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October 2008

October 2008 » Market Analysis » NYC Buildings For Sale

October 2008 New York Buildings For Sale

NYC Buildings For Sale

The sale of Harry Macklowe's Drake Hotel site on Park Avenue could bring in a record price between $900 and $1,000 per buildable foot for the project between 56th and 57th streets. It was reported that Macklowe's lender Deutsche Bank AG brought a suit against the developer for defaulting on $482 million lent for the purchase of the site to build a hotel, retail and condominium.

Three of American International Group's buildings in the city could be put up for sale to raise money and repay the company's $85 billion federal loan. AIG's headquarters at 70 Pine Street is 775,000 square feet, and could fetch between $400 and $500 per square foot. AIG also owns 72 Wall Street and 175 Water Street. The headquarters and 72 Wall could work well as residential properties.

New York Buildings sold

The Spence School closed on a $27.5 million mansion adjacent to its building at 22 East 91st Street. Spence, a private college preparatory school for girls from kindergarten through 12th grade, bought the Wanamaker Munn House at 17 East 90th Street near Fifth Avenue from the estate of socialite Aimee de Heeren, who died in 2006.

Italian fashion designer Alberto Makali paid $8.97 million for a five-story loft building at 75 Greene Street. Makali bought the approximately 10,000-square-foot building near Sullivan Street from the Dorcel Corporation. It is currently unoccupied, but Makali plans to rehabilitate it and offer it for rent this fall.

Hidrock Realty bought the Mary McFadden Building at 240 West 35th Street for $58 million. The 17-story office building has 161,588 square feet, including three street-level retail spaces, and is fully leased.

Barclays did not get as good a deal as JP Morgan Chase when it snapped up Lehman Brothers and agreed to pay $1.5 billion for Lehman's Brothers' headquarters at 745 Seventh Avenue and two New Jersey data centers, as well as $250 million for the firm's North American investment banking and capital markets business, subject to court approval.
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