Buildings for Sale:
Edison Properties, which manages the storage provider, is working with Eastdil Secured to find a buyer. The company may be the largest market among Manhattan storage providers.The leasehold for 587 Fifth Avenue, a 10-story, mixed-use building between 47th and 48th Streets, is asking $36 million. Infinity Collective holds the ground lease. The building has 4,000 SF retail and 38,600 square feet of office space. It is 66% leased. The ground lease runs through August 2079, and annual payments rise in fixed steps from $655,000 today to $750,000 in 2036, then drops to $600,000 from 2041 on. The zoning allows for a floor-area ratio of 15, which means 587 Fifth Avenue is currently more than 22,000 square feet underbuilt.
A New York State Judge appointed a receiver for the Distrikt Hotel, signaling the commencement of foreclosure proceedings. The 32-story, 155-key hotel at 342 West 40th Street, operates as the Tapestry Collection by Hilton. It closed its doors at the start of the pandemic and has remained shuttered even as many of the city’s hotels have reopened. The hotel’s developer, an entity called 342 Property LLC, has defaulted on its obligations.
Ashkenazy Aqcuisition’s 690 Madison Avenue is heading to the auction block. The five-story building at East 62nd Street, whose retail tenants include Hermès, SL Green Realty is taking steps to hold a UCC foreclosure auction of an Ashkenazy entity that owns the mixed-use, 7,850-square-foot building. The auction is scheduled for Sept. 2, but Ashkenazy is likely to stop it from happening, given that it owes less than $4 million on the loan.
850 Third Avenue UCC foreclosure auction is scheduled and was initiated by an entity associated with Harbor Group International. The firm holds a $25 million junior mezzanine loan backed by a Chetrit entity that owns the 21-story, 617,000-square-foot office building between East 51st and East 52nd streets.
Buildings Sold:
Extell Development paid $82 million to buy two lots at the corner of Eighth Avenue and West 46th Street and a sweeping package of development rights from the Shubert Organization. Extell paid $31 million for the two properties at 738 and 740 Eighth Avenue and $51 million for the development rights.Oxford Properties Group agreed to buy a 14.5-million-square-foot portfolio of industrial properties from KKR for $2.2 billion.
Hyatt Hotels is buying Apple Leisure Group, an asset-light resort operator, from KKR & Co and KSL Capital Partners for $2.7 billion in cash. The company committed to selling $1.5 billion in hotel real estate by the end of the year.
The Morgan Group sold ownership of an 80,000-square-foot, mixed-use building at 2300 Grand Concourse in Fordham, Bronx, to Denali Management for $14 million.
Vornado Realty Trust has agreed to sell 677-679 Madison Avenue, 759-771 Madison Avenue, 828-850 Madison Avenue, 478-482 Broadway and 155 Spring Street for $184.5 million, The buyer was not disclosed.
Blackstone Real Estate Income Trust announced a $784 million joint venture with student housing developer Landmark Properties to acquire and recapitalize an eight-property, 5,400-bed student housing portfolio.
