New York Buildings sold
Eliot Spitzer's sale of the Crown Building for $1.78 billion to Jeff Sutton and General Growth Properties set an all-time price per-square-foot record. The deal, which closed last month, marks the highest price paid per square foot ever paid for an entire office building. At 390,000 square feet, the price breaks down to $4,564 per square foot.Extell Development and the Group.">Carlyle Group sold a portion of their Riverside Center project on the Far West Side for $410.8 million to James Linsley's GID Development Group. GID purchased 40 Riverside Boulevard, one of five buildings in the 8-acre project. Riverside Center stretches from 59th Street to 61st Street, along Riverside Boulevard, and is slated to include 2,500 residential units, 140,000 square feet of retail space, an elementary school, a 250-room hotel and a public plaza when it is completed.
Acadia Realty Trust is continuing its Upper East Side push with the purchase of a five-story commercial building at 801 Madison Avenue for $33 million.
From the $17.5 million sale of four Lexington Avenue buildings to Madison Development LLC's, Kano Properties acquired four adjacent mixed-use buildings in Midtown for $17 million. The properties at 131 East 27th Street, 100 Lexington Avenue, 102 Lexington Avenue and 104 Lexington Avenue are four-and-five-story buildings comprising of more than 21,000 square feet. The buildings have a combined 37 residential units and five commercial units.
A Real Estate firm and Equities firm are buying the building that was once home to Hugh Hefner's Playboy Club for $85 million. A Brazilian-based investor group is selling the property at 5 East 59th Street. A Billionaire paid i$42 million in 2012.
A Real estate investor paid $16.5 million for a commercial condo in a 29-story building at 100 West 93rd Street. The condo unit is 3,700 square feet. The seller owns two additional commercial units in the building, totaling more than 67,000 square feet.
Yim Bon Fong, former owner of Fong's Sewing Machine Supply in Soho, sold a five-story commercial building at 34 Howard Street. An entity listed as 34 Howard LLC purchased the property, located between Broadway and Crosby streets, for $13.8 million. Tenants in the seven-unit building include a mix of office and retail tenants.
A New Jersey-based office landlord is breaking into the Manhattan market with the acquisition of a pair of commercial condos at the base of a seven-story Tribeca apartment building. The seller owned the retail and office component at 70-72 Reade Street, also known as 112-114 Duane Street, for more than 30 years, but plans to move most of its operations to New Jersey for $18 million. The commercial condos span a combined 32,000 square feet across the first two floors and lower levels. The space will be delivered vacant. There are plans to convert the second-floor office space into two residential condos, roughly 4,000 square feet apiece.
Ben Shaoul has teamed up with A Real Estate Equities Corp. to close on a $75 million assemblage on the Lower East Side where they plan to develop a mixed-use building next to Katz's Deli.
A Midtown-based asset management firm picked up four office condominium units in a mixed-use Lenox Hill building for $25.6 million. The company closed on the four units, located in a 15-story building at 525 Park Avenue. The 100-year-old building, near East 61st Street, holds five offices totaling nearly 12,000 square feet and also houses 48 residential units.
Acadia Realty Trust is continuing its Upper East Side push with the purchase of a five-story commercial building at 801 Madison Avenue for $33 million.
The Feil Organization and A Boston-based private equity firm Group paid a little over $120 million to purchase a majority stake in 200 West 57th Street office building. Prior to the sale, Feil had co-owned the 135,000-square-foot property. Now, Feil has teamed up with Rockpoint to buy an 83.5 percent stake in the property for $120.4 million. RCG purchased the building in 2004 for $125.7 million. Tenants include Trattoria Dell'Arte restaurant on the ground floor and a number of medical offices above. The building is 98 percent leased.
A Management firm acquired a retail co-op at 80 Wooster Street for $25.3 million. The unit located between Spring and Broome Streets in Soho currently houses a clothing store. The space sold by an affiliate of the designer has 4,300 square feet of space on the ground floor and 2,000 square feet on the lower level and is the sole retail unit in the seven-story residential co-op building.
Aby Rosen's RFR Realty has closed on the sale of an $86 million retail space on lower Fifth Avenue. The deal for the nearly 13,000-square-foot co-op unit at 85 Fifth Avenue is home to a women's clothing shop. The location of this property was exceptional and resulted in investor interest from all over the world. The property is in a neighborhood that has seen retail rents rise along with a rise in foot traffic drawn in by an influx of office workers in the midtown south market and new residential projects. The co-op unit has 6,406 square feet on the ground floor with another 6,540 square feet of sellable space below ground.
An Abu Dhabi Investment firm closed on the purchase of the New York Edition Hotel at 5 Madison Avenue. The 273-room hotel is the third Edition hotel buy for the sovereign wealth fund. It already owns the London Edition and recently paid $230 million for the Miami Beach Edition Hotel.
Extell Development approached the co-op board of 30 Central Park South, a former hotel that now houses dentists' offices, about a possible purchase. The move could make it challenging for the owners of the nearby Park Lane Hotel, to build a super tall structure at the Park Lane site. The Park Lane Hotel was bought for $660 million in 2013, and also own 21 West 58th Street, which is located right behind 30 Central Park South. If both the Park Lane Hotel and 21 West 58th are demolished, the partners could build an 80-story skyscraper at their site. And if 30 Central Park South were incorporated, it could be even taller. But if Barnett takes control of 30 CPS, he could hold up the Witkoff-Macklowe project or build his own project there.
Tishman Realty bought a parking garage in the Flatiron District for $35 million. MetLife Insurance Company is selling the property, which it bought in 2007 for $20.8 million. The nine-story garage at 112 East 16th Street, between Union Square East and Irving Place, spans 50,150 square feet.
The Doria family picked up a retail condominium at the base of a 10-story Carnegie Hill building for $30 million. The founders of the gourmet grocery store Grace's Marketplace added to their retail portfolio with an estimated 8,000-square-foot space at 1273-1281 Madison Avenue, also known as 47 East 91st Street. Madison Capital and an equity partner Investors owned the unit, which is fully occupied by a Citibank branch.
A public relations firm bought 425-429 East 53rd Street, a five-story Sutton Place building for $30.7 million, with plans to convert it into their new headquarters. The family's Art Galleries Inc. has owned the 34,000-square-foot property at 425-429 East 53rd Street, between First Avenue and Sutton Place South, since 1982 when they purchased it from a major developer. The antiques business has a 5,000-square-foot, ground-floor showroom and four floors of storage space. A trust closed on the purchase for roughly $900 per square foot. The entire building will be leased from the trust, and will move from its current offices at 301 East 57th Street to the new location by the end of the year.
The Feil Organization and a Boston-based private equity firm Group paid a little more than $120 million to purchase a majority stake in 200 West 57th Street office building. Prior to the sale, Feil had co-owned the 135,000-square-foot property.
NYC Buildings For Sale
Thor Equities' three-story retail condominium, 26,883-square-foot space, located at 700 Eighth unit in the Row NYC Hotel. Thor Equities paid $64 million for the retail portion in April 2014. The hotel, formerly Milford Plaza, opened in March of last year after a $140 million redevelopment.
Shorenstein Properties is looking for a large profit with its planned sale of 850 Third Avenue. The 614,000-square-foot office tower has a price tag of $450 to $500 million. When Shorenstein's Fund Nine bought the 21-story building as part of a portfolio in 2008, it was valued at just north of $300 million.
The Howard Hughes Corp. is marketing its interest in 80 South Street, near the South Street Seaport, for a sale or joint venture. Hughes paid a Queens-based Development firm $100 million last year for the 8,128-square-foot site, which sits on the corner of Fletcher Street near the East River. The parcel had previously received permission from the City Planning Commission for redevelopment into a 300,000-square-foot mixed-use tower.
