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September 2015

September 2015 » Market Analysis » NYC Buildings For Sale

September 2015: New York Buildings For Sale


NYC Buildings For Sale

Unizo Holdings is buying Sherwood Equities and JPMorgan Chase's 370 Lexington Avenue office building for $247 million. 370 Lexington Avenue contains 311,000-square-foot.

350 East 86th Street went into contract with Gary Barnett's Extell Development Company for $100 million.

Innovo Property group and Artemis Real Estate Partners bought the 15,500-square-foot retail condo at 202 Canal Street for $44 million.

Extell just acquired a 14-story office building at 10 West 47th Street for $74.4 million containing 72,000-square-foot building between Fifth and Sixth avenues.

Gaia Real Estate is in contract to buy the rental conversion of a former St. Vincent's Midtown Hospital building from the Chetrit Group for around $160 million for the 160,000-square-foot property at 416 West 52nd Street.

SL Green Realty just closed on its $2.6 billion purchase of 11 Madison Avenue from the Sapir Organization and minority partner CIM Group. The deal is the largest single-building transaction in New York City. The 2.3 million-square-foot Art Deco skyscraper is located between East 24th and 25th streets. The $2.6 billion purchase price includes about $300 million in lease-stipulated improvements.

Quality Capital and Caerus Group bought 827-829 and 831 Broadway for $60 million. The buildings contain 36,500 square feet and have an additional 30,000 square feet of air rights. There is 75 feet of frontage on Broadway, as well as a sliver on East 12th Street.

Paramount Group is in contract to buy 670-674 Broadway for $112 million. The five-story, 75,000 square-foot property is located at the corner of Bond Street.

The 11-story Brill building is in contract to sell for $295 million to Brill Holdings, a partnership of B+B Capital, Fox-Wizel, and landlords Conway Capital and Schottenstein Realty. The 175,000-square-foot building is situated at 1619 Broadway between 49th and 50th streets.

China Oceanwide Holdings purchased a large development site at 80 South Street and 163 Front Street from the Howard Hughes Corp for $390 million. The site, previously received permission from the City Planning Commission for redevelopment into a roughly 820,000 square foot mixed-use tower, comprised of 440,000 square feet of residential and 380,000 square feet of commercial space.

Certes Partners and United Management paid $26.5 million for a six-story parking garage for a new 10-story rental building. A Boca Raton family trust has owned the 33,130-square-foot property at 214-218 West 95th Street. With the site next door offers a combined 85,000 buildable square feet.

An entity affiliated with H&M chairman acquiring a prime Fifth Avenue building from the Benetton Group for $137 million at 601 Fifth Avenue, houses the United Colors of Benetton's only Manhattan store. The property has been in the Benetton family for decades and is located less than a block from where H&M opened its largest global store last year.

Morgan Stanley Real Estate Investing bought 113 Spring Street in Soho for $70 million, paying more than double what the sellers paid in 2012. The five-story building contains 16,500 square feet above ground, including some 6,000 square feet of retail over two stories. The ground-floor retail space is leased until 2021 to a shoe retailer.

The Blackstone Group and RXR Realty partnered in its $1.2 billion acquisition of the Helmsley Building at 230 Park Avenue which contains 1.4 million-square-foot and a 34-story office building located just north of Grand Central Terminal.

Vornado Realty Trust's acquisition of the Otis Elevator located at 260 11th Avenue is structured as a 99-year ground lease with $3.9 million annual ground rent and a purchase option for $110 million. The City of New York is leasing the property through 2021.

Madison Equities is in contract to purchase 45 Broad Street, where it could build nearly 265,000 square feet. The site, located between Beaver Street and Exchange Place, was expected to get $100 million.

The Related Cos. closed on 507-511 West 33rd Street for $30 million. The site has a five-story manufacturing building containing 36,000 square feet. Under the current zoning, they can build up to 79,000 square feet.

New York Buildings sold

AXA Financial is selling two adjacent office buildings, each comprising of 1.7 million square feet, at 787 Seventh Avenue and 1285 Sixth Avenue. AXA is looking for $4 billion for the buildings. The 54-story building at 787 Seventh Avenue, built in 1985, is 100 percent owned by AXA Financial, the U.S. arm of the French investment firm AXA. The building has a 98.4 percent occupancy rate.

The Rumpel family's six-story, mixed-use building in Gramercy Park is back on the market for $56.5 million, $6 million less than its previous asking price. The 50,000-square-foot building at 51 Irving Place on the corner of East 17th Street, houses 56 rental units, five retail spaces and one office space.

The Palm's owners have decided to sell the Second Avenue building that has been home to the steakhouse since 1926. Palm co-owners are in contract to sell the restaurant's home at 837 Second Avenue for $5.9 million.
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