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October 2018

October 2018 » Market Analysis » NYC Buildings For Sale

October 2018 New York Buildings For Sale

NYC Buildings Sold:

Icon Realty Management bought a four-story residential property in the East Village for $10.4 million. The property, at 21-23 Avenue, contains apartments and four commercial units. The seller is 21-23 Ave. B, LLC, which is controlled by Andrew Chang.

Fong’s Great Empire Realty bought the Down Town Association building at 60 Pine Street in Manhattan for $28.3 million The company will lease the landmarked property back to the club.

East Harlem Tutorial Program bought a church site in East Harlem for $15.2 million. The package includes St. Lucy’s Church and a School at 342-344 104th Street and two vacant parcels at 346 East 104th Street and 2017 1st Avenue. The seller is the Roman Catholic Church of St. Ann and St. Lucy. East Harlem Tutorial is funding the acquisition with a $6.8 million loan from Goldman Sachs.

Rexton Management Services bought 976 Sixth Avenue, a three-story commercial building for $13.3 million. The seller is 976 Associates 26 LLC, which is controlled by Yosef Nazar.

Host Hotel & Resorts has sold the retail and commercial condo portion of the New York Marriott Marquis to Vornado Realty Trust for $442 million. Vornado had leased 45,000 square feet of retail space in the hotel at 1535 Broadway prior to the sale.

Sedesco purchased the property at 41 West 57th Street from Florida-based seller Asuman Pola for $80 million. The purchase gives Sedesco about 100,000 square feet of buildable area on the block between Fifth and Sixth avenues.

Riverside Church is in contract to buy a dormitory from its neighbor Union Theological Seminary for $45 million. BCN Development had been in contract to purchase the building at 97 Claremont Avenue, but the church stepped in and was able to lean on a restriction imposed by John D. Rockefeller that determined the church had a right of first offer to purchase the building.

Host Hotels sold the 20-story W New York – Union Square for $171 million, to Westbrook Partners. Located at 201 Park Ave. S, and originally built in 1911, the W New York – Union Square offers 270 guestrooms.

Caspi Development and its partners sold two Bowery office buildings to national developer and landlord Marx Realty for a combined total of $48.5 million. The properties are located one block away from one another at 135 and 161 Bowery on the Lower East Side.

Rockpoint Group is buying One Dag Hammarskjöld Plaza for about $600 million. This is the first sale of 885 Second Avenue since 1974, when it was first developed by Lawrence Ruben. It contains 815,000 square feet, which would put the sale price around $730 a square foot.

The Related Companies paid $96 million for 517 West 35th Street. This is part of an assembledge to build a 1.4 million-square-foot, mixed-use project the company is developing with Eliot Spitzer. Related is financing the purchase with a $65 million loan. The two developers are teaming up to build an apartment and office project on the site.

Alchemy Properties is paying $158 million for a development site owned by the West End Collegiate Church. The site consists of three buildings, the former Collegiate School at 260 to 262 West 78th Street, the adjacent 378 West End Avenue and a church at 245 West 77th Street.

NYC Buildings For Sale:

AIG Global Real Estate is trying to sell a Manhattan hotel for more than $200 million, Embassy Suites by Hilton. The 310-room hotel is located on West 37th Street.

Pebblebrook Hotel Trust is planning to sell up to $1 billion worth of its assets once it finishes acquiring LaSalle Hotel Properties in an effort to lower its debt. The company agreed to buy LaSalle for roughly $5.2 billion, and it is already under contract to sell three of its properties after the deal closes. These consist of Manhattan’s Park Central New York and WestHouse hotels, along with the Park Central San Francisco.
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