Buildings for Sale:
All Year Holdings has filed for Chapter 11 bankruptcy with $1.6 billion in debt. The filing in Manhattan federal court came a day after the company discovered a $37.8 million confession of judgment was entered by Yoel Goldman, its troubled founder and sole owner, without the approval of All Year’s board. The company has $1.17 billion in assets, including 69 commercial units and 1,648 residential units. It has about $1.6 billion in outstanding debt, consisting of $800 million in bonds issued in Israel and about $760 million in property-level mortgage debt.Brookfield Asset Management is looking to sell 395 Ninth Avenue and is soliciting interest for a potential sale of a stake in One Manhattan West and value the building at nearly $2.8 billion. The 2.1 million-square-foot office portion of the building was 94% leased to seven major tenants. Average base rent was about $91 per square foot, but most smaller tenants paid more than $120 per square foot.
Croman is looking to offload 14 apartment buildings in and around the East Village for more than $120 million. The 14 buildings are all small walk-ups that hold a combined 102 units, collectively covering more than 80,000 square feet. Croman acquired the buildings between 2005 and 2014 for at least $35 million. The offering price for the portfolio is $121 million.
Buildings Sold:
Columbia sold the Chelsea office building at 218 West 18th Street to Meadow Partners for about $170 million.The Naftali Group purchased a pair of vacant five-story apartment buildings at 1481-1489 Second Avenue from Sky Management for $72.6 million, The properties have 152,000 buildable square feet, which could be expanded up to 186,000 square feet if they are developed as affordable housing.
110 East 42nd St. for the second time, SL Green has sold the Midtown office condominium to Meadow Partners for $117 million. Meadow Partners is acquiring the ownership interest of the office and garage condominiums “on behalf of a separately managed account.”
Israel Discount Investments sold the HSBC Tower to Innovo Property Group, which agreed to purchase the trophy asset for $855 million, taking a net loss of $45 million on the building.
Taconic Partners, Nuveen Real Estate along with Flatiron Equities, acquired the 87,000-square-foot building that spans the lots of 309 East 94th Street and 324 East 95th Street and includes a two-story garage and an auto shop for $70 million in an all-cash deal from the Karten family. The developers have the ability to build up to 205,000 square feet.
645 Madison leasehold sold. Titan Golden Capital paid $26.6 million to East West Bank for the ground lease of the office building. The deal was made through Titan Golden Property Investor LLC and works out to about $161 per square foot for the 164,000-square-foot building.
SL Green has sold 707 11th Avenue, a 160,000 square foot, loft-style building for $95 million to an undisclosed buyer.
CenterPoint Properties bought a 66,600-square-foot warehouse and 20,000-square-foot parking lot at 301 Norman Avenue in Greenpoint, Brooklyn, for $38 million from Barry Swidler, through a limited liability company.
Vornado sold a 9,000-square-foot retail condo at 501 Broadway, also listed as 72 Mercer Street, in Soho for $27.5 million. The buyer was Crane Partners. Vornado acquired the unit in 2012 for $31 million.
Camber Property Group bought 1971 and 1975 Grand Avenue affordable housing buildings, comprising of 83 residential units in Morris Heights for $27 million from Omni New York in a portfolio sale of Section 8 housing, which also included properties in Brooklyn and East Harlem.
350 Grand Concourse, a development parcel with 186,600 square feet of buildable space in Mott Haven, the Bronx, sold for $21.2 million. The buyer and seller are 350 Rising and 350 Concourse Realty, respectively. The 31,100-square-foot property is occupied by a gas station.
Manhattan Wealth Management Group sold a fifty-percent stake in an office building at 181 and 183 Canal Street in Chinatown for $18.6 million.
Camber Property bought a 15,900-square-foot apartment building with 15 units at 47 East 130th Street and a 27,200-square-foot apartment building with 39 units at 2071 Madison Avenue in East Harlem for $18 million from Omni New York.
Denali Management bought a 67,000-square-foot apartment building with 76 units at 147 West 230th Street in Kingsbridge Heights, the Bronx, for $15 million. The seller is KS Realty, a limited partnership registered in Delaware.
A fifty-percent stake in a 6,500-square-foot retail condo at 23 East 22nd Street sold for $15.2 million. The seller was an affiliate of Manhattan Wealth Management Group. The Rockfeld Group bought the unit from Related in 2015 for $21 million.
Hesper Realty Associates sold a 14,200-square-foot commercial condo at 136-05 Sanford Avenue in Flushing, Queens, for $14.5 million from 136 Enchanted.
Seagis Property Group bought a 23,000-square-foot warehouse at 19-19 37th Street in Ditmars-Steinway, Queens, for $14.4 million from Essmax Realty LLC.
Joe Schwartz bought 9,600 square feet of warehouse space at 121 and 123 Grand Street and 228 Berry Street in Williamsburg for $13.8 million. The seller was Isaac Dahan.
Rockrose Development bought an extra five percent interest in 11 East 26th Street, a 218,000-square-foot office building facing Madison Square Park, for $13 million, valuing the building at $260 million. The seller was Joan B. Kaufman.
37-19 Realty, Inc. sold a 25% stake in 6208 Eighth Avenue, a 160,700-square-foot development parcel in Sunset Park, Queens for $11.5 million. This is the site of a long-delayed, 1.3-million-square-foot project which has allegedly stranded foreign investment secured through the EB-5 program. The remaining 75% interest is owned by 62-08 Realty LLC.
Denali Management bought a 66,000-square-foot multifamily building with 65 residential units at 3413 Avenue H in East Flatbush for $10.9 million from Warren Cohen.
RFR Holding agreed to acquire 475 Fifth Avenue, a near-century-old tower overlooking Bryant Park, from Nuveen Real Estate for about $300 million, or an estimated $1,085 per square foot.
Black Spruce Management is paying $850 million for the American Copper Buildings at 626 First Avenue. There are approximately 600 market-rate units and 160 rent-stabilized units.
