Buildings for Sale:
In the first quarter, investors spent less than $500 million buying Manhattan office properties, down from $5 billion in the first quarter of last year.Värde Partners aims to force the sale of Public Hotel. Steve Witkoff and Ian Schrager appeared to have gotten a handle on the debt at their Public Hotel after falling behind on their mortgage. Witkoff and Schrager are facing a UCC foreclosure on their equity in the 367-room hotel at 215 Chrystie Street. The partners owe more than $86 million in mezzanine debt from Värde Partners. The sale is scheduled for Sept. 12th.
Oaktree Capital Management initiated a foreclosure on Nightingale Properties’ 24-story 111 Wall Street in Lower Manhattan, the firm’s marquee asset.
Link Logistics, a subsidiary of Blackstone, listed five buildings and one infill parking lot. The portfolio totals 929,000 square feet and is fully leased, with one tenant on each property. Tenants include FedEx and Harris/Edo Corporation. The portfolio is being offered as a sale of REIT shares.
Auction is set to sell 21 unsold units at 429 Kent Avenue, in a UCC foreclosure after the developer defaulted on a $45 million loan. A dispute with the condominium board might divert some proceeds of the sale. Sale proceeds from the 21 units should be enough to cover the $36 million that XIN Development Management East’s ownership entity owed on the loan as of June 5th.
Nightingale’s SoHo office building faces foreclosure. TPG Real Estate Finance claims $129M owed at 300 Lafayette Street. TPG Real Estate Finance claims it is owed about $129 million. The property spans seven floors and 86,500 square feet, including 63,000 square feet of office space atop 18,000 square feet of vacant retail. The owner was reported last year to be offering the property for sale, with bids expected to come in at $200 million or about $2,444 a square foot.
Buildings Sold:
Global Holdings bought Mondrian Park Avenue Global Holdings has bought the Mondrian Park Avenue, a 190-key hotel at 444 Park Avenue South paying Moin Development $157 million for the property.A five-parcel, 8.6-acre site at 2784 Linden Blvd, in Brooklyn sold for $40M. The property is home to Showcase Cinemas, and currently operates a 69K SF freestanding cinema. National Amusements sold the property to Bogopa Enterprises.
Brookfield Properties sold a Queens apartment building to Slate Property Group and Settlement Housing Fund for $39 million. Located at 54-39 100th Street in Corona, the building has 296 units over eight floors and 266,000 square feet.
A commercial property in Flushing has changed hands for $37.5M. The new owner, New Age Developers, purchased the 136-29 38th Avenue. property from Gelfarb Properties. The one-story, corner property spans 12K SF, and is a location for the National Bank of New York City.
SK Development purchased a 38-unit mixed-use building at 930 First Avenue for $34.5 million. The property has two commercial units.
Wavecrest Equities bought the Belmont-Venezia Apartments in the Little Italy section of the Bronx for $28 million. The project-based Section 8 development has five buildings within a quarter mile of each other, with 180 apartments and two commercial units. The addresses are 2404-2416 Crotona Avenue, 2476 Hughes Avenue, and 2423-31 Belmont Avenue. Wavecrest assumes a $15.7 million mortgage.
Benchmark Real Estate Group purchased a mixed-use development at 146-150 10th Avenue in Chelsea for $26.8 million. The trio of addresses combine for 46 residential and three commercial units over 15 floors and 26,000 square feet, with about 20% of the residential units being rent-regulated. The seller was Hidrock Properties.
Alchemy-ABR purchased an eight-unit, five-story, 7,500-square-foot walkup apartment building at 1691-93 Second Avenue for $26.3 million. Air Properties is the seller.
Landsea Homes paid $24.5 million to Congregation Shaare Zedek, more than one year after construction wrapped on the synagogue and apartment building they partnered to build on the Upper West Side. The previous synagogue at the site, 212 West 93rd Street, was demolished. The new building will have a congregation, has 20 apartments and one commercial unit across 14 floors and a gross floor area of 61,000 square feet.
Hyundai Motor America bought the Liberty Inn at 500 West 14th Street for $22.5 million, the highest known sale price per square foot in the trendy Meatpacking District for sellers Edward Raboy and Richard Loring Moss.
The Housing Partnership Development Corporation bought the site at 748 East 241st Street in the Bronx for $22.4 million. The seller, Enclave Equities, said that the development will be 10 stories, 150 apartments and 20,000 square feet of retail. The site was accepted in 2015 into the state’s Brownfield Cleanup Program.
A four-story office building at 453 West 17th Street in the Meatpacking District changed hands for $17.5 million. The building has 13 units and 17,000 square feet. The seller was The N.E.W. Corporation.
Bahar Corporation sold the Giorgio Hotel in Long Island City for $17 million. The buyer is Best Western Plus Plaza. The Giorgio hotel, located at 38-60 13th Street, has 72 rooms over 10 floors and 31,000 square feet.
SoBro Local Development Corporation bought a sextet of neighboring manufacturing buildings in the Morrisania neighborhood of the Bronx for $16 million. The properties: 1004 Brook Avenue, 1014 Brook Avenue, 412 East 165th Street, 414 East 165th Street, 416 East 165th Street and 422 East 165th Street were sold by Tiffany Lumber Company. SoBro plans a development called New Roads Plaza with 95 low-income housing units.
A pair of mixed-use buildings in Chelsea sold for $15 million. Located at 224 and 228 Eighth Avenue, they have six floors each and a combined 55 apartments, four commercial units and 31,000 square feet. The seller was the 224 Eighth Avenue Corporation. The buyer is Saget Group.
The Calhoun School sold off its five-story campus at 160 West 74th Street on the Upper West Side for $14 million to UWS Partners.
Jeff Sutton, three neighboring industrial buildings in Gravesend swapped hands for $13.8 million. Matthew Percia was the seller of the Brooklyn properties at 1905, 1911 and 1915 McDonald Avenue. The buyer was the Jewish day school Magen David Yeshivah.
The building with the Paris Cafe sold for $11.4 million. The seller was Emilio Barletta. The buyer was Candor Capital. Plans for the nearly 150-year-old cafe are unclear. The building includes 16 residential units and is 14,000 square feet.
Two neighboring apartment buildings were sold for $10.8 million. They are five floors each and combine for 18 residential units, two commercial units and 13,000 square feet. The seller was Provident Management. The buyer was Lockhill Properties. The assignment of leases and rents totaled $7.3 million.
The sale of a 21K SF property at 143-02 Jamaica Avenue. The buyer, Jamaica Hospital/Medisys Health Network, plans to put the property to a medical use after purchasing the building, which includes a working basement, from Top Rock Holdings for $10.5M.
A Flushing apartment building changed hands for $10.3 million. It has 11 apartments, one commercial unit and 19,000 square feet across four floors. The seller is Lian Feng International. The buyer was Rika Mason Real Estate Group.
A Thor affiliate acquired 470 Broadway for less than $8.1M this month. The Joe Sitt-led firm in October transferred the deed to the two-story building to LNR Partners in a transaction valued at $25.4M.
