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October 2022

October 2022 » Market Analysis » NYC Buildings For Sale

October 2022 New York Buildings For Sale

Buildings for Sale:

Aman Group is looking to sell the hotel portion at the f Crown Building. One person familiar with the matter said the hotel could fetch $600 million. The deal would be structured with a manage-back clause, retaining Aman as operator of the property.

UBS seeks $125M for UES apartment tower 408 East 92nd Street for somewhere between $120 million and $125 million, Developed in 2004, the building has an affordability agreement, set to expire in 2026, that subjects 20 percent of its 196 units to rent stabilization in exchange for the 421a property tax abatement.

Madison Realty Capital has initiated a UCC foreclosure sale for the equity interests on development sites at 350 Hicks Street and 91-95 Pacific Street, where Fortis plans two condo buildings totaling 150 units.

The Hicks Street building, called 1 River Park, is to rise 20 stories and contain 48 apartments above a parking area and a community space. At the Pacific Street site, 2 River Park will have 102 residential units.

Bank Hapoalim alleges that Hidrock Properties has not paid back the $32.8 million loan for its purchase and development of 140 Fulton Street. Hidrock filed permits in 2019 to build a 139,000-square-foot hotel. But the pandemic stalled the 286-key, 40-story project.

Lender Urban Standard filed a foreclosure suit on the property at 171 Bowery street, alleging that Prime Manhattan Development defaulted on a $7 million loan. Prime Manhattan Development entered into an August 2020 forbearance agreement under which Urban Standard pushed off exercising its rights until August of last year. That forbearance agreement was then extended to May of this year.

Buildings Sold:

SL Green takes over 245 Park Avenue and announced its acquisition of the 1.8 million-square-foot property. SL Green is still pursuing a $185 million arbitration award from the Chinese investor. The lenders on the Midtown property agreed to keep the $1.8 billion mortgage and mezzanine loans in place. Those loans mature in June 2027 and combine for an averaged fixed rate of 4.30%.

Memorial Sloan Kettering Cancer Center is buying about 430,000 square feet, or roughly two thirds of the 34-story tower at 885 Third Avenue from SL Green Realty for $300 Million. The hospital will consolidate other office locations when it moves into the building in 2024.

His Dart Enterprises is acquiring 175 Water Street, the former AIG headquarters, for $252 million from the Vanbarton Group.

Memorial Sloan Kettering Cancer Center paid $185 million for eight commercial condos, spanning roughly 90,000 square feet at 321 East 61st Street from Joy Construction and Maddd Equities.

Corner Street Capital and Highpoint Property Group acquired a 17-building multifamily portfolio in Brooklyn and Queens from developer Joel Schwartz for $167 million. The 180-unit portfolio spans 173,000 square feet. 12 buildings are in Williamsburg: 99 North 4th Street, 540 Driggs Avenue, 183 Ainslie Street, 209 Montrose Avenue, 41 Skillman Avenue, and 725 Metropolitan Avenue. Street.

Delshah sold the fee interest in the nearly completed 180-unit building to SafeholdShah’s at its 20-story, 180-unit building at 22 Chapel Street to Safehold. The total recapitalization comes to $146.5 million.

New York University has purchased 3 MetroTech Center for $122M from JPMorgan. The 10-story Class-A office building, vacated by JPMorgan in December 2020, sits next door to NYU’s Tandon School of Engineering at 5 MetroTech Center.

Extell is in contract to buy the Starrett Corporation’s site at 259 Clinton Street, which can be developed into a 61-story tower with up to 765 apartments. Starrett filed plans to put a foundation in place by the spring so the site would qualify for the 421-a tax break, which expired in June.for a price approaching $100 million.

David Werner is in contract to buy 29-story 40 Fulton Street for $105M to $110M from Vornado.

Goldman Sachs’s real estate fund bought a rental building at 15 Bridge Park Drive for $90 million to buy the 140-unit from Robert Levine’s RAL Companies and China Vanke. The 15-story building has a rent-restricted component of 70% of the units as opposed to the typical 30%. It benefits from a 35-year tax break under a PILOT abatement program.

MedProperties Realty Advisors and Physicians Realty Trust acquired the Calko Medical Center, a 140,000-square-foot, multi-tenant property at 6010 Bay Parkway from developer Marcal Group for $82 Million. The purchase price works out to about $580,000 per square foot.

Meadow Partners and Davean Holdings have acquired 12 free-market, multifamily properties in Brooklyn and Manhattan in the past six months, spending $77.2 million in all.

HUBB NYC acquired a 13-story, 63-unit residential and retail building at 223-225 4th Avenue in Park Slope from Greystone Development for $40 million.

LBA Realty bought a pair of Red Hook warehouses at 236 Richards Street and 118 Beard Street from Abraham Leser’s Leser Group for $34 million. The adjacent buildings combine for over 92,000 square feet.

Goose Property Management bought a development site at 364 Livingston Street and 60 Flatbush Avenue in Downtown Brooklyn for $25.5 million from ISJ Management and Jemstone Group. Goose filed plans to demolish the two apartment buildings and retail space on the parcel. The properties are zoned for commercial and residential development, and Goose can build up to 188,000 square feet.

Sunlight buys a warehouse and parking lot at 30-55 Vernon Boulevard in Astoria for $25 million from Pioneer Property Group and Vernon-Sutton Inc. Sunlight plans to demolish the two-floor, 24,000-square-foot warehouse to build a condominium of as much as 91,000 square feet. The property last sold for $8.2 million in 2013.

SNL Storage sold an 83% stake in a Life Storage facility at 1430 Bruckner Boulevard in Soundview, the Bronx, for $18 million to Life Storage. The deal also included $6 million in personal property, bringing the full sale price up to $24 million. Built in 2018, the two-floor storage facility spans 49,600 square feet. The property last sold in 2016 for $3.8 million.

Barone Management bought a school building at 45-20 83rd Street and a neighboring development site at 80-52 47th Avenue in Elmhurst, Queens, for $22 million. The four-story, 67,000-square-foot 83rd Street property is home to a newly completed school building leased to The Renaissance Charter School II. Barone has plans to build a 163-unit, nine-story apartment building on the 47th Avenue site.

Carvi Properties, sold the Blue Angel Hotel at 152 East 55th Street in Midtown East for $17.5 million to Millennium Queensland Holding LLC. Built in 1985 the seven-floor establishment spans 18,300 square feet.

One Group sold a five-floor, 103-unit health care facility and two-story dwelling at 2342 Washington Avenue and 2329 Bassford Avenue in Fordham Heights, the Bronx, for $17.1 million to 480 East 185th Propco LLC. The two properties span a combined 18,800 square feet.

Marist College sold a pair of office condos at 420 Fifth Avenue for $16.3 million to Urban Home Owner Corporation. Marist paid $18 million in 2018.

Highpoint acquired 58 Palmetto Street for $15.6 million.

Global Community Charter School bought the building that houses the Early Life Children’s Center at 218 West 147th Street in Harlem for $14.6 million from Edge Property Group. Built in 1973, the two-floor property spans 23,000 square feet.

The Gillen Brewer School bought four commercial units at 410 East 92nd Street on the Upper East Side for $12.9 million from the Spence-Chapin Services to Families and Children. The 15-story, 124,000-square-foot building is also home to a Courtyard Marriott.

Four B’s Inc. sold a warehouse at 121-129 30th Street in Sunset Park for $12.4 million to Jacob Mermelstein. Built in 1925, the two-floor warehouse they are leaving spans 27,000 square feet.

Corner Street Capital and Highpoint Property Group purchased 175-177 Palmetto Street for $11.6 million.

Fairstead bought an office building at 729 Sixth Avenue in Chelsea for $10.3 million from 729 Sixth Avenue Manhattan LLC. Built in 1920, the 6,400-square-foot office building has four units across four floors.

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