New York Buildings sold
Gary Barnett's Extell Development made another deal with the Duell family, buying four adjacent commercial buildings on Sixth Avenue in the Flatiron District for a combined $50 million. The buildings collectively have about 63,500 buildable square feet. At 116 Seventh Avenue and 204 117th Street for $11 million. Extell also bought 502 Third Avenue, a rental property with ground-floor retail, from the family for another $11 million around the same time.Extell Development is in talks to buy a Greenwich Village commercial property with substantial development rights from the Duell family. 530 Sixth Avenue is an existing building of 17,000-square-foot commercial building. It has nearly 127,000 square feet of residential air-rights.
HUBB NYC Properties purchased a pair of retail condominium units at 77 Reade Street from Robert Kaliner for $17.8 million, or $1,400 per square foot. The space includes the basement and a ground floor unit totaling 12,600 square feet in the eight-story Tribeca building.
The Related Cos., in partnership with New York City pension funds, secured $77 million in financing from New York Community Bank for the acquisition of a 20-building Bronx portfolio. In the largest deal to change hands in the borough last year, Related and the pension funds purchased the portfolio for $112.5 million from Eastern Capital Partners, a group of private Brooklyn Heights-based investors.
Ruben Companies bought the land beneath 1700 Broadway in Midtown, where it developed a 42-story, 650,000-square-foot office building in 1968 from the Shubert Foundation for $280 million in an off-market transaction. New York City-based Ruben built the tower through a ground lease it owned for the property. Ownership would have reverted back to the foundation when the ground lease expired in 2067.
The Jewish Theological Seminary sold another building that comprised part of its Morningside Heights portfolio. A joint venture between Coltown Properties, Esplanade Partners and Avenue Realty Capital acquired the property, a mixed-use multifamily-and-retail building at 3060 Broadway, for $35.3 million, or $734 per square foot.
Jamestown has closed with George Comfort & Sons and Loeb Partners Realty on the purchase of a 49% stake in 63 and 200 Madison Avenue reportedly valued the pair at $1.15 billion.
CalPERS, a California pension fund, closed on the purchase of a 1.7 million-square-foot office tower at 787 Seventh Avenue for $1.9 billion from AXA Financial">AXA Financial. The fund signed a contract to acquire the 51-story tower, located between West 51st and West 52nd streets. The property, built in 1985, houses offices for Swiss bank UBS AG among other tenants. The building has a 98.4% occupancy rate.
The operators of the Hotel Elysee bought the building from its long-time family owners. Hoteliers Richard Born, Ira Drukier and Henry Kallan are the new owners of the 15-story, 103-key hotel at 60 East 54th Street. They paid $55 million.
Israeli-Russian billionaire Boris Kuzinez purchased a 12-story commercial building at 260 Fifth Avenue for $59 million, his third buy on the block within the last year.
Hersha Hospitality Trust sold a 70% majority interest in seven Manhattan hotels to Chinese investment firm Cindat Capital Management in a deal worth $571.4 million. The deal involves seven limited service hotels in Times Square, Chelsea, Herald Square and the Financial District operating under the Holiday Inn">Holiday Inn, Hampton Inn and Candlewood Suites brands. The hotels hold 1,087 rooms in total, with Cindat paying $526,000 per key in the transaction.
China Vanke along with Adam America Real Estate and the Slate Property Group">Slate Property Group bought the vacant 150,000-square-foot building at 45 Rivington Street on the Lower East Side, paying $116 million to the Allure Group, a nursing-care provider. The developers hope to convert the building, constructed in 1898, into about 100 luxury condominium units,
NYC Buildings For Sale
Hospitality giant Starwood Hotels & Resorts Worldwide may be negotiating the sale of the St. Regis New York and other properties, as part of an effort to unload about $800 million in real estate assets that are not part of its impending takeover by Marriott International.
Aidan Brooks has decided to sell his portfolio of top-end retail properties. The Irish investor, head of Tribeca Holdings, is looking to sell the Rhinelander Mansion at 867 Madison Avenue, home of the Ralph Lauren Polo flagship store; 504 Broadway in Soho, which houses a Bloomingdale's; along with other properties. Tribeca could get as much as $200 million for the 114,000-square-foot 504 Broadway. Brooks' firm bought it back in 2007 for $34.5 million. The Rhinelander Mansion sale at 867 Madison Avenue is already in contract. The buyer and price are unknown. Tribeca paid $80 million for it in 2005.
The W Hotel Union Square is up for sale after owner Host Hotels & Resorts decided to sell the 20-story property at 201 Park Avenue South. The property contains 205,000 square-foot, Beaux-Arts style building and could be a possible residential conversion opportunity.
Joseph Sitt's Thor Equities">Joseph Sitt's Thor Equities
is looking to sell 155 Mercer Street, a four-story Soho retail building containing 14,600-square-foot and is fully leased to Dolce & Gabbana, in the hopes of scoring a sizable profit.
