Buildings for Sale:
The Kaufmans are looking to sell a half-empty office building on Third Avenue. The family’s Sage Realty put the 40-story tower at 767 Third Avenue up for sale with Eastdil Secured, which has told potential buyers that the pricing guidance is around $100 million.Aby Rosen’s RFR Holding is trying to unload an office building in Gramercy Park as its lone tenant exits. Anna Delvey need not make an offer. RFR is looking to sell 281 Park Avenue South. It’s unclear how much the company is seeking for the 45,000-square-foot property, though it is willing to either sell it outright or lease it to another party.
Sherwood Equities is looking to sell the 26,000-square-foot retail condo at the base of 2 Times Square for around $90 million. The property is fully leased with about 9 years of average term remaining on the leases. Olive Garden has a lease running through 2034. The pitch for the retail is that the in-place rents are about 30% below the current market. Times Square asking rents increased the most of any retail corridor in the city last quarter, climbing 19% from the previous quarter to $1,995 per square foot.
The Vanbarton Group has fallen behind on a nearly $90 million loan backing the Midtown office building where the company has its headquarters. The investment firm defaulted on the $87.5 million loan that Deutsche Bank provided in 2019 for the 26-story office building at 292 Madison Avenue after failing to repay the debt when it matured last month.
Buildings Sold:
EOS Hospitality's $177M stalking horse bid to take over the hotel at 111 N. 12th St. has been approved by a bankruptcy judge, setting the stage for the transfer. The property is a 22-story, 184-room hotel, a property that also includes 40K SF of office and retail space.Legion Investment Group and EJS Development have bought a development parcel in Greenwich Village for $57.5 million and plan to demolish the six-story building at 5 West 13th Street. The sellers were Philips International, Lawland Properties, Arnold Penner Real Estate and Rhodes Building Management. Maxim Capital provided a $37.5 million loan for the transaction.
Blackstone sold a huge portfolio of industrial properties throughout New York and New Jersey for $246 million to Terreno Realty.
Thor Equities sold a retail condo at the base of 680 Madison Ave. for $180M, to TZ Capital who paid approximately 35% less than what Thor acquired the property for when it shelled out $277M in 2013. The 34K SF wraparound space is fully leased to tenants, including Oscar de la Renta and Tom Ford.
The Knox, at 49 E. 34th St., has sold for $68M. Four Winds Real Estate sold the 36-story property to Morgenstern Capital and HIG Capital. The 110-unit building's apartments are rented starting at $4,650 per month.
Hiwin Group USA spent $21M on a five-story building in Midtown West, Gerald Shallo, via an entity called Minerva 54 Realty Co., LLC, sold the 28K SF retail building at 238-240 West 54th Street.
Bruce Haley has sold two apartment buildings to Josef Chehebar. The five-story rental buildings, which sit close to Central Park on the Upper West Side, sold for $14.5M.
