September 2023 » Market Analysis » NYC Buildings For Sale

September 2023 New York Buildings For Sale

Buildings for Sale:

Vornado weighs sale of Farley building in quest for liquidity. The Farley Building which Vornado and Related Cos redeveloped from a former U.S. Post Office was leased to Meta Platforms, Facebook's parent company, in 2020 in a 730,000 SF, 15-year deal that was a bright light for the market during the worst of the pandemic.

The Metropolitan College of New York is looking to sell two of its floors at an office building at 60 West Street. Metropolitan College has struggled since the pandemic, feeling a sizable drop in enrollment.

Buildings Sold:

Capital One is selling a $1 billion NYC office loan portfolio to Fortress. The buildings on which it has provided mortgages include 855 Sixth Avenue and 40 Exchange Place.

The Qatar Investment Authority paid nearly $623 million to acquire the 46-story hotel at 36 Central Park South from Steve Witkoff’s company.

Boston Properties has sold a 45% stake in its planned Grand Central office project to an unnamed institutional investor. Boston Properties locked in a 99-year ground lease with the Metropolitan Transportation Authority for the site at 343 Madison Ave., a proposed 900K SF tower. The lease includes a provision that allows the joint venture to terminate the agreement after building the entrance and be reimbursed for the work, which is expected to take two years.

Boston Properties sold a 45% stake in 343 Madison Avenue, a planned 49-story tower in Midtown. Boston Properties retains a 55% interest in the joint venture and the new partner, identified only as an institutional investor, owns the rest. The price was not disclosed.

Silverstein Properties and Metro Loft Management just closed on their $172.5 million acquisition of 55 Broad Street, where the developers hope to pull off one of the largest office-to-residential conversions in the city’s history. The project will include 571 market-rate apartments.

Jeff Sutton and his partners the Reuben brothers sold the retail property at 747 Madison Avenue, home to Versace at the corner of East 65th Street to vacuum mogul James Dyson for $135 million.

Reuben brothers revealed as buyer of Vornado Realty Trust has four retail and office properties for $100 million. 510 Fifth Avenue, 148-150 Spring Street, 443 Broadway and 692 Broadway, The REIT is also selling the Armory Show in New York, for $24.4 million.

SL Green has successfully taken full control at 625 Madison Avenue, after it won a foreclosure auction. The Manhattan-based REIT had ground leased the building from Ashkenazy Acquisition Corp., which had fallen behind on loan payments, triggering a UCC foreclosure proceeding. SL Green bought a stake in the mezzanine loan tied to the fee interest, allowing it to execute on the foreclosure and take full control of the 17-story building.

MCR Hotels acquired the hotel lease at 2 Lexington Avenue for about $50 million. The firm signed a 99-year lease at the property and aims to reopen the 200-key hotel.

Adams & Co. bought the 12% stake in the building at 1115 Broadway for $43.5 million. The firm has taken full control of the building after having long held a majority stake in the property. The 12-story, 252,000 SF office building is home to Taboola, and Poppin, an office and showroom spanning nearly 9,000 SF. Taboola signed on for 50,000 SF in 2018.

Adams & Company paid $28.1 million for 47 West 17th Street, the building is 12 stories with 15 units over 180,000 square feet. The seller is Rockrose Development.

Hyundai Motor America bought The Liberty Inn at 500 West 14th Street for $22.5 million, and is likely to become a car dealership. The triangular lot has just shy of 11,000 square feet of buildable space. The sellers were Edward Raboy and Richard Loring Moss. Hyundai owns a number of nearby buildings.

Cofinance sold 137 Second Avenue in the East Village to an unnamed buyer for $18.95 million. The building was the former home of The Wing.

Adams & Company paid $16.5 million for the 8% it didn’t already own of a 12-story, 29-unit office building at 4 Bryant Park, with an alternative address of 1071 Sixth Avenue, is 174,000 square feet and was built in 1919. Seller Amberjack Partners acquired the stake for $10.1 million in 2019. Adams & Company acquired a 16.5% stake for $20.3 million last year.

A mixed-use building in Tribeca called The Griffen sold for $13 million. New Jersey developer Anthony LoConte sold it to Sung Soo Han. Gunbae, a Korean restaurant, is a tenant. Located at 67 Murray Street, the building was constructed in 1920 and has six units, six floors and 12,300 square feet. LoConte purchased it in 2014 for $12 million from Brady Properties, but listed it just months later for $21.5 million, citing the 15-year, $500,000 per year lease Gunbae had just signed.

Jonathan Davis’ Davis Companies bought two development sites in Central Harlem for $12 million. The neighboring lots:1971 Madison Avenue and 45 East 126th Street, combine for 15,000 square feet. The Madison Avenue lot includes a three-unit, three story structure. The seller is Round Square Development, which picked up the lots from Metropolitan Community United Methodist Church in 2019 for $16 million.

Four lots at 377 Broadway in Tribeca changed hands for $11.95 million. The buyer’s Rialto Capital. Rialto is the special servicer. The seller is listed as referee Elaine Shay. The property has 11 stories and 17 units over 80,000 square feet.

Extell Development bought back a commercial condominium unit at The Briarcliffe from Forrell & Thomas for $11.35 million.

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