Buildings for Sale:
Flatiron Building auction set for May 23. The winning bidder will have to produce a $100K check.300 Park Avenue, Tishman Speyer’s $485 million loan is in a special servicer after the landlord opted to get ahead of an upcoming maturity. The loan on the 770K SF, 25-story building, which was issued in 2013 by German American Capital Corp., is coming due in August.
L&L Holding and its partner are in default on the $92.5 million loan backing the office portion of the 68-story, mixed-use tower at 142 West 57th Street.
The $50 million mezzanine B note, held by Korean fund manager Inmark Asset Management, is the most junior piece of debt in a $364 million financing package backed by 11 Manhattan rental buildings.
The seven-story, 100,000-square-foot building at 9201 4th Avenue will be sold at auction, April 14 with a starting bid of $28 million. A sale would end two years of litigation between the property’s owner, SPL Partners, and its lender, Tim Ziss.
Thor Equities’ 440 Broadway is facing foreclosure. They owe $10M on loan at Soho property leased to Foot Locker. A foreclosure action was filed against an entity tied to Thor, accusing the firm of defaulting on a $13.3 million loan tied to 440 Broadway in Soho.
Aulder Capital initiated a UCC foreclosure on the 37-unit multifamily properties at 162-164 East 82nd Street in late 2021. The apartments, which are mostly free-market rentals, are largely controlled by apparel entrepreneur Ruben Azrak.
Empire Capital is selling a 64-key property, asking $35 million, the Coda Williamsburg hotel at 160 North 12th Street in the Brooklyn neighborhood,
Theater 80 at 78-80 St. Mark’s Place, a bankruptcy auction has been set for May 9th.
Buildings Sold:
Brookfield bought out Blackstone’s minority stake in One Liberty Plaza at a $1 billion valuation.Avi Philipson closes deal for All Year’s multifamily portfolio buys 133 Brooklyn buildings, valued at $435M, out of bankruptcy.
GO Partners paid $425 million to buy the 300-unit rental tower at 265 East 66th Street in Lenox Hill and a group of rental townhouses facing East 67th Street.
St. Francis College sold its campus at 180 Remsen Street for $160 million. The buyer was Rockrose Development. The college chose to relocate after six decades to a site in Downtown Brooklyn. There is about 500,000 square feet of as-of-right buildable space on the site, bringing the deal to $320 per square foot.
Pearlmark’s forced sale of Tower 56 at 126 East 56th Street for $110 million.
New York University closed on a 120K SF office building at 400 Lafayette St for $97.5M. NYU’s longer-term plans are to move some of its uses housed in leased spaces as part of a long-term bid to reduce costs.
Philipson’s Paragraph Partners put in $43.5 million in equity to take control of the 133-building portfolio. The equity represents 10% of the portfolio’s overall value of $435 million.
IAC company paid $80 million to buy the land under its Chelsea headquarters at 555 West 18th Street. IAC already owns the 200,000-square-foot office building.
Sedesco paid $77.5M for a 13-story 80K SF property located at 37 West 57th St. Sedesco is planning an 1,100-foot tower on the assemblage it has amassed on 57th Street with residential, hotel and commercial space.
Educational Housing Services bought The Webster Apartments, a 376-unit single-room, occupancy building at 413 West 34th Street in Midtown and an adjacent undeveloped lot for $52.5 million.
Axel Stawski sells LIC office building for $50M to the School Construction Authority and 23-10 43rd Avenue in Long Island City. The buyer plans to demolish the building and replace it with a 547-seat school building on the 21,000-square-foot site.
Pinnacle Group sold 312 condominium units, spread across more than a dozen converted buildings on Riverside Drive, for $54 million to MD Squared Property Grouped. The purchase averaged $173,000 per unit in 13 pre-war buildings: 156-08 Riverside Drive West and 775, 801, 807, 812 and 835 Riverside Drive, and 660, 668, 680, 690, 700, 725 and 750 Riverside Drive.
The New York City School Construction Authority bought a former Catholic high school at 123-15 14th Avenue in College Point for $36.9 million from the Sisters of the Order of St. Dominic to construct a 659-seat high school on the 48,000-square-foot site by 2026.
Lalezarian Properties bought an office building at 650 First Avenue in Kips Bay for $33.5 million from Princeton International Properties and plans to convert the eight-story, 92,800-square-foot office property into a 111-unit, 139,000-square-foot, mixed-use building.
An entity connected to Willowick Properties sold a mixed-use building at 217 Thompson Street in Greenwich Village for $31.6 million to an entity tied to Eli Partners. The seven-story property has 47 units across 25,000 square feet.
Alma Realty paid $20.1 million for a pair of mixed-use buildings at 3850 and 3900 Broadway. The six-story buildings combine for 82 units across 96,000 square feet. Seller Barberry Rose Management paid $27.8 million for the two buildings in 2014.
Alma sold 321, 323 and 325 West 42nd Street in Midtown to Amir Shriki’s Aya Acquisitions for $20 million. The five-story properties combine for 39 units across 27,000 square feet. Ten of those units are rent-stabilized. They were asking $24 million.
Dr. Maria Kempf sold an apartment building at 14 East 69th Street on the Upper East Side for $18.3 million to House 69th Street LLC. The four-floor, five-unit building spans 11,200 square feet.
Westbrook Partners bought an apartment building at 153-155 Norfolk Street on the Lower East Side for $16 million from Ronen Glazer. The six-floor, 50-unit property spans 22,500 square feet.
The Republic of Serbia paid $15 million for a 164-year-old church at 124 East 35th Street in Murray Hill. The sellers were three entities tied to the Swedenborgian church, a Protestant denomination that had occupied the 20,000-square-foot building.
Weitao Shi bought a development site at 43-05 Crescent Street in Long Island City for $10 million from Antranig Uckardes. The site, which is home to a two-story, 4,400-square-foot auto repair shop.
Chaskel Landau bought a mixed-use building at 357 Flatbush Avenue in Prospect Heights for $11.6 million from RedSky Capital. The three-story property has five residential units across 17,500 square feet and last sold in 2013 for $8.9 million.
Monarch Realty Holdings bought a four-story office building with ground-floor retail at 340 Livingston Street for $11.3 million. The seller is Isaac Saidmehr. The 17,000-square-foot building was last sold in 2014 for $8.3 million.
