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September 2013

September 2013 » Market Analysis » NYC Buildings For Sale

September 2013: NYC Buildings For Sale


NYC Buildings For Sale

Developer Centaur Properties has paid $45 million to acquire a West Chelsea site with close to 110,000 square feet of unused air-rights.

A developer known for converting old buildings into condominiums has paid $27 million for the former Ridley Department Story on the Lower East Side.

Westwood’s company purchased a five-story townhouse for $13.5 million to plant the designer’s New York City flagship. The 12,000 square-foot townhouse at 14 East 55th Street, next to the St. Regis Hotel, will hold the corporate headquarters as well as a Vivienne Westwood retail store and showroom.

Northwood Investors paid $150 million for an office building at 100 Broadway in the Financial District. The 24-story, 380,000-square-foot tower was built in 1897 and sold for a little under $400 per square foot. The seller was a joint venture firm headed up by Meadow Capital and Madison Partners. Asking rents at the building are in the high $30s, and the occupancy rate is just under 90 percent.

Investors affiliated with Ruben Companies, a New York City-based real estate investment and development firm, just paid $210 million for an office building at 600 Madison Avenue. Ruben has held the long-term leasehold on the building since the 1970s.

Hotelier John Lam has just paid Extell Development approximately $67.5 million for a Chelsea parking garage site primed for the development of a 270,000-square-foot hotel tower. The garage is home to the Chelsea Antiques Garage, a longstanding flea market. Extell acquired it for $42.7 million in 2006 and filed plans for a 233,544-square-foot, 29-story hotel at the site, at 112 West 25th Street, in 2009.

The Brauser Group, one of Manhattan’s major garage owners, has sold a 50,000-square-foot parking facility in Greenwich Village to Rigby Asset Management. The property, at 17 East 12th Street between Fifth Avenue and Union Square West, is ready for residential conversion.

Commercial real estate owner Emmes Asset Management has just acquired a mixed-use Noho building on behalf of one of its U.S. pension fund clients. The 37,869-square-foot property, at 623 Broadway, recently traded in an off-market deal for around $40 million.

Private equity firm Westbrook Partners has closed on the $213 million sale of its 295 Madison Avenue to Abraham Talass’sEretz Group. The 300,000-square-foot building, at 41st Street, is one of six commercial and residential properties that Westbrook put on the market in April.
The 222 West 23rd Street property, purchased by developer Joseph Chetrit and co-owned by Clipper Equity, has now been purchased by luxury hotel company King & Grove.

New York Buildings sold

A Hudson Yards site that would allow a commercial tower of up to 881,000 square feet has hit the market. The L-shaped site is located on a full block front along the Hudson Yards Park and stretches east from 11th Avenue and West 36th Street up to 37th Street.

New York-based Blackstone Group islooking to sell the $4.5 billion-valued La Quinta hotel chain. Blackstone tappedJPMorgan Chase and Morgan Stanley to advise it on both a private sale and a public offering of the California-based chain. There are La Quinta inns at 17 West 32nd Street in Manhattan and 37-18 Queens Boulevard in Long Island City, Queens.

JPMorgan Chase is selling the landmark, 60-story 1 Chase Manhattan Plaza that once served as its headquarters, and it’s expected to get more than $1 billion. The bank occupies almost the entire 2.2 million-square-foot Lower Manhattan office tower, but would move elsewhere in the event of a sale.

A joint venture between Kushner Companies and CIM Group is set to put a Soho office and retail property at 200 Lafayette Street back on the market

Investment and development firm Swig Equities, headed by embattled developer Kent Swig, is seeking a buyer for a 900,000-square-foot office property it owns in the Financial District.
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