market research

September 2020

September 2020 » Market Analysis » NYC Buildings For Sale

September 2020 New York Buildings For Sale

Buildings For Sale:

Pace University is looking to sell part of its Lower Manhattan campus near the Brooklyn Bridge. The school has come to market with One Pace Plaza East, a 462,500-square-foot, 18-story tower that houses dorms, classrooms and a library. The property could get $300 million, or $350 per square foot.

831, 835 and 837 Madison Avenue are on the market for sale. The buildings contains total 34,000 feet and are between East 69th and 70th streets.

Buildings Sold:

Jeff Sutton quietly sold the majority of his stake in the retail portion of the Crown Building on 57th Street. Sutton’s Wharton Properties sold everything except a nominal piece of its 50% stake in the Crown Building’s retail. The trade coincided with the partners’ $807 million refinance of the 35,000-square-foot retail property. Sutton was unhappy with the terms of the refinancing and negotiated an exit from the property.

Savanna secured $200 million in senior financing for its $435 million acquisition of 1375 Broadway a 27-story office building . Brookfield Real Estate Finance originated the debt and syndicated it to Deutsche Pfandbriefbank and Aareal Capital Corp, while holding on to a $103.5 million mezzanine portion.

RFR closes on $350M deal for 522 Fifth Avenue. The 23-story 575,000 s/f office tower is slated for a single-tenant user and will deliver a finished space in March 2024.
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