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September 2010

September 2010 » Market Analysis » NYC Buildings For Sale

September 2010 New York Buildings For Sale


New York City Buildings sold

Boston Properties has agreed to buy Harry Macklowe's embattled office tower at 510 Madison Avenue for around $280.5 million. The 350,000-square-foot property had been the subject of a legal fight between Macklowe, SL Green and a junior mezzanine lender, before Boston Properties acquired the loan for $22.5 million.

The former Park Avenue townhouse of abstract painter Judith Rothschild sold for $8.75 million, almost half of the $15 million price it got in 2007. Nearly a year ago, the 25-foot-wide house at 1110 Park Avenue between 89th and 90th streets, hit the market as a rental, for $18,000 a month. After failing to find a tenant, it went into foreclosure. The new owner put it on the market with an asking price of $9.45 million, close to what it sold for.

Waterman Interests acquired 400 Park Avenue RFR Holding. Waterman Interests formed a joint venture in 2007 with J.P. Morgan Asset Management to acquire commercial real estate assets. The building, a 21-story office and retail building at 54th Street in the prestigious Plaza District, is 70 percent leased.
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