Buildings for Sale:
Chanel and LVMH are in talks to purchase 745 Fifth Avenue from Paramount . LVMH’s interest in the property, when it was believed not to be the only bidder. The 35-story building is at the corner of 58th Street along an iconic retail corridor.Milsteins to unload all of their UWS Dorchester Towers condos. They are seeking $375 million for all of its 324 condo units at the Dorchester Towers on the Upper West Side.
Default reported for $250 million CMBS loan at 25 Broadway. Debt at landmarked Cunard Building sent to special servicing. The $250 million CMBS loan at 25 Broadway was not repaid when it matured this month.
Soros Fund Management filed a foreclosure lawsuit against the Eretz Group at 224 West 57th Street. Soros is accusing Eretz of defaulting on a $145 million mortgage and is looking to take the title of the building in order to sell it to pay off Eretz’s debt. Soros alleges Eretz failed to pay off the loan’s principal by last June, the maturity date on the debt and two extensions of that deadline.
172 Madison is in a similar predicament. ArcPe is foreclosing to recover $62 million in debt secured by the two unsold commercial units and the 10 remaining unsold residential units. Le Penthouse and several other sprawling, upper-floor pads are among them.
Wells Fargo is suing the Eretz Group and principal Abraham Talassazan on behalf of CMBS bond holders, seeking to foreclose on 252 West 37th Street. After failing to repay a $41 million loan by maturity date at 252 West 37th Street.
Food First to sell 20 rent-stabilized buildings in Brooklyn and the Bronx in auctions. The nonprofit has struggled to evict tenants who failed to pay rent and they were constantly in housing court. The nonprofit will continue to focus on its other services such as food pantries and vocational training. The buildings were supposed to provide supportive housing for people who are low-income, elderly or disabled.
Barclays and PPM America are putting the 24-story Midtown East property up for sale at 360 Lexington Avenue. The office spans 269,000 square feet and is located near Grand Central Terminal. The largest tenant is Webster Bank, which signed a new lease for 31,000 square feet in 2022; the asking rent for the 10-year deal was $69 per square foot. The property is only 60% leased.
LENY Group puts 190 Berry Street into bankruptcy protection to stave off foreclosure by auction hoping to refinance the debt on the property. An auction had been scheduled for the 40-unit apartment building and adjoining retail buildings.
Buildings Sold:
The largest commercial sale of the day was $186 million for a 520,000-square-foot office building at 1740 Broadway in Times Square. Blackstone sold the property to Yellowstone.Joseph Hoffman’s company is in contract to buy the Rudin family’s 1.2 million-square-foot office building at 80 Pine Street for around $160 million. The building is about half empty and could be converted into apartments. Rudin put the 1960s-era building up for sale in the fall.
David Werner strikes a $115 million deal to buy 100 Wall Street from Barings. The FiDi office tower could be another resi-conversion play. Werner’s plans are not immediately clear.
ZD Jasper acquired 45-40 Vernon Boulevard in Queens from Quadrum Global, Baron Property Group and Simon Development for $47 million. At one point, the developers wanted to build a 28-story, 296-unit housing project, but the community objected to the proposed height. They cut it down to a 23-story, 226-unit project in 2022.
Samson Management sold 129 West 29th to New Tang Dynasty, the television arm of Epoch Media, for $31 million. The deal for the 86,000-square-foot property breaks down to $360 per square foot.
Hidrock sold the parcel at 112 Liberty Street to Queens developer Hiwin Group USA for just under $22 million. For a FiDi development site where it had planned to build a 30-story hotel. . The Buyer Hiwin Group got a 44% discount to the 2018 price.
The Raisner Group bought a retail condo at 730 Fifth Avenue for $12.6 million from Brookfield Properties. Sutton assigned a lease for the annex space for $12.6 million and then the deed changed hands for exactly the same amount on April 22. Although the deed lists the seller as Brookfield sources say Wharton Properties was the actual seller.
