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September 2019

September 2019 » Market Analysis » NYC Buildings For Sale

September 2019 New York Buildings For Sale

Buildings Sold:

A seven-story, 87-unit mixed-use building at 2785 Broadway traded for $22.6 million. The buyer was TriArch Real Estate Group. The sellers were five companies: Adama Holdings LLC, Crane Key Co. LLC, Noam Associates LLC, FLI Properties LLC and Israel Family Noam LLC.

The Hospital for Special Surgery bought a six-story parking garage at 524 East 73rd Street for about $19.7 million. The seller was River Company LLC. The property is two blocks from the hospital’s main campus.

JAM Real Estate Partners picked up a six-story, mixed-use walkup at 1685-1687 First Avenue for $13 million. The seller of the 16,889-square-foot building with two stores and 27 apartments was the Punnett family.

An entity called 521 Bergen Properties LLC bought a six-story, 44,000-square-foot industrial building in the South Bronx for $11.75 million. Seller Abingdon Square Partners acquired 521 Bergen Avenue in 2017 for $7.1 million.

ICER Properties bought a pair of mixed-use buildings across the street from each other in the Highbridge section of the Bronx for $21 million. The sellers of 950 and 957 Woodycrest Avenue are David Sedgh, Isaac Sidaoui and Jeffrey Brandler.

The Roman Catholic Church of St. John the Evangelist sold 237 and 239-241 East 62nd Street to the Coptic Orthodox Patriarchate Diocese of New York and New England for $17.8 million.

The Bill Blass Group picked up 3 East 44th Street, a 14,175-square-foot, six-story office building for $15.3 million. The sellers are Bernstein Real Estate and NYC Associates LLC, investors. The deal works out to around $1,079 per square foot.

Metro Loft is in contract to buy AIG’s 31-story building at 175 Water Street for $270 million. Berman plans to convert the top half of the 684,000-square-foot building into residential once AIG’s lease expires in 2021. They are moving to the Time-Life Building in Midtown.

Anbang Insurance Group appears to have found a buyer for its U.S. luxury hotel portfolio, which includes JW Marriott Essex House in New York. An affiliate of South Korea’s Mirae Asset Financial Group is working to arrange financing and reach terms for the purchase of the Chinese insurer’s 15 luxury hotels. An acquisition by the South Korean asset manager could value the 15 properties at more than $5.5 billion.

Acadia Realty Trust bought another retail condominium unit along Greene Street, where the real estate investment trust already owns several retail stores. Acadia paid $24.8 million for the retail space at 47-49 Greene Street which houses a Theory store.

Apple Core Holdings sold a nine-story, 27,000-square-foot for $24 million. Key Hotels LLC was the buyer of 129 West 46th Street and secured a $16.75 million mortgage.

The Sabet Group picked up 457 Broome Street, a six-story, mixed-use building in Soho, for $21.3 million. The seller was Beam-Rich Inc. The almost 25,000-square-foot building has nine apartments, retail and office space.

Toll Brothers bought the site of the Marrakech Hotel on the Upper West Side from Branic International Realty just days after Branic reached a settlement over the property with the city. Toll Brothers is buying 2686, 2688 and 2690 Broadway for $44 million.

Two commercial condominiums at 43 West 64th Street sold for $14.5 million. The buyer was 49W64 LLC, an entity linked to BET Investments.

McSam Hotel Group picked up a parking garage for $18.75 million at 62 Mulberry Street with 34,800 square feet. The seller was 62-64 Mulberry Street Corp.

Buildings For Sale:

Swiss jeweler Chopard’s townhouse HQ at 21 East 63rd Street is on the market for $40 million, four times more than what they paid for it in 2002. The Beaux Arts townhouse is currently zoned as commercial, but is also hoping to attract homebuyers.

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