NYC Buildings For Sale
SL Green Realty is looking to sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.Morgan Stanley’s Prime Property Fund has put its New York Marriott East Side on the block for $350 million. The hotel has 646 rooms and is located at 525 Lexington Avenue and 49th Street.
The 2.3 million-square-foot office tower at 11 Madison Park is hitting the market with a sales price of $1.5 billion. Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 percent stake in the property for $469 million. The building is about 80 percent occupied by Credit Suisse, which pays a below-market rental rate of $19 per square-foot. The lease expires in 2017.
Worldwide Plaza and 11 Madison Avenue are for sale with asking figures around $1.5 billion.
New York Buildings sold
A 98-unit building was sold and developed by the Karl Fischer-designed project which opened earlier this year. The asking price was $90 million, though a final sale price was not yet known.The family-run real estate investment company Fisher Brothers purchased the American Stock Exchange building and a neighboring development site in Lower Manhattan from two investors who bought the properties in 2011. The sales price was $150 million. Fisher Brothers closed on the acquisition of 86 Trinity Place, the former home of the American Stock Exchange, and 22 Thames Street next door.
The sellers, Michael Steinhardt and Allan Fried, purchased the two properties in Feb. 2011. They paid $17 million for the vacant American Stock Exchange building and $48 million for 22 Thames Street.
Extell Development has sold a Flatiron development site to Gale International, The purchase marks the first Manhattan acquisition for Gale, as it has mostly focused on the $35 billion development of a new city in South Korea.
Pharmaceutical giant Pfizer has sold off the last of its big holdings in Williamsburg, a vacant development site on Wallabout Street for $12.75 million. The land, which comprises two sites on four acres on Wallabout Street and Harrison Avenue, traded to an LLC named Harrison Realty and will likely be developed to include both residential and commercial uses.
In April, for example, a 10,446-square-foot factory and garage building at 37 Great Jones Street sold for $7.5 million. The seller paid around $633 per buildable square foot for the site. The landmarked building is being converted to five residential lofts and the project Is currently seeking approval for its plan from the city’s Landmarks Preservation Commission.
Advertising agency Young & Rubicam has closed on its purchase of an interest in a commercial condominium at 3 Columbus Circle for $143.63 million. T First American Exchange took title to the space on behalf of Y&R. The seller was SL Green, which has had a stake in 3 Columbus Circle since 2010.
RFR Realty is buying 285 Madison to convert into hotel rooms. The firm has entered into a contract to purchase 285 Madison Avenue for $190 million. The 550,000-square-foot building at 285 Madison Avenue, between East 40th and East 41st streets, is owned by ad agency Y&R. Y&R is planning to move to an office condominium at 3 Columbus Circle.
Hidrock Realty paid $27.9 million, or around $200 per buildable square foot, in March for a vacant lot at 133 Greenwich Street. Along with partner, his team plans to build a $100 million, 320-room hotel on the site, which is to open in 2015.
At 105 West 57th Street, JDS Development Group purchased the controlling interest in a lot owned by Starwood Capital Group for $40 million. The price for the site, which can accommodate a skyscraper, comes to $617 per buildable square foot. JDS plans to build a 100,000-square-foot, 50-story condo on the site, which is already zoned for residential.
Princeton International Properties has entered contract to purchase a Bryant Park office tower for less than $500 per foot. The deal is for the 220,000-square-foot Park House, at 104 West 40th Street, which was sold by Savanna for $105 million. Savanna acquired the building about two years ago in an innovative deal that involved purchasing ING’s defaulted debt on the property for about $61.7 million, after a previous buyer paid $140 million for the tower in 2007.
