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October 2015

October 2015 » Market Analysis » NYC Buildings For Sale

October 2015: New York Buildings For Sale

New York Buildings sold

Jerry Gottesman, the chair of Edison Properties, just closed on the $43.1 million purchase of 45-47 West 27th Street in NoMad.

Kamber Management closed on its $365 million purchase of Tower 45 from SL Green Realty. The sale price values the class-A, 460,000-square-foot office tower, located at 120 West 45th Street, at $830 per square foot.

SL Green Realty agreed to sell two retail development sites, at 570 Fifth Avenue and 574 Fifth Avenue in Midtown, getting $125.4 million. SL Green bought the two sites from Extell Development in 2013 for a total of $78.7 million.

Walter & Samuels bought a seven-story office building at 5 East 47th Street for $18.3 million. A cafe occupies the building's ground floor and the upper floors are office tenants. The 14,000-square-foot property has 16,000 buildable square feet of air rights.

MRP Realty and Long Wharf Real Estate Partners acquired a 55,000-square-foot Midtown office condo for around $36.3 million at 135 West 52nd Street, which is currently being developed. The space, acquired from Chetrit, spans the building's second through sixth floors and will feature its own entrance and lobby, as well as its own address of 133 West 52nd Street.

Angelo, Gordon & Co. closed on its $510 million acquisition of 575 Lexington a 35-story, 739,000-square-foot office building. Normandy bought the property for $360 million in 2012, acquiring it from a partnership between Silverstein Properties and the California State Teachers Retirement System. Normandy was seeking more than $400 million for the building.

Raphael Toledano got a loan for $124 million for his 16-building East Village portfolio purchase and will use the proceeds to fund its $97 million acquisition, and future renovations on the multifamily and mixed-use properties. Toledano bought the 16 buildings from the Tabak family. The deal consists of a total of 301 apartments and 15 retail spaces between East 5th and East 12th streets in the East Village.

The Carlyle Group purchased an 11-story office building at 19-28 West 33rd Street for $111 million. Carlyle acquired on the building from Kamber Management Company. The property includes 134,000 square feet of office space and an additional 19,000 square feet of retail.

Heskel Asset Management bought 215 West 40th Street for $52.5 million. The 65,000-square-foot, 14-story building at belonged to Elyahu Cohen and Ehsan Reyhanian.

The five-story Times Square retail building at 1604-1610 Broadway has a new ground lessee, Atlas Capital Group. Atlas paid $15.5 million for the ground lease for the 21,000-square property between West 48th and 49th Street. The deal includes the two-story building on the adjacent plot, at 732-736 Seventh Avenue.

The Carlyle Group picked up a medical office condominium unit at the base of the Corinthian in Murray Hill for $48 million. The seller, ProMed Properties, bought the three-floor, 81,000-square-foot commercial condo unit for $31 million in 2011 from Spitzer Enterprises.

228 East Broadway is a former nursing home sold for just under $18 million. The landmarked property sold along with an office building at 232 East Broadway. The new owner is Five Star 228 East Broadway Development LLC. The financially troubled nursing home closed in 2011.

La Scuola d'Italia paid $55 million for a new headquarters at 432 West 58th Street. The 14-story, 102,000-square-foot building, was purchased from Mount Sinai Medical Systems.-

EMP Capital Group bought a mixed residential and retail building at 47 Greene Street for $31 million. The six-story, 24,000-square-foot building was completed in 1866, consists of seven rental units and two ground-floor retail units.

The Rockfeld Group signed a contract to buy at 181-183 Canal Street in the mid-$30 million. The sellers held title to the underlying real estate: the Berkun Family Limited Partnership.

Collegiate School closed on the purchase of a vacant parcel at the corner of West 62nd Street and Freedom Place South, from Extell Development and the Carlyle Group for $25 million. The Collegiate School plans to build a new campus building on the property, with Department of Buildings filings showing a 10-story, 180,000-square-foot building on the site. The school also acquired development rights and an easement for the parcel, which has more than 296,000 buildable square feet.

NYC Buildings For Sale

The owners of Avatar Studios at 441 West 53rd Street are looking for buyers, hoping to sell to another music industry rather than a condominium-building developer.

Mack Cali is planning to sell a commercial condo at 125 Broad Street in the Financial District. The company bought the 525,000-square-foot condo, spanning the second through 16th floors, in the 40-story, 1.3 million-square-foot tower from SL Green Realty in 2007 for $273 million.

Harbor Group International is looking to sell a 45% interest in the office tower at 55 Broadway. The Virginia-based investment firm is the sole owner of the 31-story, 346,000-square-foot building near Exchange Place in the Financial District. Harbor Group paid $157 million for it in 2014. The Class A property is 98 percent occupied, with asking rents in the range of $50 per square foot. Floor sizes range from 11,000 to 17,000 square feet.

The National Basketball Players Association is selling its Harlem headquarters building at 310 Lenox Avenue, between West 125th and 126th streets. The NBA's official players' union will vacate 11,000 square feet at the 25,000-square-foot building, which is under contract to be sold.

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