Buildings for Sale:
A CMBS trustee filed to foreclose on the loan on the defaulted loan secured by the 470 Broadway property citing $22.9 million in debt. The debt consists of $18 million in unpaid principal, $2.6 million in unpaid interest and $2.3 million in protective advances.Thor was delinquent on a $105 million loan at 597 Fifth Avenue, after missing payments in August and September 2020.
PBC is seeking a buyer for its 865,000-square-foot building at 452 Fifth Avenue where HSBC’s New York office is located. The building is expected to go for at least $850 million, or $982 per square foot.
The New York Supreme Court is permitting the sale of equity interests in 1580 Nostrand Avenue. That allows Madison, the project’s mezzanine lender, to proceed with the sale and likely take over the property.
Friedland Properties and Nightingale Properties have surrendered their equity and leasehold in 645 Madison Avenue to East West Bank for the 164,000-square-foot building. The takeover comes in the form of an assignment of lease in lieu of foreclosure. East West Bank provided $50 million in loans to aid the developers’ acquisition of the building’s lease in 2015.
The Princeton Club in Midtown is in financial trouble after defaulting on a $39.3 million mortgage. The debt is being sold to the highest bidder, who could ultimately force the club’s exit from 15 West 43rd Street and repurpose the 10-story building.
Oceanwide Holdings is looking to sell for about $200 million for 80 South Street. That’s a significant break from the $390 million Oceanwide paid for the property in 2016.
Buildings Sold:
ZG Capital Partners is in contract for a vacant office building at 836 Broadway. The six-story building includes 81,000 square feet and sold for $40 million. The property used to house New York University.Thor Equities sold two floors of office space at 24 West 40th Street, containing 11,158-square-foot of space to Loftex for $10.75 million.
828-850 Madison Retail LLC (Reuben Brothers) bought a 12,600 square-foot commercial condo unit at 40 East 66th Street for $30 million and a 12,200 square-foot, mixed-use building at 677 Madison Avenue in Lenox HIll for $20 million.
The Carlyle Group, through the entity 79-81 Clifton Place Owner, L.L.C, paid $34 million to FREO Group through the entity 79 Clifton Place Owner.
The New York Public Library has sold six commercial condo units at 445 Fifth Avenue for $34 million to Stream Line LLC.
Oaktree Capital Management bought a retail condo at 90 Greene Street for $33.6 million.
Wafra Capital Partners, WCP Investments, the developer is in contract to buy 720 West End Avenue from Brack Capital Real Estate for about $165 million, to buy a 16-story building entity.
Concord Hospitality has offloaded its 21-story hotel building at 30 West 46th Street for $88.5 million after just buying from Sam Chang’s McSam Hotel Group for $69 million.
The Nasser family sold its triplex at 990 Fifth Avenue for $35 million, a third off the asking price.
A&E Real Estate picked up two mixed-use buildings in Jackson Heights for $58.75 million, about 10% less than the asking price of $66.5 million.
350 West 39th Street sold a Garment District hotel for $166 million and 100 Greenwich Street to Concord Hospitality for $69 million.
SL Green has acquired a stake in 1601 Broadway for $121 million from Walber Broadway Co.
The 46-story Times Square building, a Crowne Plaza hotel, and approximately 230,000 square feet of office space across nine floors. The site has about 216,000 square feet of unused air rights.
KKR bought the space, called Edge, at the top of 30 Hudson Yards from the Related Companies for more than $500 million.
HAP sold its 49% interest in the condominium and rental property on West 28th Street to its joint-venture partner, a subsidiary of Japanese homebuilder Daiwa House Group, in a deal that values the newly constructed residential property at more than $500 million.
HUBB is in contract to buy 556 units across a group of 11 buildings on Manhattan’s Upper East and Upper West sides from Denver-based REIT Air Communities for $190 million.
The Charlotte paid $89 million for 111 Washington Street and $63 million for 25-01 Queens Plaza North, and an adjacent lot in Long Island City. The Developers plan to build 700 units of what it terms “essential housing” for people earning between 60% and 140% of the area median income.
Ray and Jack Yadidi are reportedly selling 44 West 37th Street for $49 million.
MCNA Properties IV bought a 4,100-square-foot retail building at 730 Lexington Avenue in Midtown for $12.7 million.
Wharton Properties sold a 17,000-square-foot retail building at 2917 Nostrand Avenue, aka 2925 Kings Highway, and an adjacent 11,000 square-foot parking facility in Sheepshead Bay, Brooklyn, for $18 million.
E&M Ice Cream sold a 32,471-square-foot warehouse at 701 Zerega Avenue in Castle Hill, the Bronx, for $14.5 million.
Abraham Brach sold commercial condo units spanning a combined 13,000 square feet at 58 Gerry Street and 25 Bartlett Street in Williamsburg for $10.5 million.
Land Finance Corporation bought an 11,000 square-foot office building at 28 Howard Street, also known as 1 Crosby Street, in Soho for $21.75 million.
. Davean Holding bought 14,700 square-feet of mixed-use property at 15 and 17 South William Street, also known as 53 and 55 Stone Street, in the Financial District for $10.1 million.
E. Houston Property Owner bought a 8,800 square-foot, mixed-use building at 51 East Houston Street and a 9,600 square-foot, mixed-use building at 217 East Houston Street for $13.2 million.
R.A. Cohen & Associates bought a 12,000 square-foot, mixed-use building at 445 Sixth Avenue and 101, 103, 105 and 109 West 10th Street in Greenwich Village for $12.5 million. The building has 17 residential units and 170 feet of retail frontage along West 10th Street.
55 East 74th Street sold for $13.5 million, a 17% cut from when it was asking $16 million earlier this year.
ZG Capital Partners is in contract for a largely vacant office building at 836 Broadway. The six-story building includes 81,000 square feet and sold for $40 million.
The Carlyle Group bought a 40-unit loft apartment building at 79 Clifton Place in Clinton Hill for $34 million.
