Top 10 NYC Commercial Property Sales Recorded in February 2016
A round-up of last month's top 10 commercial property sales in the Big Apple.
New York City commercial real estate rolled into 2016 strong. Dominated by Manhattan, the commercial property sales recorded in February 2016 were led by a $2 billion power play. Find out who is investing where, and what they are buying now, in Property Shark’s top 10 deal list.
Source: PropertyShark, a Yardi Systems Inc. company
787 Seventh Ave., Manhattan
1. 787 Seventh Ave., Manhattan
Sale Price: $1,932,900,000
Buyer: 787 Holdings, LLC
Seller: Fsp 787 Seventh, LLC
CalPERS was the buyer in this monumental Midtown deal. The soaring 54-story AXA office building is connected to Rockefeller Center underground and boasts a 500-seat auditorium.
Sale Price: $453,000,000
Buyer: 885 Third Owner LLC
Seller: 885 3rd Avenue Realty Owner LLC
SL Green sold the legendary Lipstick Building, after bringing it back from bankruptcy. Once the notorious headquarters of Bernie Madoff’s massive fraud scheme, the office tower is now home to some of the most notable international law firms.
Sale Price: $280,000,000
Buyer: 1700 FEE, LLC
Seller: The Shubert Foundation, Inc.
This Broadway office tower in the heart of Times Square and the Theatre District holds 36 commercial units and covers 650,000 square feet.
4. 258-260 Fifth Ave., Manhattan
Sale Price: $59,000,000
Buyer: Five Points II LLC
Seller: Renaissance Acquisitions LLC
Located in a busy area on Fifth Avenue, this 29-story office building benefits from an excellent location in the heart of NoMad. It has a total of 60,000 square feet of prime space and a new lobby.
5. 530-534 & 536-540 Avenue of the Americas, Manhattan
Sale Price: $50,000,000
Buyer: 14th Street Owner LLC
Seller: 61-69 LLC
This was a two-part deal in the iconic Flat Iron District. Currently a mix of lofts and retail, the purchase by Extell is spurring debate about possible new redevelopment.
6. 820 Madison Ave., Manhattan
Sale Price: $47,000,000
Buyer: 820 Madison Owners LLC
Seller: 820 LLC
Status Capital’s new acquisition in New York City’s sizzling Lenox Hill neighborhood cost almost $7,000 per square foot. Yet, with Dolce & Gabbana as a tenant on the three lower floors and investing more than $12 million in the building, it could be a great asset.
Sale Price: $32,000,000
Buyer: 52nd Street Barracuda Acquisition LLC
Seller: Dryland 52, LLC
This four-story office building in Central Midtown sits on a 3,015-square-foot lot.
8. 9 & 14 E. 39 St., Manhattan
Sale Price: $31,925,140
Buyer: 9 East 38th Street Owner LLC
Seller: 16 East 39th Street LLC
These Murray Hill office and retail buildings bring more than 100,000 feet to a larger deal, in conjunction with 22,000 feet of air rights. The new owner, Sam Chang, has reportedly filed to replace them with a 22-story Hyatt hotel.
Sale Price: $25,150,000
Buyer: H Hotel LLC
Seller: Six-O Realty Corp.
This is the third property on 39th Street to make the February list. It offers loft-office space and retail stores spread over 11 units in New York City’s trendy Garment District
10. 7 N. 15 St. & 12 Franklin St., Brooklyn
Sale Price: $18,720,000
Buyer: 12 Franklin Property CO LLC
Seller: 12 Franklin Street Realty Corp.
Simon Baron snapped up this ripe Brooklyn deal in the rapidly transforming Greenpoint neighborhood. According to the new owners, existing restaurant tenants are safe and secure in their units, while they watch how successful neighboring projects are at obtaining rezoning permits for offices.
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