December 2024 New York Buildings For Sale

Buildings for Sale:

1. Esprit is selling its 900,000-square-foot warehouse at 215 Cole Street in Jersey City.
2. 568 Broadway aka Prince Building’s $200 million loan lands in default, a 12-story office and retail property. 568 Broadway has a high vacancy rate and declining cash flow. Allied Partners and Midtown Equities, are now negotiating with a special servicer for another extension, but foreclosure remains a possibility.

Buildings Sold:

1. SL Green sells 11% stake to Japan’s Mori Building Company which values One Vanderbilt at $4.7 billion. SL Green retained a 60% stake in the 1.7 million SF office tower. National Pension Service of Korea has a 27.6% stake and Hines 1.4%.
2. Savanna paid $255 million to acquire 799 Broadway, a 177,000 SF office from a joint venture of Columbia Property Trust and Cannon Hill Capital Partners. The building is 71% leased. The sale price is about 4% less than the $266 million of debt that is tied to the building and is also below the $300 million it cost to develop it in 2022.
3. Ares Management is in contract to buy Mitsui Fudosan’s 75% stake at 525 West 52nd Street, valuing the building at $270 million in the 392-unit building. The buyer is assuming the $200 million Wells Fargo loan on the property, which carries a below-market interest rate of 4% and matures in 2028.
4. Blackstone paid $197.5 million acquiring four retail properties, containing 131,000 SF in 61 Crosby Street, 72-76 Greene Street, 415 West Broadway and 465 Broadway. The seller was ASB Real Estate Investments.
5. Thor Equities is in contract to sell 280 Richards Street, containing 312,000 RSF in Red Hook for $157 million to Terreno Realty.
6. Dalan Real Estate bought about $140 million in loans backing properties owned by Steve Croman, who has faced challenges throughout his portfolio. The debt covers 25 mixed-use apartment buildings in Manhattan totaling about 350 apartments.
7. SL Green Realty bought a landmarked, 11-story office building at 500 Park Avenue, Class-A office building. The building contains 201,000 SF and sits on the corner of 59th Street and Park Avenue from Morgan Stanley for $130 million.
8. Ofer Yardeni buys The Henley, a 150-unit complex at 165 East 66th Street, from CIM Group for $128 million, a 36% drop from the $200 million the company paid for it 5 years ago.
9. Vanbarton Group sold 292 Madison Avenue to 60 Guilders and Sentry Realty for approximately $90 million. At 200,000 square feet, the purchase price of 292 Madison Avenue breaks down to approximately $450 per square foot.
10. AmTrustRE bought 360 Lexington Avenue, a 1959-built office tower 24 stories for $65.5 million. Savanna was the seller of the 268,000 SF building. The building is 60% occupied.
11. The McSam Hotel Group sold the 15-story Holiday Inn Express at 232 West 29th Street for $59.8 million. The buyer is private equity firm Prospect Ridge, which is paying more than $262,000 per key for the 228-room hotel.
12. A joint venture of Blake Partners, JAM Real Estate Partners and The Straus Group spent $48 million acquiring two office and retail properties known together as Times Square West. The two buildings, 303 West 42nd Street and 300 West 43rd Street, span a combined 144,000 SF. Around 128,000 SF is office space, with retail accounting for 16,000 SF. The sellers were two shell companies, 303 West 42nd Street Realty LLC and 300 West 43rd Street Property Owner LLC.
13. RFR Realty sold 102 Greene Street where Cartier fully occupies four floors, to an undisclosed buyer for $46 million.
14. Tilman Fertitta paid $30 million for the Keens Steakhouse brand and its Midtown location at 72 West 36th Street, spanning about 16,000 square feet between Fifth and Sixth Avenues, was purchased by two separate limited liability companies.
15. Related Fund Management sold the four Brooklyn buildings at 315, 319, 323 and 329 Lincoln Place for a combined $16 million to ABJ Properties.
16. Namdar Realty Group and Klosed Properties have acquired the ground lease of 20 East 46th Street for $10.4 million. Nightingale Properties sold their interest via deed-in-lieu of foreclosure.
17. Tsai’s BSE Global, the holding company for the Brooklyn Nets, Barclays Center and the New York Liberty, paid $10.3 million in a foreclosure sale for the retail portion of the Williamsburg Savings Bank Tower, a block from the arena.