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October 2017

October 2017 » Market Analysis » NYC Buildings For Sale

October 2017 New York Buildings For Sale

Buildings Sold:

Gaw Capital Partners is looking to obtain a $170 million loan to make one of the largest single-asset New York City hotel deals of the year: the $340 million purchase of the Standard Hotel from Dune Capital Management and Greenfield Partners.

Extell Development purchased a drug rehabilitation center building with seven-floors, 27,000-square-foot property at 500 West 57th Street that is entirely leased to substance-abuse treatment center ACI for $19 million. Charles Ekblom, a now-deceased landlord, bought it from Columbia University in the 1960s, and the building was placed in a family trust until the sale.

A famous recording studio in Hell’s Kitchen sold for $18.3 million to Sound Dog Ventures. The four-story building at 441 West 53rd Street was the site of classic recording sessions.

RWN Real Estate Partners emerged as the top bidder in a bankruptcy auction to buy Hans Futterman’s distressed development site in Harlem. RWN, which originally lent Futterman $36.6 million on the property at 300 West 122nd Street, put in an undisclosed credit bid to acquire the property.

An entity connected to Naftali Group just closed on a five-story mixed-use building at 1041 Madison Avenue, a six-unit rental property between East 79th and East 80th streets for $21.1 million. Albert Monasebian and Yusuf Bildirici bought the property in 2014 for $15 million.

CIM Group agreed to buy the Gramercy office building 67 Irving Place out of bankruptcy for $44 million, but need court approval. The building was set to hit the auction block on Sept. 11, but Puble called it off when CIM’s bid came in. The company has owned the 12-story, 61,406-square-foot property since 1986.

Guardian Realty bought a public school facility in East New York for $11 million. The city’s Department of Education has been the sole tenant since 1973, when the 42,112-square-foot building was built, and is leased through 2030. The seller is a Boca Raton-based LLC associated with the original developer of the property.

Atalaya Capital Management sold a Gramercy Park development site at a loss. The former 21st Precinct station house at 327 East 22nd Street sold for 12 million Atalya paid $14.7 million. The new buyer is Bin Yu Wang.

Northwell Health, is in talks to buy residential and retail properties along Third Avenue on the Upper East Side for nearly $300 million. The company, which owns 18 hospitals, could knock down the properties which are located between East 76th and 77th streets and owned by the Glick family and build a 250,000-square-foot building. Northwell would pay nearly $1,200 per square foot. The parcels are a block away from one of the company’s other hospitals, Lenox Hill Hospital.

Nightingale Properties is close to signing a hard contract to acquire the 384,000-square-foot Midtown office building at 1180 Sixth Avenue from a subsidiary of HNA Group and partner Murray Hill Properties for about $320 million.

Greenroad Capital bought a five-story office building in Lower Manhattan for $12.5 million. The seller of the 21,520-square-foot building at 27 Cliff Street is Alpina Company.

Metrovest Equities, in partnership with Anda Realty and Metropolitan Realty, bought a two-story commercial building in Greenwich Village for $17 million. The retail portion of the 9,021-square-foot building at 307-309 Sixth Avenue, was formerly a CVS store and has been vacant since 2014. The property comes with 40,000 as-of-right buildable square feet. The new owners plan to keep both development and retail leasing options open. Developer William Rainero is the seller.

RFR Realty paid $135 million to buy the Jehovah’s Witnesses’ former residential hotel at 90 Sands Street.

Buildings For Sale:

The Government Properties Income Trust is looking to sell its 187,000-square-foot Midtown East building that’s entirely leased to the Union Nations. The REIT has owned the 16-story Class B property at 305-311 East 46th Street, also known as the Albano Building, for six years. In 2011, it paid $114 million to the seller, Extell Development.

Ivanhoe Cambridge and Callahan Capital Properties are looking to sell a 470,000-square-foot at 330 Hudson Street. The owners acquired a 49% stake in the 16-story property in 2014, and then in 2016 exercised an option to close on the remaining interest. The entire building is worth about $400 million, or about $850 per square foot. The building is fully occupied. Asking rent ranges from $80 to $95 per square foot at the building.
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