s 60,000 square feet. Danny Turkel filed plans for a 14-unit building that has not yet been permitted. Ng acquired the deed to the property in 1995.

The seller, Inmoprisa, sold the property 14 East 52nd Street to Ramirez Asset Management for $19.5 million.

Empire State Realty Trust bought two buildings in Williamsburg from the Mann Group. at 159 Wythe Avenue, in a $15 million deal that continues the company’s push into multifamily. It was constructed in 1910 and has six residential units, one commercial unit over 8,000 square feet. The property last traded in 2019 for $8.5 million.

The second, an office building next door at 161 Wythe Avenue, was purchased for $11 million. It was built in 1945 and has 3,000 square feet over three floors. It last traded in 2019 for $6.3 million.

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