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Sales Beat

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Sales Beat

First Church of Religious Science Moving to UWS

204 West 84th Street.

Since moving to 14 East 48th Street five years ago, First Church of Religious Science has essentially been without a congregation, but soon its 600 members will be able to worship under the church’s roof on the Upper West Side, Commercial Observer has learned.

“No one lived within miles of us,” the pastor, Wade Adkisson, told Commercial Observer. “They will not venture forth to 48th Street because it’s so expensive [to get there]. They had to pay $40 for two hours of parking. We’re moving into a neighborhood where people can walk to church.” The church has been holding its Sunday meetings at Elinor Bunin Monroe Film Center, at 144 West 165th Street. Read More

Sales Beat

Boerum Hill Atlantic Avenue Site Sells for Record Price

472-484 Atlantic Avenue.

A site in the Boerum Hill section of Brooklyn has sold for a bit over $18 million, or $373 per buildable square foot, Commercial Observer has learned. It represents “the highest price per buildable square foot ever paid for a large development site of this size in Brooklyn,” said Stephen P. Palmese of Massey Knakal Realty Services. He exclusively handled the transaction.

The one-story building, at 472-484 Atlantic Avenue at the corner of Nevins Street, contains 16,100 square feet, with 150 feet of frontage on Atlantic Avenue, 40 feet of frontage along Nevins Street and 70 feet of frontage along Pacific Street. The site is home to a vacant laundromat, Atlantis Super Wash Center. Read More

Sales Beat

Queens Dollar Tree Location Trades for $4.6M

78-02 Metropolitan Avenue

Marcus & Millichap announced yesterday the sale of a Dollar Tree location in Middle Village, Queens for $4.6 million.

The seller of the property, at 78-02 Metropolitan Avenue, was Bryce Realty & Development, a Queens-based merchant retail developer and owner. The buyer was a private investor based in Howard, Beach, Queens and was represented in the sale by Weichert Commercial, according to a M&M spokeswoman. Read More

Sales Beat

West Side Development Site Trades for $43M

505-513 West 43rd Street. (PropertyShark)

Elad Group has acquired the 20,030-square-foot vacant lot at 505-513 West 43rd Street from Rhode Island-based Magna Hospitality Group for $43 million, according to city property records. Robert Indeglia, the president and chief executive officer of Magna Hospitality, confirmed the sale in an email to Commercial Observer.

As previously reported, the site hit the market last summer with an asking price of $300 per buildable square foot, or nearly $50 million. Located between 10th and 11th Avenues, the lot can accommodate 160,664 square feet of zoning floor area and 190 residential units. Read More

Sales Beat

Adam America Buys Boerum Hill Lot for $6M

The lot at 390 State Street, (PropertyShark)

Adam America Real Estate has paid $6.05 million, or about $500 per buildable square foot, to acquire the vacant lot at 390 State Street in the Boerum Hill neighborhood of Brooklyn, according to city property records.

The 6,000-square-foot site was sold by private owner Theordore Poulos to 390 State Street Investors LLC, an entity registered to Adam America.  Read More

Sales Beat

Thor Nabs Another Fifth Avenue Building, This One for $23M

164 Fifth Avenue.

In the latest addition to his large Fifth Avenue portfolio, Joseph Sitt‘s Thor Equities last Friday closed on the acquisition of 164 Fifth Avenue from AIGA for $23 million, Commercial Observer has learned. It is Thor’s fourth recent purchase along Fifth Avenue.

The Beaux-Arts 19,000-square-foot building between 21st and 22nd Streets has four stories plus a mezzanine and AIGA calls it home. Read More

Sales Beat

LIC Warehouse Sells for $6.5M

37-10 Crescent Street. (PropertyShark)

Eastern Consolidated has arranged the sale of the 18,000-square-foot industrial warehouse at 37-10 Crescent Street in Long Island City, Queens, Commercial Observer has learned.

Ranger Properties partnered with Sagamore Crescent LLC to buy to the property from GMS Seashore Investments LLC for $6.5 million, according to property records. Read More

Sales Beat

Vornado, Crown to Buy St. Regis Retail for $700M

St. Regis. (PropertyShark)

Vornado Realty Trust and Crown Acquisitions have agreed to acquire the retail condominium at the St. Regis hotel and the adjacent retail townhouse for $700 million.

The property, located on the southeast corner of 55th Street, features 100 feet of frontage. The space is leased to Kering’s Gucci division for the Bottega Veneta brand and to LVMH for a De Beers location, according to a press release announcing the deal. The 17,100-square-foot Kering lease expires in January 2016, while LVMH’s 7,600-square-foot deal expires in January 2019. Read More

Sales Beat

Springhouse Partners Nabs Two Harlem Buildings for $15.4M

220 West 116th Street and 449 West 125th Street.

Springhouse Partners has scooped up two mixed-use primarily rent-stabilized buildings in Harlem from Teaneck, N.J.-based Treetop Development for $15.4 million, Commercial Observer has learned.

One of the buildings is a 46,080-square-foot, five-story, 40-unit walk-up at 220 West 116th Street between Adam Clayton Powell Jr. and Frederick Douglass Boulevards. The other building is a 16,382-square-foot, six-story, 19-unit walk-up at 449 West 125th Street between Morningside and Amsterdam Avenues. The seven retail spaces in the two buildings are occupied by a Petopia pet supply store, a pharmacy, a daycare center, a beauty salon, as well as other businesses. Read More

Sales Beat

David Berley Buys Noho Retail Condo for $15M

Saxon + Parole at 316 Bowery. (AvroKO)

An investment group led by David Berley of Walter & Samuels has acquired the ground-floor retail condominium at 316 Bowery from Bowery Realty Corp. for $15 million in an off-market transaction, Commercial Observer has learned.

The 3,400-square-foot unit is occupied by the AvroKO-designed Saxon + Parole restaurant. The space also boasts an additional 3,200-square-foot lower level. Read More

Sales Beat

Broad Street Development in Contract to Buy Savanna’s 80 Broad Street

80 broad street

Broad Street Development is in contract to buy 80 Broad Street from Savanna for $175 million, The New York Post reported.

Real estate private equity firm Savanna acquired 80 Broad Street after taking control of the property’s senior mortgage at a 12 percent discount on its $75 million value, according to the Post. The building had previously been owned by Swig Equities, which paid $70 million for the property in 2004. Read More

Sales Beat

Sam Chang Signs $112M Deal for R/GA’s Garment Center HQ

350 West 39th Street.

Prolific hotelier Sam Chang of the McSam Hotel Group signed a $112 million deal this past Friday to purchase 350 West 39th Street, home to global digital advertising agency R/GA, Commercial Observer has learned.

Mr. Chang said he doesn’t know yet what he wants to do with the site, which can accommodate a building of up to 300,000 square feet. When asked if he would erect a hotel, Mr. Chang replied: “It might be a residential and hotel combination. I don’t know yet.” Read More

Sales Beat

Ivanhoé Cambridge Snags a 49 Percent Stake in 330 Hudson

330 Hudson Street

Ivanhoé Cambridge, a real estate investment subsidiary of Canadian pension and insurance fund manager Caisse de Dépôt et Placement du Québec, has acquired an interest in 330 Hudson Street.

The approximately $150 million deal, which Ivanhoé Cambridge executed with its partner, Callahan Capital Properties, gives the partners a 49 percent stake in the building, according to an announcement released today by Ivanhoé Cambridge. Read More

Sales Beat

Soho’s 375 West Broadway Sells for $119M [Updated]

375 Broadway

Just about a year after buying 375 West Broadway for $81 million, Real Estate Equities has sold the Soho property to Pearlmark Investment Advisers on behalf of a client for $118.9 million, according to property records.

The five-story property, between Broome and Spring Streets, is comprised of 56,000 square feet, with women’s clothing, accessories and home furnishings store Anthropologie occupying the entire retail space—11,200 square feet on the ground floor (plus 7,000 square feet in the basement). Square, a San Francisco-based startup that makes mobile-payment processors, will be operating out of 42,000 square feet on three floors after it finishes building out its space, said Michael Miller, the CEO of Real Estate Equities.

A source with knowledge of the deal said the Square deal “really set the table for a sale.” Read More