Sales Beat

Carlyle Doubles its Money with $117.8M Flatiron Sale

912-920 Broadway.

The Carlyle Group and ClearRock Properties have sold an office building at 912-920 Broadway for $117.8 million, a building they purchased last year from Yeshiva University for $58.5 million.

On Feb. 27 of last year, Carlyle, a global alternative asset manager, issued a press release that the firm, and ClearRock, a northeast regional owner and operator, would invest more than $10 million to upgrade their 17-story, 110,000-square-foot 21st Street building. Today Carlyle declined to comment on how much it had actually spent on the renovations. Read More

Sales Beat

Purchase of Thor Equities’ 530 Bway Closes at $326M [Updated]

530 Broadway

A joint venture led by Jeff Sutton’s Wharton Properties has nabbed a three-building site at 530 Broadway from Joseph Sitt‘s Thor Equities for $326 million. The sale closed on March 6 and appeared in public records today.

The retail mogul bought the 11-story property to extend his dominance in Soho. It hit the market in February 2013 and Mr. Sitt agreed to sell it to the new owners that September.  Read More

On the Market

Socony-Mobil Building on the Market

Socony-Mobil Building. (Credit: PropertyShark)

The Sacony-Mobil Building, a 1.7 million-square-foot office tower at 150 East 42nd Street is on the market, according to Bloomberg News. The building’s owner, Hiro Real Estate, a Japanese investment firm, is asking $900 million for the long-term leasehold.

The building is 90 percent occupied and has two major tenants, Wells Fargo and Mount Sinai Hospital, which each occupy approximately 500,000 square feet. The 42-story tower is located less than a block from Grand Central Terminal. Read More

On the Market

Vornado Asking $650 M. for 1 Park Ave.

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Vornado Realty Trust is reportedly planning to sell 1 Park Avenue and is seeking roughly $650 million for the office tower.

The real estate investment trust, which has interests in more than 20 million square feet of Manhattan office space, has hired Douglas Harmon and Adam Spies of Eastdil Secured to market the 20-story, 925,000-square-foot Read More

Related Hudson Yards

Going, Going, but not Gone Yet: No Related Bid for Sotheby’s Headquarters

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Related Companies has not bid on Sotheby’s Upper East Side headquarters as part of a deal to bring the international auction house to Hudson Yards, a source familiar with the matter told The Commercial Observer.

Earlier reports suggested Related was eyeing a bid for the property at 1334 York Avenue. The reported deal, a 1031 tax-free exchange, would see Sotheby’s buy or lease a significant portion of the 750,000-square-foot retail podium connecting the first two Hudson Yards office towers, according to a story yesterday in the New York Post. Read More

Sales Beat

Yakety Yack, Don’t Talk Back: Eric Hader ‘Cleanin’ Up’ to the Tune of $250 M. at Popular Music Haven

Yakety+Yak

A building described by some as “the most important generator of popular songs in the Western world,” including The Coasters‘ 1958 hit The Brill Building at 1619 Broadway is famous for housing music industry offices and studios where some of the most popular American music tunes were written over the last several decades.

Now, its Read More

Sales Beat

Carlyle Agrees to Sell 650 Madison Avenue in $1.3 Billion Deal

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The Carlyle Group has agreed to sell the 27-story office and retail tower at 650 Madison Avenue to Crown Acquisitions and Highgate for $1.3 billion.

“We are delighted to reach this agreement with Crown and Highgate, two of the smartest real estate owners around, on the sale of 650 Madison Avenue,” said Robert Stuckey, Carlyle managing director and head of U.S. real estate, in a prepared statement. “This is a great outcome for our investors and validates our opportunistic approach. Read More

Sales Beat

Lehman to Sell Stake in 425 Park Avenue

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Lehman Brothers Holdings Inc. is aiming to sell its 90 percent stake in 425 Park Avenue, a source familiar with the matter confirmed with The Commercial Observer. Eastdil Secured is marketing the property, according to the source.

A publicly available spreadsheet of Lehman’s commercial real estate holdings lists a building with a description similar to 425 Park Avenue: “Sandwich ground lease in an existing Class B building in New York City that is slated for demolition and redevelopment into a new office tower beginning 2015.” The list of holdings identifies Adam Spies of Easdtil Secured as the broker for the property. The source familiar confirmed Spies as the broker for 425 Park Avenue, but the listing could not be immediately verified.

The Wall Street Journal first reported the story earlier today. The Midtown East building is set to be demolished and replaced with a new office tower designed by Foster + Partners. Read More

Sales Beat

Jamestown Properties Pays $284 M. for Milk Studios Building

450 West 15th Street

Jamestown Properties has purchased the Milk Studios building at 450 West 15th Street from Stellar Management for more than $284 million, city records show.

The 325,000-square-foot, eight-story office building, home to photography studio Milk Studios and an eclectic mix of tech, fashion and creative tenants, borders the High Line.

It’s a symbolic and strategic move for Jamestown, which owns the Chelsea Market across the street and looks to expand its footprint in the heavily-traveled Meatpacking District.

Ironically, city records show that Stellar provided a $150 million loan to Jamestown, which suggests that the move was perhaps more than a kind gesture, but also a play to complete the deal before the end of 2012, as imminent capital gains taxes loomed (the city record was filed on Friday, but shows the deed was finalized December 21). Read More

Controversies

Controversial Building Set to Rise Next to High Line Park Pits Preservationists Against Developers Once Again

Rendering of 860 Washington Street

A group of preservationists reacting to the announcement of a groundbreaking at 860 Washington Street is warning New Yorkers to take in the sprawling views at the popular High Line Park while they can.

Romanoff Equities Construction announced last week that its partnership with real estate asset management company Property Group Partners will begin construction immediately on the 10-story, 120,000-square-foot mixed-use office property adjacent to the popular park in the Meatpacking District.

“It will completely cut off views,” said Andrew Berman, executive director at the Greenwich Village Society for Historic Preservation.   “Instead we’ll get this 175-foot glass wall that will detract from the experience of the High Line.”

Read More

Sales Beat

Princeton International Properties Pays More Than $100M for 104 West 40th Street

104 West 40th Street

Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.

The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.

Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents. Read More