Buildings for Sale:
US Masters Residential Property Fund is looking to sell its 479-property portfolio piecemeal of largely one- to four-unit properties for $858 million.Blackstone stopped making payments in March 2022 on the $308 million CMBS loan backing 1740 Broadway, a 26-story office tower a block from Carnegie Hall, and gave the keys to the lender.
CWCapital was appointed and is now planning to sell the note for the 621,000 SF tower.
Extell Development is now asking $195 million for the triplex down from $250 million. The price of the 17,500-square-foot triplex or $11,100 per square foot.
A $240 million nonperforming loan on 61 Broadway is for sale from a syndicate led by Aareal Bank. Built in 1913, 61 Broadway has 780,000 square feet and 33 stories. It was renovated in 1985 and 2019.
Larry Silverstein is to market its interest in the Hudson Research Center at 619 West 54th Street. A buyer could either recapitalize and join up with 10% minority owner Taconic Partners’ life sciences subsidiary or purchase the property outright in a fee simple sale.
Global Holdings Group has put the 190-room hotel up for sale. The property is not locked into a brand or management agreement and is not unionized. And is aiming for pricing of about $700 to $800 per key, with a stabilized yield of 10%.
Yellowstone buys a $106 million note backed by New Yorker Hotel from M&T Bank’s for $106 million. The senior mortgage’s loan-to-value ratio is 43%.
Loan servicers filed foreclosure suits against four buildings owned by City Skyline Realty which defaulted on $26 million in debt. The buildings are: 174 West 137th Street, 507 West 139th, 510 West 148th Street and 505 West 161 Street.
Emerald Equities defaults on nearly $98 million in loans, backing 25 rent-stabilized buildings containing 663 units in the Bronx.
Buildings Sold:
Wells Fargo is spending around $550 million to buy Neiman Marcus’ former space at 20 Hudson Yards. Related Companies and Oxford Properties Group are selling the three-story, 400,000-square-foot space, while retaining ownership of the rest of the 11-story property. The space will be converted to offices.NYU’s Grossman School of Medicine bought the Lanthian, a 23-story building with 209 units at 377 East 33rd Street, for $210 million. The seller was Verbena Road Holdings. The medical school has an agreement through 2038 to lease more than 20,000 square feet of commercial space.
Magna Hospitality Group, one of the biggest buyers of struggling New York hotels, is continuing its spree. The Rhode Island-based company paid $160 million to buy the Hilton-branded hotels at 150 West 48th Street from McSam Group.
Montperia Group and JLS Construction purchased the property at 24-02 Queens Plaza South for $49 million.
Torchlight Investors has taken control of a Fifth Avenue retail property from Harbor Group International. They acquired the retail portion of 445 Fifth Avenue for $40 million from Harbor Group. The price matched the amount of the loan owed on the property.
BridgeCity Capital partners picked up 125 Third Street for $30 million from Allan Lebovits, Joel Wertzberger and Moishe Loketch. They will continue with plans for a 14-story, 130-units. The site is still eligible for the expired 421a tax break.
Canvas Property Group sold four properties for $23 million. The buyers include Meadow Partners. The four buildings combine for 21,000 square feet, 17 residential units, three commercial units. The buildings are located at 203 and 205 10th Avenue, 207 10th Avenue and 505 West Houston Street.
Lefkas Realty sold two lots that are part of an affordable housing development in West Harlem to Artemis NYC for $16.9 million. The parcels are on Amsterdam Avenue between West 129th and West 133rd streets. The lots are 10,000 and 2,500 square feet.
A 2019-built office building next to Penn Station sold at a foreclosure auction for almost 25% of the cost to build it just a few years ago. Marathon Asset Management acquired a six-story office building at 263 West 34th Street for $16.5 million.
Rose Associates sold an 88-unit apartment building at 658-666 West 188th Street in Washington Heights to Alma Realty for $10.65 million.
Wharton Properties paid $13.5 million to buy a West Village multifamily building at 14 Bedford Street. The building is a 13,000-square-foot walkup with 21 residential units and two ground-floor commercial spaces. 16 of the apartments are free-market.
Torchlight Investors acquired a Midtown retail space from Harbor Group after a long foreclosure battle. The three commercial condo units are in a 33-story condo tower at 445 Fifth Avenue. The purchase price was $40 million.
Jenel Management Group sold two properties in Jamaica for $19.2 million. The Jackson Group is the buyer. 162-21 Jamaica Avenue is an office building with two units over four floors and 79,000 square feet. The other, at 89-66 163rd Street, is a duplex neighboring the Jamaica Avenue property.
David Halberstam purchased a development site from Marisol Diaz for $13.2 million. The lot is located at 340 Myrtle Avenue. The mortgage also covers the purchase of neighboring 155 Carlton Avenue. The site will get a seven-story tower with 43 apartments and 4,000 square feet of commercial space.
Crown Acquisitions unloaded a two-unit office building in Bensonhurst. The sale price was $10.26 million at 6505 18th Avenue. It features two buildings, each its own one-floor unit.
