Buildings for Sale:
A group of Goldman Sachs-led lenders took control of the TSX Broadway project after Fortress Investment Group and L&L Holding Co., along with others, failed to repay the loan when it came due. The 46-story tower sits at the corner of 47th Street at 1568 Broadway. It includes 75,000 square feet of retail space and a 669-room hotel. There is also a Hilton-branded Tempo hotel and Palace Theatre.The vacant property at 329-343 West 25th Street, which comprises the church and rectory, a school building and convent. The site spans three adjacent parcels with a combined lot size of 20,000 square feet and is zoned for up to 128,400 square feet of floor space. nuns.
Columbia Property Trust is looking to sell the new 12-story office building at 799 Broadway in a short sale for $250 million. That figure is below the $270 million debt on the property after Columbia refinanced the building two years ago. Blackstone is offering a pre-arranged financing package to potential bidders. The building, which was completed in 2022, is 71% occupied.
Buildings Sold:
The largest commercial sale was for $370 million for a 767-unit apartment building at 20 Exchange Place.666 Fifth Avenue was sold to Uniqlo for $350 million. Vornado’s joint venture owned a fee condominium interest in 17,295 square feet of Uniqlo’s 90,732 square feet space in the building. The sale is expected to close in the first quarter of 2025.
Rockrose paid $65 million for 91-95 Pacific Street from Madison Realty Capital. Previous plans for the site called for a condominium tower, but it is not clear what Rockrose intends for it.
Yeshiva University is purchasing a 32-year condominium leasehold at JEMB’s 1293 Broadway. Yeshiva plans to utilize 160,000 square feet on floors five through nine for a health sciences campus. The school will also occupy space on the ground floor and mezzanine levels. Yeshiva will occupy a majority of the 10-story, 250,000-square-foot mixed-use property.
Thor Equities acquired 275 Park Avenue in Clinton Hill for $58.5 million for the 175,000-square-foot Brooklyn property or $334/SF. The purchase price was a discount from the $67 million that Fairstead and Meadow Partners paid for the property in 2019. The seven-story building was converted into an apartment building in the 2000s. The 123-unit property appears to be fully leased.
17 John Street sold for $64.5 million. A limited liability company bought the building from the Vanbarton Group, which foreclosed on the 111,000-square-foot property in 2021.
Jay Suites paid $35 million for the 142,000-square-foot building at 8 West 38th Street. The 12-story building was built in 1913 and was 80% occupied and sold for $250/RSF.
UBS sold 135 West 50th Street, a nearly 1 million-square-foot Midtown office building for $8.5 million. UBS had spent $332.5 million to buy the property in 2006.
