New York Buildings sold
SL Green has closed on its acquisition of a 37-story, 390,000-square-foot Midtown office building at 10 East 53rd Street for $252.5 million, or about $647 per square foot, and has sold a 45 percent interest in the building to Canada Pension Plan Investment Board. Canada Pension Plan paid an equity investment of $57.4 million before closing costs.Silverstone Property Group, along with equity partner RWN Real Estate Partners, plan a $12 million repositioning of the Murray Hill apartment building they acquired for $53 million The 17-story, 128-unit building at 247 East 28th Street, was purchased from Samson Management. Silverstone formed an equity partnership with RWN Real Estate Partners to complete the purchase.
The Heskel Group closed on an $18.42 million purchase of a three-story glass retail building across the street from the Bloomingdale’s flagship. It marks the first Manhattan purchase for the Queens-based developer. The whole building, at 991 Third Avenue on the northeast corner of 59th Street, is occupied by Capital One Bank under a long-term lease. The bank took over the triple-net, ground-lease when it bought North Fork Bank, which demolished the existing building and erected the current 4,560-square-foot structure.
Treetop, a Newark, N.J.-based development company has purchased a portfolio of 17 Upper Manhattan buildings. Treetop bought the 17-building package for about $53 million. They are located between Columbus and Amsterdam avenues and 105th and 108th streets, with one building located in Morningside Heights.
SL Green Realty, Stonehenge Partners and investor Jeff Sutton’s purchased of the David Frankel Realty property portfolio. The sale of the 290,480-square-foot residential rental tower at 1026 First Avenue was recorded for $109 million; The total portfolio sold for $416 million spent on the portfolio, which also includes properties at 724 Fifth Avenue, 752 Madison Avenue, 19 East 65th Street, 21 East 65th Street, 762 Madison Avenue, 44 West 55th Street and 400 East 58th Street.
Sovereign Partners led by Darius and Cyrus Sakhai paid $21.5 million for a Chelsea parking lot at 140 West 28th Street where developer Benjamin Shaoul struggled and ultimately failed to raise a mixed-use building.
The Sovereign Partners paid $21.5 million for a Chelsea parking lot at 140 West 28th Street where developer Benjamin Shaoul struggled and ultimately failed to raise a mixed-use building.
Westbrook Partners purchased a stake in the Ritz-Carlton hotel at 50 Central Park South. Seller Millennium Partners received $105 million for the 256-room hotel it first purchased for $88.8 million in 2006 from Macklowe Properties.
Jamestown Properties buys out partner Sherwood Equities at One Times Square for $113 million.
Stonehenge Partners closes on its $65 million purchase of 364 West 18th Street ,
Developer Joseph Moinian and partner Starwood Capital Group paid $6.125 million to the Shubert Organization for 25,000 square feet of air rights that will be used for the development of a hotel at 237 West 54th Street.
The 100-room Avalon hotel near Herald Square has sold for $48.3 million. The price for the 12-story, 71,250-square-foot building, at 16 East 32nd Street, comes out to about $483,000 per key, or $678 per square foot. The buyer is a corporation called 16 East 32 that shares an address with Armani Exchange’s U.S. headquarters.
The General Theological seminary just sold 445 West 20th Street, between Ninth and 10th avenues, to Brodsky for $18.5 million.
A partnership of Apollo Global Management and Chartres Lodging Group has acquired the Novotel Times Square hotel for about $94 million.
Llyod Goldman, president of BLDG Management, acquired the two-story commercial property at 888 Lexington Avenue on the corner of 65th Street Jan. 24 for $13.25 million from Allen Rosenberg’s struggling Alrose Group.
NYC Buildings For Sale
The Broken Angel house at 4 Downing Street, has been scheduled to go to auction block March 29. The 10,400-square-foot property will be auctioned off with a lien of $2.7 million along with an adjacent 1,996-square-foot lot at 8 Downing Street..Developers Joseph Sitt and Joseph Moinian are quietly considering their options as their $140 million loan on 245 Fifth Avenue is about to come due. Moinian purchased the tower with a Whitehall fund from Goldman Sachs in 2007 for $190 million. Last April, Sitt injected funds as part of a recapitalization that left he and Moinian the sole owners. Now, the mortgage they received in that deal is coming due.
235 East 14th Street, between Second and Third avenues is for sale for less for $14.5 million. Ashkenazy Acquisition is ramping up efforts to sell that location, which is home to a popular International House of Pancakes restaurant, which it owns the franchise. The value of building is primarily due to the long-term IHOP lease inked at the building last year.
350 Madison Avenue is for sale with an asking price between $800 and $900 per square foot.
Shortly after closing on his $65 million purchase of 430 West 14th Street , billionaire investor Ron Burkle is looking to unload it for more than $100 million the 61,321-square-foot office building with 50 feet of frontage each on West 13th and West 14th streets, and 206 feet along Washington Street.
Laurence Gluck’s Stellar Management has put 111 Kent Avenue, a 62-unit luxury rental property in Williamsburg, on the market, just one year after it purchased the stalled project from Garrison Investment Group for $24.6 million. Stellar, which partnered with Largo Investments in last year’s acquisition, said it had always intended to sell the building at some point.
