Buildings for Sale:
The CMBS loan for 200 million at 500 Fifth Avenue, a 727,757-square-foot office property in Midtown, was moved to special servicing because of imminent maturity default.Meyer Chetrit’s 65 Broadway. The $151 million CMBS loan tied to the FiDi office building had landed in special servicing in February. Cash flow couldn’t cover loan payments, The American Express Building was reappraised at $104 million below the loan balance.
Lexin Capital is selling a development site at 75 Nassau Street asking $75 million, either in an outright sale or through the sale of a partial stake. The site is grandfathered into the old 421a program, which is more favorable to developers, compared to the 485x replacement that lawmakers enacted earlier this year.
The Durst Organization put its property at 1800 Park Avenue up for sale that has nearly 700,000 square feet of buildable floor area available. N.Y. State agreed to a replacement for 421a.
A bankruptcy judge ruled that 88 University Place’s lender, a fund managed by CIM Group, may proceed with foreclosure actions.
APF Properties’ lender at 24 West 57th Street filed to foreclose on the New York Gallery Building.
Buildings Sold:
JP Morgan Chase is set to buy 250 Park in partnership with Hines for more than $300 million. AEW Capital Management is the seller.180 Maiden Lane sold for $297 million. The buyer was Thomas Ta, from Murray Hill Properties (MHP) and Banyan Street Capital. It appears to be a deed-in-lieu transaction. The property is 1,079,336 RSF.
Host Hotels & Resorts paid Starwood Capital Group $233.8 million for 1 Hotel Central Park, an 18-story hotel at 1414 Sixth Avenue. The sale of the 229-key hotel pencils out to just over $1 million per room.
David Werner and BLDG Management agreed to buy 100 Wall Street for $116 million. Werner sold a stake in the 29-story office tower to BLDG Management at the time they closed on the purchase from Barings.
Bando Engineering and Construction bought a retail condominium at 2 Times Square for about $100 million. The property has restaurant chain Olive Garden, as its anchor tenant, and also has Van Leeuwen Ice Cream and Sardinha Portuguesa.
Thor Equities lost two of its Manhattan retail properties to foreclosure.
446 West 14th Street, a 26,000-square-foot property near the High Line was foreclosed by Maverick Real Estate Partners from Thor.
440 Broadway was foreclosed by Midland Loan Services from Thor.
SL Green has sold a retail property, including signage, at 719 Seventh Avenue for $32.5 million. The buyers were Boich Investment Group and Andrew Mathias, via a special-purpose entity.
The New School sold 300 West 20th Street to Hawkins Way Capital for $30 million. The seven-story residential building has 122 units of student housing with 200 beds in the space. The retail condo wasn't included.
240 West 35th sold for $30 million as a deed-in-lieu to MetLife, which had lent $73 million on the property in 2018. The property is in the M1-6 zoning district (10 FAR).
33 Equities has acquired 1039 East Gun Hill Road in the Williamsbridge neighborhood of the Bronx for $27 million. RBA Developers sold the seven-floor, 79-unit residential building to 33 Equities.
84 University Place in Manhattan sold for $11.25 million. The sellers were Alan and Stephen Waxman and the buyer is Mark E Guindi of GD Capital. The property is 14,897 SF, 7 story retail building in a C1-7/ R8 zoning.
300 East 23rd Street in Manhattan (retail condo) was sold to its secured creditors for $11.2 million. The seller is the Feil Organization and the secured creditors were UBS Real Estate Securities. The corner condo was formerly a Duane Reade and is approximately 10,622 SF above grade.
164 East 61st Street sold for $5 million to Setton (Gail and Maurice) family from Alyssa Wilk and Ira Lipsitz. The property is a 4 story, 5,800 SF mixed use building in a R8B zoning (4FAR).
