|
Address |
Size Info |
Buyer |
Buyer Rep |
Seller |
Seller Rep |
Price |
Notes |
Issue |
| 450 Park Ave map |
32-story, 330,000 sf office bldg |
Somerset Partners LLC |
K. Rubenstein, M. Allan, Somerset Partners |
Taconic Investment Partners; New York State Common Retirement Fund |
Douglas Harmon, Eastdil Secured |
$509M |
Somerset has closed on its purchase of the Class A office property for $509 million, or $1,540 per square foot, the most ever paid for a U.S. office tower on a per-square-foot basis. The transaction was originally expected to close on September 10, but the buyer said the hold-up was not caused by conditions in the credit market. Asking rents in the building are now in the range of $60 to $70 per square foot, but Somerset believes new leases can fetch up to $180 per square foot. |
December 2007 |
| 10 Monroe St (Knickerbocker Village) map |
Two 12-story apt. bldgs, 1,590 units total |
Apollo Real Estate Advisors |
n/a |
Cherry Green Property Corp. |
n/a |
$200M |
The affordable housing complex sold for $200 million. Built in 1934, the property is the only New York City rental subject to Article 4 under the state's Private Financing Housing Law, which tightly restricts rents. One-bedrooms rent for an average of $700. |
December 2007 |
| 440 Ninth Ave map |
18-story, 342,600 sf office bldg |
Paramount Group; Sherwood Equities |
n/a |
SL Green |
S. Latham, R. Baxter, J. Caplan, R. Cohen, C&W |
$160M |
The office building sold for $160 million. It comprises 327,600 square feet of office space and 15,000 square feet of retail. SL Green had put the property on the market in September, with plans to shift its focus from managing Class B office buildings to Class A properties. |
December 2007 |
| 470 Park Ave S map |
17-story, 260,000 sf office bldg |
n/a |
n/a |
SL Green |
CBRE |
$157M |
The property sold for $157 million, or $604 per square foot. The building, which is currently 96 percent leased, became a part of SL Green's portfolio in 1997 in connection with the company's initial public offering. The sale will generate a net profit of approximately $118.4 million. The proceeds are expected to be used as part of a 1031 exchange corresponding with the recent acquisition of the balance of interests in One Madison Avenue. |
December 2007 |
| 360 East 65th St map |
21-story apt. bldg, 165 units total |
Stonehenge Partners |
n/a |
Broadway Management |
Brian Ezratty, Eastern Consolidated |
$130M |
The Upper East Side residential property sold for close to $130 million. It will be renamed Stonehenge 65 and renovated to a luxury rental building. |
December 2007 |
| 235 West 75th St map |
224,000 sf apt. bldg, 212 units total |
Westbrook Partners |
n/a |
AFA Asset Services |
n/a |
$109.12M |
The Upper West Side apartment building sold for $109.12 million, or $487 per square foot. |
December 2007 |
| 476 11th Ave map |
Development site |
Rockrose Corporation |
n/a |
n/a |
n/a |
$83.4M |
The 22,000-square-foot lot sold for $83.4 million. The site, which is within the rezoned Hudson Yards district, is one block north of a planned two-tower, 835-unit rental project that Rockrose has broken ground on at 505 West 37th Street. The development will extend from 37th to 38th streets and from 10th Avenue halfway down the block to 11th Avenue. Rockrose is also building a 394-unit rental building at 455 West 37th Street. |
December 2007 |
| 127-135 West 33rd St map |
16-story, 171,000 sf mixed-use bldg |
Time Equities |
F. Greenburger, B. Karimian, Time Equities |
Savanna Partners; The City Investment Fund |
W. Heller, W. Silverman, Studley |
$70.5M |
The commercial building sold for $70.5 million. It comprises 152,000 square feet of office space and 19,000 square feet of retail space. The sellers made a quick profit on the property: They purchased the building in May for $43 million. The buyer could convert the space into office condos. |
December 2007 |
| 24 West 53rd St map |
5-story, 100,441 sf bldg |
Orient-Express Hotels Ltd. |
n/a |
The New York Public Library |
n/a |
$59M |
Orient-Express paid the library $59 million for the building, which the hotel developer plans to convert into a 150-room luxury hotel. The buyer will also pay for the value of the library space, which will be rebuilt as the new Donnell Library, to be owned and occupied by the New York Public Library. The hotel project is likely to cost $220 million, including the purchase cost. It is expected to open in early 2011. |
December 2007 |
| 121 West 28th St (The Hilton Garden Inn Chelsea) map |
174-room hotel |
Inland American Winston Hotels |
n/a |
Sam Chang |
n/a |
$55M |
The hotel sold for $55 million. Chang purchased the sites at 119-121 West 28th Street in 2005 for $5.75 million. The hotel, which opened on October 16th, was sold after this summer's merger between Winston Hotels and the REIT Inland American. |
December 2007 |
| 158 West 27th St map |
12-story comm. bldg, 15 units total |
Louis Dreyfus Property Group |
n/a |
Columbia Equities |
n/a |
$46M |
The building, built in 1913, sold for $46 million. |
December 2007 |
| 112-126 Ninth Ave map |
6-story, 60,000 sf bldg |
Morris Moinian, Fortuna Realty Group |
n/a |
n/a |
E. Anton, R. Solarz, D. Johnson, Eastern Consolidated |
$40M |
The prewar building, which has 64 residential units and eight retail units, went into contract for $40 million. The property is expected to undergo major renovations and bring in new retail tenants. |
December 2007 |
| Forest Hills portfolio map |
Two 2-story retail bldgs, 42,068 sf total |
Manhattan investor |
Michael Kerwin, GFI Realty |
Queens investor |
Michael Kerwin, GFI Realty |
$33.16M |
The commercial package of 69-37 to 69-39 Austin Street and 107-16 71st Avenue sold for $33.16 million, or $788 per square foot. The price represents a capitalization rate of 5.7 percent. The properties were purchased as part of a 1031 exchange, with the transaction closing in just two months. |
December 2007 |
| 305 West 39th St (Times Square Comfort Inn) map |
78-room hotel |
Gemini Real Estate Advisors |
n/a |
n/a |
n/a |
$31.74M |
The hotel sold for $31.74 million. |
December 2007 |
| 29 West 35th St map |
12-story, 71,180 sf office bldg |
New York investor |
J. Berko, A. Ramos, S. Geller, Berko & Associates |
Chinese nonprofit |
J. Berko, A. Ramos, S. Geller, Berko & Associates |
$30M |
The property sold for $30 million. The Midtown building has 6,500 rentable square feet per floor and was delivered 75 percent vacant. The seller purchased the building five years ago. |
December 2007 |
| 312-318 East 95th St map |
5-story, 39,424 sf bldg |
TDS Acquisition LLC |
n/a |
Ken Kal LLC |
J. Epstein, C. Kingsley, Y. Oelsner, G. Tolchin, C&W |
$25M |
The community facility sold for $25 million, or $250 per square foot. |
December 2007 |
| 433-439 West 37th St map |
Development site |
New Jersey developer |
E. Anton, R. Solarz, Eastern Consolidated |
Private family |
D. Schechtman, D. Johnson, Eastern Consolidated |
$19M |
The Hudson Yards-area parking lot sold for $19 million to make way for construction of an 86,000-square-foot residential rental building. A contiguous vacant building and lot at 431 West 37th Street sold in a separate transaction as part of the development plan (see below). |
December 2007 |
| 215 West 108th St and 210 West 109th St map |
31,425 sf portfolio, 44 units total |
Morris Moinian |
Shawn Sadaghati, GFI Realty |
Mitchell Banchik |
R. Abudi, D. Suissa, GFI Realty |
$16.5M |
The five- and six-story walk-up buildings sold for $16.5 million, or $525 per square foot. The price represents a capitalization rate of 5.7 percent and a gross rent multiple of 14.5. The units are primarily renovated two- and three-bedroom apartments; 31 units are free market. The properties have an additional 23,000 square feet of air rights. |
December 2007 |
| Central Harlem portfolio map |
12 mixed-use walk-up bldgs |
n/a |
n/a |
n/a |
Massey Knakal |
$15M |
The portfolio, which totals 132 residential units, three commercial units and three super's units, sold for $15 million. The properties are located at 234-244 and 260-262 West 122nd Street; 2268 and 2500 Frederick Douglass Boulevard; 222 St. Nicholas Avenue; and 262 West 115th Street. The buildings were renovated under an HPD vacant buildings program and are eligible for tax credits. |
December 2007 |
| 19 West 56th St map |
25,000 sf office bldg |
Sheldon Solow |
n/a |
United American Land |
n/a |
$15M |
The American Cancer Society Building deal to sell its property to United American Land was flipped to Sheldon Solow. United was in contract for several years as the ACS waited to relocate to a new building. |
December 2007 |
| 300 Schermerhorn St map |
Development site |
Tyler Hospitality |
n/a |
Nevins Realty |
Brian Leary, Massey Knakal |
$11.9M |
The site sold for $11.9 million, or $143 per buildable square foot. The site can support 83,000 square feet for a mixed-use development as of right, or 90,000 square feet for a community-use property. The buyer, a hotel developer and operator currently building a 300-room hotel in Times Square, plans to develop a hotel at the site in its first foray into Brooklyn. |
December 2007 |
| 300 Schermerhorn St map |
Development site |
Tyler Hospitality |
n/a |
Nevins Realty |
Brian Leary, Massey Knakal |
$11.9M |
The site sold for $11.9 million, or $143 per buildable square foot. The site can support 83,000 square feet for a mixed-use development as of right, or 90,000 square feet for a community-use property. The buyer, a hotel developer and operator currently building a 300-room hotel in Times Square, plans to develop a hotel at the site in its first foray into Brooklyn. |
December 2007 |
| 2269-75 First Ave map |
5-story, 45,000 sf bldg |
The Noam Corporation |
n/a |
AFC Realty Capital |
Massey Knakal |
$11.5M |
The vacant former public school building sold for $11.5 million. The building, built in the 1890s, has an additional 20,000 square feet of air rights and will have ground-floor retail. The site could be redeveloped as condos or rental apartments. The seller, which had planned about 60 condominium units, bought the property for $7.65 million in 2005. |
December 2007 |
| 677 11th Ave map |
4-story, 32,800 sf comm. bldg |
Rockrose Development Corp. |
n/a |
Martin & Mark Realty Company |
n/a |
$10.048M |
The property sold for $10.048 million, or $306 per square foot. The company is developing two apartment buildings totaling 1,250 units nearby at 10th Avenue and 37th Street. |
December 2007 |
| 237 Duffield St map |
3-story, 24,600 sf retail bldg |
Hotel operator |
Erez Itzhaki, Itzhaki Properties |
Joseph Elazar |
Erez Itzhaki, Itzhaki Properties |
$9.5M |
The building sold for $9.5 million. The property, which has 90,000 buildable square feet, could be redeveloped into a 22-story hotel, according to reports. |
December 2007 |
| 178-180 East 93rd St map |
2 lots, 3,296 sf total |
Manhattan development group |
Richard Steinberg, Warburg Realty |
Julio Bogoricin |
Cory Rosenthal, Massey Knakal |
$8.745M |
The two contiguous lots sold for $8.745 million, or $640 per buildable square foot. Each lot contains approximately 1,648 square feet, and they have a combined 15,240 buildable square feet. The seller purchased the property last year for $5.6 million. |
December 2007 |
| 150 Spring St map |
6,000 sf comm. bldg |
Cape Advisors |
E. Anton, R. Solarz, Eastern Consolidated |
Leonard Flamm |
David Johnson, Eastern Consolidated |
$8.45M |
The loft building sold for $8.45 million, or $1,400 per square foot. The property has three floor-through office units, about 3,200 square feet of vacant retail space and 1,600 square feet of unused air rights. |
December 2007 |
| 210 West 109th St map |
6-story apt. bldg |
Morris Moinian, Fortuna Realty Group |
n/a |
n/a |
n/a |
$8.25M |
The Upper West Side building sold for $8.25 million. |
December 2007 |
| 304 Fifth Ave map |
2,000 sf development site |
The Wings Group |
n/a |
Eli Cohen |
Massey Knakal |
$7.5M |
The property sold for $7.5 million, or $377 per buildable square foot. The buyer is planning a 15-story, 19,920-square-foot mixed-use condominium with 11 units and 2,000 square feet of ground-floor retail space. Sales for the 11 two-bedroom apartments are expected to begin in mid-2008, with prices starting at $1,400 per square foot. Construction is expected to last most of next year. |
December 2007 |
| 431 West 37th St map |
3-story bldg and lot |
New Jersey Developer |
E. Anton, R. Solarz, D. Schechtman, Eastern Consolidated |
n/a |
R. Rogovin, A. Miller, D. Johnson, Eastern Consolidated |
$7.25M |
The Hudson Yards-area property sold for $7.25 million to make way for construction of an 86,000-square-foot residential rental building. A contiguous parking lot at 433-439 West 37th Street sold in a separate transaction as part of the development plan (see above). |
December 2007 |
| 969 43rd St map |
4-story, 45,500 sf mixed-use bldg |
n/a |
n/a |
n/a |
S. Vegh, D. Berger, GFI Realty |
$7M |
The walk-up building sold for $7 million. The property consists of 57 units; 13 are vacant apartments, and are six storefronts. It also contains a mezzanine floor that is combined into two commercial units. The buyers are rehabilitating the property and constructing a large medical facility on the top floor. |
December 2007 |
| 38 Grove St map |
4-story, 4,675 sf townhouse |
Manhattan buyer |
Sara Gelbard, Corcoran |
n/a |
James Nelson, Massey Knakal |
$6.9M |
The prewar building, built in 1851 and currently divided into five units, sold for $6.9 million, or $1,476 per square foot. The first three floors consist of floor-through apartments, and the top floor has two apartments. The buyer plans to restore the property, which was delivered vacant, back to a single-family home. |
December 2007 |
| 45-16 44th St map |
6-story apt. bldg, 46 units total |
Manhattan and Queens investor |
n/a |
The Schneider Family |
M. Kerwin, Y. Katz, GFI Realty |
$6.625M |
The 40,000-square-foot elevator building sold for $6.625 million. The price represents a gross rent multiple of 13. The seller had owned and managed the building for more than 40 years. |
December 2007 |
| Bronx portfolio map |
Two 5-story apt. bldgs, 83 units total |
n/a |
H. Fuchs, A. Doshi, Besen & Associates |
n/a |
H. Fuchs, A. Doshi, Besen & Associates |
$6.36M |
The two prewar buildings, which total 79,222 square feet, sold for $6.36 million, or $80 per square foot. The price represents a capitalization rate of 9.23 percent and a gross rent multiple of 7.43. The average rent per apartment is $860. |
December 2007 |
| 162 East 92nd St map |
4-story, 6,775 sf carriage house |
Manhattan users |
Roger Erickson, Sotheby's International Realty |
n/a |
Cory Rosenthal, Massey Knakal |
$6.3M |
The building sold for $6.3 million, or $930 per square foot. Designed in 1916 for Willard Straight, the original owner of the ICP Building when it was located at 1130 Fifth Avenue, the property comprises three renovated apartments, two of which are currently vacant. The ground floor is a two-bedroom apartment, the second and third floors contain a four-bedroom duplex, and the fourth floor is a two-bedroom unit. |
December 2007 |
| 162 East 33rd St map |
5-story, 9,895 sf mixed-use bldg |
n/a |
Stuart Rubinfeld, Matel Realty |
n/a |
J. Nelson, J. Ciraulo, Massey Knakal |
$5.216M |
The building that is reopening as the new location for the Second Avenue Deli sold for $5.216 million, or $527 per square foot. The price represents a capitalization rate of 6.25 percent and a gross rent multiple of 13.3. The new space, which seats 75 people, is smaller than the original 128-seat restaurant. |
December 2007 |
| 38 West 87th St map |
5-story, 6,240 sf bldg |
n/a |
Simon Balaj, Corcoran |
n/a |
P. Smadbeck, M. Ferguson, Massey Knakal |
$4.6M |
The walk-up building sold for $4.6 million, or $737 per square foot. The price represents a capitalization rate of 3.97 percent and a gross rent multiple of 18.8. The property consists of nine one-bedroom units and one studio, all of which are free market except for one unit. The buyers plan to convert the building into a two-family home for their own use. |
December 2007 |
| 316 East 83rd St map |
5-story apt. bldg, 20 units total |
316 East 83rd St LLC |
A. Polsinelli, L. Ross, S. Mehra, Besen & Associates |
Punnett Family |
Dominique Punnett, Stribling |
$4.5M |
The 9,240-square-foot walk-up property sold for $4.5 million, or $487 per square foot. The price represents a capitalization rate of 5 percent and a gross rent multiple of 13.9. The per-unit price was $225,000, and the average rent at the building is $1,400. |
December 2007 |
| 108-15/17 72nd Ave map |
2-story, 9,600 sf mixed-use bldg |
Queens owner |
Represented in-house |
n/a |
N. Diankov, Massey Knakal; E. Borukhov, Dakota Realty |
$3.995M |
The 15-unit property sold for $3.995 million, or $226 per square foot. The price represents a capitalization rate of 4.02 percent and a gross rent multiple of 18.5. The building contains four offices, 11 residential units and has up to 24,960 square feet of development rights. |
December 2007 |
| 434 East 83rd St map |
5-story, 21-unit apt. bldg |
Manhattan investor |
n/a |
n/a |
J. Nelson, T. Gammino, Massey Knakal |
$3.8M |
The property sold for $3.8 million, or $446 per square foot, at a capitalization rate of 6.29 percent and a gross rent multiple of 12. The building consists of 21 rent-stabilized studios, of which 11 are currently vacant. |
December 2007 |
| 2033 Second Ave map |
5-story, 10,530 sf mixed-use bldg |
Private Manhattan investor |
n/a |
n/a |
Shimon Shkury, Massey Knakal |
$3.2M |
The building sold for $3.2 million, or $304 per square foot. The price represents a capitalization rate of 5.43 percent and a gross rent multiple of 12.2. The property contains 14 rent-stabilized units, one commercial unit and an income-generating basement storage space. |
December 2007 |
| 2266-68 Frederick Douglass Blvd map |
Two 5-story, mixed-use bldgs |
n/a |
n/a |
n/a |
Massey Knakal |
$3M |
The two adjacent properties, comprising 18 residential units and two commercial units, sold for $3 million. The buildings were developed under a HPD vacant buildings program, which requires owners to hold rents below market. |
December 2007 |
| 166-68 East 104th St map |
4-story walk-up bldg, 18 units total |
n/a |
n/a |
n/a |
Massey Knakal |
$2.925M |
The 50-foot wide building sold for $2.925 million. The property comprises 18 rent-stabilized two-bedroom units. |
December 2007 |
| 381 Lenox Ave map |
Development site |
n/a |
n/a |
n/a |
n/a |
$2.8M |
The development site sold for $2.8 million. The property will be developed into a commercial and retail condominium. |
December 2007 |
| 916 Manhattan Ave map |
3-story, 4,750 sf mixed-use bldg |
Brooklyn investor |
n/a |
n/a |
P. Kean, M. Lively, Massey Knakal |
$1.6M |
The Greenpoint property sold for $1.6 million, or $337 per square foot. The building, which consists of two floor-through apartments and ground-floor retail space, allows for 8,500 buildable square feet of commercial space. |
December 2007 |
| 351 East 194th St map |
Vacant lot |
Manhattan assisted living developer |
n/a |
n/a |
Karl Brumback, Massey Knakal |
$1.175M |
The property, which contains 27,079 buildable square feet, sold for $1.175 million, or $43 per buildable square foot. |
December 2007 |
| 125 Maiden Lane map |
3,434 sf comm. condo |
Community for Education Foundation |
T. Bennett, R. Rozins, Hunter Realty |
Time Equities |
Michael Rudder, Time Equities |
n/a |
The nonprofit purchased the commercial condo for an undisclosed price. |
December 2007 |
| 660 Madison Ave map |
13-story, 254,474 sf mixed-use bldg |
Etoile 660 Madison LLC |
n/a |
Broadway Partners |
n/a |
$375M |
The building sold for $375 million, or more than $1,470 per square foot. The seller originally purchased the property, its first Manhattan acquisition, for $216 million in May 2006. Tenants include the Corcoran Group. |
November 2007 |
| 375 Pearl St map |
32-story, 1.098 million sf office bldg |
Taconic Investment Partners |
n/a |
Verizon |
B. Shanahan, R. Stillman, B. Alexander, CBRE |
$172M |
A condominium interest in 930,000 square feet of the property sold for $172 million, or $185 per square foot. Taconic will own floors 2 to 7 and 11 to 32, while Verizon will retain ownership of floors 8 to 10. The buyer plans to spend up to $100 million in renovations, including as many as six new elevator cabs, new HVAC and new bathrooms. |
November 2007 |
| 138 Lafayette St (Holiday Inn Soho) map |
14-story, 227-room hotel |
The Procaccianti Group |
n/a |
Highgate Holdings |
Cushman & Wakefield |
$128.6M |
The Rhode Island-based real estate developer/hotelier acquired the hotel for $128.6 million. The seller, who had previously announced plans to convert the property into a boutique hotel, originally paid $42.5 million for it in 2005. The Procaccianti Group also purchased the 300-room Tudor Hotel at the United Nations for an undisclosed amount (see below). |
November 2007 |
| 346 West 17th St map |
11-story, 181,484 sf office bldg |
Hampshire Hotels and Resorts |
n/a |
Covenant House |
Casey Cutler, Besen & Associates |
$70M |
The vacant Chelsea building sold for $70 million to the lodging empire, which plans to convert the block-through property into a hotel. The building was originally designed in 1966 by New Orleans-based architect Albert Ledner for the National Maritime Union. |
November 2007 |
| 414-418 West 14th St map |
2 office bldgs, 28,000 sf total |
Sitt Asset Management; The Carlyle Group |
C. Owles, M. Glanzberg, Sinvin Realty |
Todd Cohen, Terrence Lowenberg, Michael Miller, The Icon Group |
C. Owles, M. Glanzberg, Sinvin Realty |
$70M |
The two buildings sold for $70 million, or an area record of $2,500 per square foot. The buyer plans to reconfigure the space for five levels with more than 46,000 square feet of retail and office space, including a penthouse and selling basement. The sellers originally purchased the properties in March 2006 for $18.5 million. |
November 2007 |
| Midtown West portfolio map |
Development site |
TriBeach Holdings |
n/a |
The Scheiner family |
n/a |
$65M |
The remaining 80 percent interest in the portfolio – comprising 733-739, 741-743 and 763 Eighth Avenue and 303-305 and 307-311 West 46th Street – sold for $61.5 million, after the buyer had purchased a 20 percent interest from co-owner Bernard Rose Trust two years ago. The buyer also acquired 14,700 feet in air rights above 765 Eighth Avenue for $3.5 million, or $250 per foot, from another seller. TriBeach plans to build a hotel with ground-floor retail and condos on the top floors. |
November 2007 |
| 313-317 East 46th St map |
Development site |
Castle Development |
n/a |
Extell Development |
Eastern Consolidated |
$40.95M |
The 7,490-square-foot lot sold for $40.95 million. The buyer plans to build a condo tower that could be up to 100,000 square feet. Three small five-story walk-up apartment buildings have been demolished, and foundation work is expected to begin by year's end. The asking price was $42 million. |
November 2007 |
| 140-54 West 72nd St map |
8 apt. bldgs, 54 units total |
SW Management |
Edmond Levy, Cornerstone Property Group |
n/a |
Lipa Lieberman, Cornerstone Property Group |
$37.5M |
The four- and five-story buildings, which total 60,000 square feet, sold for $37.5 million, or $625 per square foot. The properties also include 11 stores and 11 commercial units. |
November 2007 |
| 90 Lexington Ave map |
13-story, 107-unit apt. bldg |
Westbrook Partners |
n/a |
n/a |
n/a |
$30.5M |
The 128,500-square-foot property sold for $30.5 million, or $237.35 per square foot. |
November 2007 |
| 948-952 Second Ave map |
Development site |
Manhattan developer |
n/a |
n/a |
C. Olsen, M. Harari, Massey Knakal |
$30M |
The residential property sold for $30 million, or $417 per buildable square foot. The buildable square footage was increased to 71,832 square feet after a total of 24,757 square feet of air rights were purchased from neighboring buildings. The buyer plans to build a luxury condominium at the site, which the seller purchased for $17.5 million last year. |
November 2007 |
| 87 Chambers St map |
5-story mixed-use bldg |
Industrial Buildings Corp. |
n/a |
n/a |
n/a |
$23M |
The 19th-century Tribeca building sold for $23 million to a joint venture between Israel's biggest real estate company and an unnamed partner. The team plans to spend another $25 million to convert the property into a 100-room boutique hotel. A $17 million loan was provided to finance the deal. |
November 2007 |
| 312 Bowery map |
5-story, 22,749 sf mixed-use bldg |
Berrin Tekiner |
n/a |
Steve Croman, Croman Real Estate |
J. Ciraulo, J. Nelson, J. Kinsey, Massey Knakal |
$22.1M |
The newly renovated building sold for $22.1 million, or $983 per square foot. The price represents a capitalization rate of 5.53 percent and a gross rent multiple of 14.2. The residential units – which include 21 one-bedrooms and one three-bedroom penthouse – are all free-market, and most have private terraces or balconies. |
November 2007 |
| 20 Henry St (Brooklyn) map |
7-story, 45,990 sf residential bldg |
Urban Realty Partners |
n/a |
Broadway Management; The Praedium Group |
B. Leary, R. Knakal, Massey Knakal |
$19.6M |
The potential conversion site sold for $19.6 million. The buyer has secured rights to build a four-story, 14,500-square-foot apartment building on the parcel adjacent to the existing building, which is vacant and located in the Brooklyn Heights Historic District. |
November 2007 |
| 825 Bronx River Ave (The Bronx) map |
9.5-acre industrial site |
Lighthouse Real Estate Ventures |
n/a |
Abraham Leser |
NAI Friedland Realty |
$16.5M |
The property, formerly home to Lockheed Martin Corp. and Loral Electronics Corp., sold for $16.5 million. The site contains a vacant 86,000-square-foot building and allows for up to 440,000 square feet of new development. The buyer plans to lease out the building and hopes to net lease the land. |
November 2007 |
| 100 Parkside Ave (Brooklyn) map |
166,585 sf medical bldg |
The Chetrit Group |
n/a |
The Brooklyn Hospital Center |
n/a |
$15.6M |
The former Caledonian Hospital sold for $15.6 million. The site can support more than 200,000 square feet of residential development. |
November 2007 |
| 245-247 West 14th St map |
2-story, 10,000 sf comm. bldg |
Millennium NY |
Edmond Levy, Cornerstone Property Group |
n/a |
Edmond Levy, Cornerstone Property Group |
$12.75M |
The property sold for $12.75 million. The buyer plans to demolish it for a 30,000-square-foot luxury condo. |
November 2007 |
| 483 Ocean Pkwy (Brooklyn) map |
6-story, 63-unit apt. bldg |
Manhattan institutional buyer |
n/a |
n/a |
Jason Maier, Massey Knakal |
$12.4M |
The 48,600-square-foot elevator property sold for $12.4 million, or $255 per square foot. The price represents a capitalization rate of 4.87 percent and a gross rent multiple of 15. The 40-year-old building, which features a sixth floor duplex and two penthouse units in addition to a full underground parking garage, had never been on the market before and drew a bidding war. |
November 2007 |
| 2269 First Ave map |
5-story residential bldg |
Manhattan developer |
n/a |
n/a |
S. Shkury, J. Nelson, Massey Knakal |
$11.5M |
The vacant prewar property, which can support 65,598 square feet of development, sold for $11.5 million, or $175 per buildable square foot. The buyer plans to build a luxury condominium or rental building with retail. |
November 2007 |
| 22-28 Downing St map |
Vacant lot |
n/a |
n/a |
n/a |
n/a |
$10.54M |
The lot, which can support 14,580 square feet of development, sold in an off-market transaction for $10.54 million. |
November 2007 |
| Staten Island portfolio map |
Development site |
n/a |
n/a |
n/a |
J. Sitt, P. Massey, Massey Knakal |
$7.575M |
St. Vincent's Medical Assemblage sold for $7.575 million, or $396 per square foot. The price represents a capitalization rate of 5.02 percent. The portfolio comprises a medical office building at 360 Bard Avenue, a one-story retail property at 731 Castleton Avenue and a vacant parcel of land at 154 St. Austin's Place. The properties total more than 110,000 buildable square feet. |
November 2007 |
| 68 Meserole St (Brooklyn) map |
17,500 sf development site |
Brooklyn user |
n/a |
n/a |
Mark Lively, Massey Knakal |
$5.075M |
The vacant warehouse, which can support 42,525 square feet of residential development, sold for $5.075 million, or $132 per buildable square foot. The buyer plans to open an auto repair shop at the site. |
November 2007 |
| 161 West 132nd St map |
4-story, 22,800 sf garage |
n/a |
n/a |
n/a |
Patrick O'Malley, Massey Knakal |
$5M |
The parking garage sold for $5 million, or $219 per square foot. The price represents a capitalization rate of 2.23 percent. The property can support 20,623 square feet of development, and it currently receives $10,500 a month for parking, with an option to terminate the lease with a 90-day notice. |
November 2007 |
| 1177-83 Bedford Ave (Brooklyn) map |
41,000 sf mixed-use bldg |
Brooklyn developers |
n/a |
n/a |
Peter Schubert, Massey Knakal |
$4.2M |
The corner commercial property sold for $4.2 million, or $102 per square foot. It contains 36,000 square feet of commercial space and more than 5,000 square feet of retail space, including a three-story funeral home on the corner. The property, which also has underground parking, will be delivered vacant except for one three-year retail lease. |
November 2007 |
| 511 East 87th St map |
5-story, 20-unit apt. bldg |
Long Island investor |
n/a |
n/a |
C. Rosenthal, R. Shapiro, Massey Knakal |
$4.15M |
The 9,625-square-foot walk-up building sold for $4.15 million, or $431 per square foot. The price represents a capitalization rate of 4.90 percent and a gross rent multiple of 14. The property contains 10 one-bedrooms and 10 studios. Fifteen of the apartments are rent-stabilized. |
November 2007 |
| 23 Downing St map |
3-story, 4-unit townhouse |
n/a |
n/a |
n/a |
Jill Bane, Leslie J. Garfield & Co. |
$3.5M |
The 1,900-square-foot prewar building sold for $3.5 million, or $1,842 per square foot. The buyer plans to renovate the property for use as a single-family home. |
November 2007 |
| 5 Roebling St (Brooklyn) map |
1-story, 7,500 sf comm. bldg |
Shlomo Karpen |
Uri Zucker, Britz Realty |
Scott Tuomey |
U. Zucker, C. Israel, Britz Realty |
$3.23M |
The industrial property, formerly a cabbage processing factory and currently vacant, sold for $3.23 million, or $160 per square foot. |
November 2007 |
| Brooklyn portfolio map |
9 comm. bldgs, 16,530 sf total |
Brooklyn investor |
n/a |
n/a |
B. Hanson, E. Greenfield, Massey Knakal |
$3.22M |
The corner retail portfolio sold for $3.22 million, or $195 per square foot. The price represents a capitalization rate of 6.76 percent and a gross rent multiple of 10.4. The properties, located at 1739-1745 Sheepshead Bay Road and 3375-3381 Shore Parkway, contain almost 250 feet of frontage. |
November 2007 |
| 1351 Amsterdam Ave map |
2-story, 7,380 sf comm. bldg |
n/a |
Lisa Rosenthal, Ripco Realty |
n/a |
Pat O'Malley, Massey Knakal |
$3.1M |
The 46-foot wide, L-shaped commercial space sold for $3.1 million, or $420 per square foot. The price represents a capitalization rate of 1.60 percent. The property, steps from Columbia University's proposed 17-acre expansion, is currently subleased, with the master lease expiring at the end of the year. |
November 2007 |
| 31 East 28th St (The Parkwood) map |
4,800 sf retail condo |
Manhattan user |
David Kornmeier, Brown Harris Stevens |
n/a |
James Nelson, Massey Knakal |
$2.8M |
The commercial condominium at the 12-story luxury apartment building sold for $2.8 million, or $848 per square foot. The property, which was delivered vacant, includes 3,300 square feet of ground-floor space and 1,500 square feet below grade. |
November 2007 |
| 511 East 86th St map |
4-story, 8-unit apt. bldg |
Private Manhattan investor |
n/a |
n/a |
M. Lala, C. Rosenthal, Massey Knakal |
$2.75M |
The 6,400-square-foot walk-up building sold for $2.75 million, or $430 per square foot. The price represents a capitalization rate of 2.78 percent and a gross rent multiple of 18.4. The building contains six one-bedrooms, one studio and one two-bedroom. Seven of the units are rent-stabilized and one is free-market. |
November 2007 |
| 36 West 44th St map |
3,786 sf comm. condo |
Computers and Structures Inc. |
Simone Lillian, Sinvin Realty |
CD3 West 44 LLC |
Jonata Dayan, Winoker Realty |
$2.5M |
The software development firm purchased the condo in the front portion of the building's third floor for $2.5 million. The new space will be the California-based company's first office in New York City. |
November 2007 |
| 415 West 22nd St map |
5-story, 16-unit apt. bldg |
Manhattan investor |
n/a |
n/a |
James Nelson, Massey Knakal |
$2.425M |
The 4,200-square-foot landmark building sold for $2.425 million, or $577 per square foot. The price represents a capitalization rate of 7.52 percent and a gross rent multiple of 10.4. The property includes a ground-floor apartment with a garden and 15 studio units, nine of which have bathrooms. |
November 2007 |
| 528-530 50th St (Brooklyn) map |
Two 4-story apt. bldgs, 18 units total |
Brooklyn investor |
n/a |
n/a |
Adam Hess, Massey Knakal |
$2.15M |
The adjacent prewar buildings in Sunset Park sold for $2.15 million, or $151 per square foot. The price represents a capitalization rate of 5.85 percent and a gross rent multiple of 11.3. The properties have 10 two-bedrooms and eight three-bedrooms. The seller paid $1.725 million for the buildings in 2004. |
November 2007 |
| 690 Castleton Ave map |
4-story, 19,716 sf mixed-use bldg |
Staten Island investor |
n/a |
n/a |
J. Sitt, P. Massey, Massey Knakal |
$1.2M |
The elevator building sold for $1.2 million, or $61 per square foot. The price represents a capitalization rate of 15.49 percent and a gross rent multiple of 3.5. The property contains two floors of medical office space, 14 parking spaces and two floors of residential space, which comprise 14 apartments that rent for below-market rates. |
November 2007 |
| 304 East 42nd St (The Tudor Hotel) map |
300-room hotel |
The Procaccianti Group |
n/a |
n/a |
Cushman & Wakefield |
n/a |
The property sold for an undisclosed amount. The Procaccianti Group plans to invest $8 to $10 million in renovations for the hotel, which is listed on the National Register of Historic Places. The developer also acquired the Holiday Inn Soho at 138 Lafayette Street for $128.6 million (see above). |
November 2007 |
| 222 East 41st St map |
25-story, 391,000 sf office bldg |
Wells Real Estate Investment Trust II |
Heather Griner, in-house |
Zeta-Ceres |
n/a |
$319.8M |
The Class A building sold for $319.8 million, or $818 per square foot, just three years after the seller had acquired it for $210.8 million. |
October 2007 |
| 2170 Broadway (On the Ave Hotel) map |
12-story, 265-room hotel |
Highgate Holdings |
n/a |
Rockpoint |
n/a |
$201.35M |
The luxury hotel sold for $201.35 million, or approximately $760,000 per room. |
October 2007 |
| 346 Madison Ave map |
10-story, 126,000 sf mixed-use bldg |
Retail Brand Alliance |
n/a |
California family |
Marcus & Millichap |
$137.5M |
The office and retail property sold for $137.5 million. Brooks Brothers is the sole tenant of the building, where the lower six floors serve as retail space and the top four are used for offices. |
October 2007 |
| 1414 Sixth Ave map |
19-story, 132,000 sf office bldg |
Murray Hill Properties; David Werner |
n/a |
APF Realty |
D. Stacom, B. Shanahan, CBRE |
$120.5M |
The property, a former hotel, went into contract for $120.5 million, or $912 per square foot. |
October 2007 |
| 322 West 57th St (The Sheffield) map |
109,000 sf office and retail space |
Hearst Corporation |
D. Stacom, B. Shanahan, CBRE |
Kent Swig |
n/a |
$95M |
Hearst purchased floors two through six and part of the seventh in the residential tower next door to its headquarters for $95 million. The publishing company also acquired the retail portion of the building and a parking garage. |
October 2007 |
| 752 West End Ave map |
23-story, 179-unit apt. bldg |
Westbrook Partners |
n/a |
n/a |
n/a |
$85.788M |
The prewar building sold for $85.788 million, or $479,000 per unit. |
October 2007 |
| Manhattan portfolio map |
6 apt. bldgs, 207 res. units total |
Fairline Associates |
n/a |
Alcoma Corporation |
Massey Knakal |
$80.1M |
The Alcoma portfolio sold for $80.1 million. The buildings are located at 113-115 East 72nd Street, 200 East 26th Street, 210 East 38th Street, 328-330 East 52nd Street, 210-216 West 79th Street and 701-703 Ninth Avenue. |
October 2007 |
| 323 West 96th St (Hudson Park) map |
15-story apt. bldg, 172 units total |
n/a |
n/a |
Boymelgreen Developers |
D. Berger, A. Jungreis, GFI Realty |
$75M |
The luxury rental building sold for $75 million. |
October 2007 |
| 70 West 36th St map |
16-story, 160,000 sf office bldg |
Time Equities Inc. |
Bijan Karimian, in-house |
n/a |
n/a |
$61.5M |
The building sold for $61.5 million. The buyer plans to convert it to office condominiums. |
October 2007 |
| 20 West 57th St map |
8-story, 37,000 sf bldg |
Solow Realty & Development Company |
n/a |
n/a |
n/a |
$60M |
The property sold for $60 million, or $1,611 per square foot. |
October 2007 |
| 401 Washington St, 422 Greenwich St map |
2 industrial bldgs, 67,400 sf total |
71 Laight Street LLC |
n/a |
Usdan family |
n/a |
$57M |
The two buildings sold for $57 million, or $845 per square foot. |
October 2007 |
| 15-19 West 55th St map |
2 mixed-use bldgs, 100,420 sf total |
Local investors |
Mark Zborovsky & Co. |
n/a |
S. Shkury, M. Tortorici, M. Spinelli, R. Knakal, Massey Knakal |
$50M |
The two contiguous, prewar apartment buildings sold for $50 million. The properties total 66,688 square feet of residential space and 13,824 square feet of commercial space. They also have 19,908 square feet of air rights. |
October 2007 |
| Manhattan portfolio map |
5 apt. bldgs, 144 units total |
Manhattan investor |
Nicole Carra, NLC Realty |
n/a |
N. Carra, NLC Realty; A. Jungreis, GFI Realty |
$40M |
The portfolio, which includes one elevator building and four walk-up buildings, sold for $40 million. The buildings are located at 506 East 88th Street, 447 and 49 East 78th Street, 256 East 10th Street, and 226 East 26th Street. The buyer plans to renovate the properties and keep them as rentals. |
October 2007 |
| 164 West 75th St (Parc Lincoln) map |
82,000 sf apt. bldg, 214 units total |
164 West 75th Street LLC |
n/a |
Margules & Associates |
A. Polsinelli, A. Doshi, Besen & Associates |
$32.8M |
The building sold for $32.8 million, or $400 per square foot. Nearly half of the units are rented for less than $500 a month. |
October 2007 |
| 136 Church St map |
7-story, 37,343 sf bldg |
Long Island developer |
Henry Feld, Manhattan Luxury Developers |
Melvin Heller, Heller Properties |
M. DeCheser, R. Knakal, Massey Knakal |
$30.5M |
The conversion and development site sold for $30.5 million, or $817 per square foot. Plans call for luxury two- and three-bedroom apartments on the existing floors and three penthouse additions. |
October 2007 |
| 25 West 20th St map |
Development site |
Gary Barnett, Extell Development |
n/a |
Banner Parking |
Brian Ezratty, Eastern Consolidated |
$28M |
The parking lot and adjacent garage with 92,000 square feet of development rights sold for $28 million. |
October 2007 |
| 76 North 4th St (Brooklyn) map |
130,000 sf warehouse |
Fifth Square Partners |
n/a |
Tryad Group |
n/a |
$26M |
The steelworks building sold for $26 million to the developer, who plans to convert the site to a high-end residential building. |
October 2007 |
| 211 West 61st St map |
3 full-floor comm. condos |
The Gateway School |
n/a |
Cofinance Inc. |
n/a |
$20.6M |
The private elementary school that serves children with learning disabilities acquired the top two floors and basement for $20.6 million. Cofinance is purchasing the school's existing locations at 236 Second Avenue and a brownstone on East 15th Street. |
October 2007 |