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Landmark Building in Murray Hill Sold for $24.5 Million

20 Mar 2015, 8:35 pm

By Veronica Grecu, Associate Editor

One of the oldest buildings in the Murray Hill section of Manhattan is now under new ownership.

160 Lexington Avenue - Mahnattan

160 Lexington Avenue – Mahnattan

As reported by the Commercial Observer, the seven-story, temple-like structure sitting at the corner of Lexington Avenue and East 30th Street was sold by Lexington Landmark Properties for $24.5 million. The new owner is David Berley, Chairman of real estate firm Walter & Samuels, and Cohen Real Estate represented the seller in the transaction.

Designed by Harvey Wiley Corbett in Neo-Roman style and partially funded by John D. Rockefeller, 160 Lexington Avenue was built in 1908-1909 to house the New York School of Applied Design for Women—an early design school founded by Philanthropist Ellen Dunlop Hopkins in 1892 as part of the Arts and Crafts Movement. In 1977 the building was designated a New York City landmark.

After changing owners several times, 160 Lexington was acquired by Touro College and converted into classroom space in 1991. The same news source reported another sale in December 2006, when the landmark was sold to Lexington Landmark Properties for $8.2 million.

The entire building—which offers approximately 21,700 square feet of space—is currently occupied by high-end fashion retailer Dover Street Market. According to The Real Deal, Dover Street Market signed a 15-year lease for the space in 2012.

Image via PropertyShark

Oversized Brooklyn Warehouse Sells for $45 Million

6 Mar 2015, 7:49 pm

By Veronica Grecu, Associate Editor

29 Ryerson Street - Brooklyn

29 Ryerson Street – Brooklyn

A vacant industrial facility located at 29 Ryerson St. in the Wallabout/Clinton Hill section of Brooklyn changed ownership and is now preparing for a complex transformation.

Real estate investment firm Madison Realty Capital (MRC) reported it recently acquired the eight-story warehouse in an off-market transaction valued at $45 million or $209.30 per square foot. In a prepared statement MRC announced that the off-market transaction was based on a direct relationship with the seller—an entity called 11-45 Ryerson Holdings, LLC and managed by real estate investor Chaim Miller—by structuring a deal which provided the prior fee owner an opportunity to participate in future upside in the property. According to information from PropertyShark the seller had purchased the 64-year-old property in 2013 for $26.35 million.

MRC plans to renovate the 215,000-square-foot property, which sits across from the Brooklyn Navy Yard, and transform it into Class A creative space for high-tech companies seeking more affordable office rents. “Rising rents and the lack of large, classic industrial spaces throughout Manhattan has changed the value proposition and driven tenants to look elsewhere for space. With our in-house design and construction team, we will be able to accentuate the distinctive attributes of 29 Ryerson and bring a truly unique space to market,” said in a press statement Joshua Zegen, Co-Founder and Managing Member of MRC.

Image via PropertyShark

State Selects Developer for Massive Reconversion of Former Psychiatric Campus in the Bronx

2 Mar 2015, 6:55 pm

By Veronica Grecu, Associate Editor

A state-owned, 33-acre site at 1500 Waters Place in the Morris Park section of the Bronx has found a new owner and is preparing for redevelopment.

1500 Waters Place - Morris Park, the Bronx

1500 Waters Place – Morris Park, the Bronx

Currently housing the Bronx Psychiatric Center of New York State’s Office of Mental Health (OMH), the asset was auctioned by the state following a Request for Proposals issued in November 2013 by the New York State Urban Development Corp., doing business as Empire State Development. Simone Development Companies—a real estate investment company headquartered just up the street at 1250 Waters Place—placed the winning bid and plans to construct a 1.9-million-square-foot mixed-use complex at the site. The existing structures, which will be vacated soon, also include three primary buildings totaling 900,000 square feet, four smaller buildings and a steam generating powerhouse. According to an official press release, OMH will relocate into a recently built, 43-acre campus adjacent to 1500 Waters Place.

Crain’s New York Business reported that the property, which will be sold for $16 million after a diligence period and public approval process, is expected to create 1,900 construction jobs and several thousand permanent jobs.

Simone Development Companies will break ground on the project by mid-2015, as soon as OMH relocates to the new home. The project will be completed in stages and will transform the former psychiatric center into renovated, modern spaces suitable for office, academic and medical use.

During Phase I the developer will convert the 500,000-square-foot Betty Parker Building into business or medical offices that will be used as healthcare training, educational and biotech research space. The John W. Thompson Building will also be redesigned during this stage and will be transformed into a 100,000-square-foot business hotel with 150 guest rooms and community college. Additionally, a 60,000-square-foot parcel situated behind this building will be converted into a two-level parking garage. Phase II of the project calls for four new, ten-story buildings, each one totaling 250,000 square feet and suitable for business and medical office use, as well as a smaller parking garage. A baseball diamond and a turf ball field are also included in the $400 million project.

Rendering courtesy of Simone Development Companies

Cushman & Wakefield Retained to Sell Two Multifamily Buildings in New York City

23 Feb 2015, 8:52 pm

By Veronica Grecu, Associate Editor

99 Suffolk Street - Lower East Side Manhattan

99 Suffolk Street – Lower East Side Manhattan

Two multifamily properties in New York City are now looking for new owners, and Cushman & Wakefield announced it was selected on an exclusive basis to sell the assets. The two buildings are expected to sell for a combined total of $27.55 million.

An eight-story elevator building, 99 Suffolk Street is located on the west side of Suffolk—between Delancey and Rivington Streets on Manhattan’s Lower East Side. The building is currently owned by an entity called 99 Suffolk Management and, according to real estate website PropertyShark, was completed in 2001. Reportedly, the asset was last sold in August 2005 for $14 million. The 29,600-square-foot building has 40 units. According to Cushman & Wakefield, 35 units are offered in a combination of three studios, 30 one-bedroom units and 2 two-bedroom units and are temporarily rent stabilized due to a 421-A tax abatement. The rest of the units are ground floor community facilities which are leased to the Lower East Side Montessori School. The building is being marketed for an asking price of $26 million, Cushman & Wakefield announced.

976 Anderson Avenue - South Bronx

976 Anderson Avenue – South Bronx

The second asset that’s on the market is a multifamily building located at 976 Anderson Avenue between West 162nd and West 164th Streets, in the Highbridge section of the Bronx. According to Cushman & Wakefield, the asset is expected to attract investors looking for a turn-key opportunity thanks to the property’s location just two blocks from Yankee Stadium and in a thriving section of the South Bronx. The five-story, 12,160-square-foot building is being sold for $1.55 million or a 6.71 percent cap rate.

The building is currently owned by an entity identified by PropertyShark as MDBS Inc. and managed by Hudson View Associates. 976 Anderson was built in 1909 and includes 9 oversized units, all of which are three-bedroom, one-bathroom apartments.


Images via PropertyShark


Chinese Buyer Pays More than $230 Million for Baccarat Hotel New York

15 Feb 2015, 8:23 pm

By Veronica Grecu, Associate Editor 

China’s Sunshine Insurance Group Co. is purchasing the Baccarat Hotel New York in Midtown Manhattan for more than $230 million, Starwood Capital Group announced in a statement.

Baccarat Hotel New York

Baccarat Hotel New York

Located at 20 West 53rd Street, off Fifth Avenue and directly across from the Museum of Modern Art, the luxury hotel is part of the Baccarat Hotel & Residences, a condo/hotel/library building developed by a joint venture between Starwood and Tribeca Associates. The 50-story glass tower was completed ahead of schedule in fall 2014—but the project’s condominium component was already 60 percent sold in June 2014, according to Real Estate Weekly.

Designed by Skidmore Owings & Merrill (SOM) to honor the Baccarat heritage that spans 250 years, the landmark tower consists of 61 exclusive condominiums boasting interior designs by award-winning designer Tony Ingrao. With prices varying from $3.5 million to $60 million and ranging in size from 1,000 square feet to 7,400 square feet for a penthouse, the units at Baccarat are listed among New York City’s most expensive residences.

The hotel component occupies the first 12 floors of the building and is slated for opening in the first week of March. Gilles et Boissier, an interior design studio based in France, created the interiors of the hotel. The Grand Salon, which is one of the largest lobbies of any luxury hotel in New York City, and the silver leafed Petit Salon, will showcase a curated rotating collection of Baccarat “treasures” from the Baccarat museum in Baccarat, France.

Baccarat Hotel & Residences - courtesy of author ILNY on Flickr

Baccarat Hotel & Residences – courtesy of author ILNY on Flickr

According to Lodging Advisors CEO Sean Hennessey who was quoted by The Wall Street Journal, the fact that the Chinese buyer paid more than $2 million per room for a completely new, yet-to-be-launched luxury property shows that market conditions are very robust in New York City. The hotel’s website shows room rates starting at $729 per night for a Classic King and reaching $18,729 per night for the glitzy Baccarat Suite.

In fall 2014 another Chinese buyer, Anbang Insurance Group, snagged the historic Waldorf Astoria New York from Hilton Worldwide Holdings Inc. for nearly $2 billion.

Starwood was advised by Eastdil Secured LLC and represented by Greenberg Traurig LLP in the transaction, while Sunshine Insurance Group was represented by Holland & Knight LLP with JLL’s Hotels & Hospitality Group serving as legal adviser.


Rendering courtesy of SOM

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