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September 2011

September 2011 » Market Analysis » NYC Buildings For Sale

September 2011 New York Buildings For Sale

NYC Buildings For Sale

The Apthorp JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in U.S. property loans owned by Anglo Irish Bank. The lenders are interested in acquiring pieces of the $4.52 billion of performing loans. Investor groups led by private-equity firms Blackstone Group, together with Deutsche Bank, and Lone Star Funds also submitted offers for parts of the portfolio, which includes $5.13 billion of subperforming and non-performing debt. Anglo Irish aims to sell off its loans after it was seized by the Irish government in January 2009 during a surge in souring debt.

A Sunset Park building set to house a forthcoming bilingual private school for special needs children hit the market last week with an asking price of $4 million. The four-story, 15,000-square-foot building at 5721 Sixth Avenue on the corner of 58th Street. The school, whose name Berman wouldn't disclose, will rent out the building from whoever purchases it for $290,000 per year, yielding a cap rate of 6.4 percent, based on the terms of the deal and the current asking price, Berman said. He added that the school is looking to sell its stake in the building to free up cash. The current ownership purchased the building for $2.6 million last July, and invested more than $1 million in renovating the interior.

Two stellar penthouses at One57, Extell Development's prospective 1,000-foot condominium and hotel tower on West 57th Street, are being shopped around by the city's biggest brokers for $98.5 million each. One penthouse on the 90th floor will be 10,923 square feet, , while the other, on the 75th floor, will be 12,554 square feet. They may be the priciest preconstruction condos ever. Slated to be the city's tallest residential tower at 90 floors, the building is slated to be completed within two years. The developer is partnering on the project with an Abu Dhabi government fund, which controls most of the equity.

Three properties in Brooklyn Heights known as the Watchtower buildings that are valued at $18.45 million altogether,. at 183 Columbia Heights, 50 Orange Street, and 161 Columbia Heights -- will be marketed individually. For decades, their owner has been the Watchtower Bible and Tract Society of New York, a wing of the Jehovah's Witnesses.

New York Buildings sold

Real estate investment trust UDR has closed on its purchase of 21 Chelsea, a 210-home luxury apartment community in Chelsea and 21 Chelsea at 120 West 21st Street for $138 million. Colorado-based UDR has been open about its plans to make a total investment of up to about $1.8 billion in Manhattan rental properties in coming years.

Larry Gagosian closed on the Harkness Mansion, the more than 20,000-square-foot townhouse at 4 East 75th Street, for $36.5 million. J. Christopher Flowers, the private equity magnate who, in 2006, logged the city's priciest residential transaction ever with his $53 million purchase of the property. In 2009, it was reported that Flowers, who had already put more than $4 million worth of renovations into the 114-year-old, 50-foot-wide mansion, wanted around $50 million for the home. Flowers bought the home from banking heir Jacqui Safra, who used to produce Woody Allen movies.
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