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September 2018

September 2018 » Market Analysis » NYC Buildings For Sale

September 2018 New York Buildings For Sale


NYC Buildings Sold:

Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for an estimated $633 million (although in transfer documents the price was $596 million).

250 Water Street development site was bought by the Howard Hughes Corp for $183 million.

101 West 57th Street hotel was bought by the Hilton Grand Vacations for $174 million.

Michael Shvo has purchased the office portion of 685 Fifth Avenue from General Growth Partners. Shvo has partnered with the Wings Group, BLG Capital and Deutsche Finance America to purchase floors five through 20 of the building for $135 million. . GGP will continue to own the retail portion of the building.

FOXEY Corporation purchased the five-story townhouse at 770 Madison Avenue for $31 million from Galo Shoes, which had owned the building since 1981.

FBE Limited sold a warehouse in the Mott Haven section of the Bronx at 288 Walton Avenue for $16.8 million. The buyer, Heatherwood Communities, plans to replace the one-story industrial property with a 170,000-square-foot mixed-use building.

R.A. Cohen and Associates and Buchbinder and Warren Realty Group bought 698-700 Madison Avenue, a five-story commercial building in the Upper East Side, for $10 million. The 13,200-square-foot property contains six units. The seller is the Tressan family, which has owned the building since the 1960s.

Black Spruce Management bought 185-189 Hester Street, for $18.3 million. The buildings, are five-story structures with a total of 49 apartments and three commercial units. The assemblage offers 34,900 buildable square feet. The seller is the Garofalo family, which has owned the properties since the 1980s.

The Spanish Broadcasting System sold a landmarked townhouse at the “Banker’s Row” section of the Upper West Side for $14 million. The property at 26 West 56th Street is a five-story office building between Fifth and Sixth avenues.

Ponte Equities bought 433 Washington Street, a six-story Tribeca building, for $11.5 million. The 9,600-square-foot property contains four apartments and one commercial unit. It was previously listed along with the building next door, at 431 Washington Street, for $22.5 million. The seller is Crow, Ram & McDuck Management, which has owned the property since 1980.

The University Financing Foundation, purchased a strip of six buildings on the Upper East Side for $232 million. Northwell Health, the largest hospital system in the city, will develop a complex on the properties. The seller was Mautner-Glick. The properties include , including 201-203 East 76th Street, 1339 Third Avenue, 1345 Third Avenue, 200 East 77th Street and 202 East 77th Street. All of the buildings are vacant.

NYC Buildings For Sale:

An Ohio-based pension fund is looking to sell 590 Madison Avenue, hoping for $1.3 billion. The 43-story building, known as the IBM Building, is owned by the State Teachers Retirement System of Ohio, which purchased the remaining stake in the property three years ago.

Unizo Holdings is looking to sell a 400,000-square-foot office building at 440 Ninth Avenue.

Unizo is also looking to sell two other properties: the 312,000-square-foot office building at 370 Lexington Avenue and the 255,000-square-foot office building at 321 West 44th Street. The company paid a combined $412 million to purchase its stakes in the properties in 2015, and they are expected to sell for a combined value of $435 million.

Rockpoint Group and Highgate Hotels are looking to sell their office development in the Meatpacking District for $350 million.
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