- Nov 18, 2015
The numbers are in and September registered some important commercial real estate deals. PropertyShark research shows the nine figure deals were based in Manhattan, outside of the Citibank Tower in Queens, but Brooklyn boasted some hot transactions as well.
Here are NYC’s top 10 commercial real estate deals recorded in September 2015.
Sale Price: $510,000,000
Buyer: Angelo Gordon & Co Lp
Seller: Normandy Real Estate Partners
Midtown-based investment firm, Angelo Gordon & Co closed on 575 Lex, a 624,883 SF, 35 story office tower in late August. The building, built in 1958, offers 38 units in Hunters Point. Just 3 years ago, the building cost its new buyer $360 million.
Sale Price: undisclosed
Buyer: Court Square Sref Investors, LLC & Court Square Sref Property Investors, LLC & Waterbridge Court Square Po LLC
Seller: Colfin Pgress Jv L P. & Waterbridge Court Square Investors LLC
The tallest building outside of Manhattan, 25-01 Jackson Avenue, known as One Court Square or the Citibank Building, was refinanced in September by its current owners after a stint on the market earlier this year. The 1,359,110 SF, 51 story, Class A office building traded for $500,000,000 in 2011.
Buyer: 20 West 33RD Street Property Owner LLC C/O The Carlyle Group
Seller: 33RD Equities Company LLC C/O Kamber Management Company
20 West 33rd Street Property Owner LLC and the Carlyle Group scooped up 18-28 W 33 Street, the 153,265 SF office building in Koreatown. Built in 1912, it has 24 units.
Sale Price: $52,500,000
Buyer: Heskel’s Capital LLC
Seller: 215 Enterprises LLC C/O Regal Home Collection & Ec 215 Las Vegas LLC C/O Regal Home Collection
Heskel picked up the 14-story building at 215 West 40th Street for a cool $52,500,000. The 65,186 SF office building in Times Square is historically home to garment companies including its largest tenant Revise Clothing.
Sale Price: $43,146,274
Buyer: 167 Front Properties LLC C/O Edison Properties LLC
Seller: 45 West 27TH Street Holder LLC C/O Extell Development Company
Newark-based Edison Properties picked up 45-47 West 27th Street in NoMad, a 12 story 54,238 SF office building built in 1912. The building was bought by Extell just last year for a mere $12.5 million and it is one of the 14 Ring properties acquired from the Ring brothers.
Sale Price: $42,000,000
Buyer: 109 South 5 Property LLC
Seller: Stier 109 LLC
109 South 5 Property sealed the deal on the Artisan, a 60,000 SF South Williamsburg office building redesigned in 2001. Zoned for residential, the buyers plan to keep it as offices and convert the second to sixth floors into open-floor loft space.
Sale Price: $31,000,000
Buyer: Empsrggreene LLC C/O Emp Capital Group
Seller: Les Pieds Nickle’s Inc. C/O Diana Agostini
NoMad-based development firm, EMP grabbed up 47-49 Greene Street, a 24,163 SF, mixed residential and retail building in Soho. Its 6 stories house seven rentals and two ground-floor retail units.
Sale Price: $24,350,000
Buyer: 547 Fulton Partners, LLC
Seller: Janet Diana Symons, Trustee & Lawrence Alan Symons, Trustee & The Symons Family Trust
NoMad development firm, Fulton Partners tacked on 3 more properties to its 8 existing purchases in the DoBro Fulton Street site since late 2012, bringing the total space owned to about 343,000 buildable SF. The contiguous properties at 547-549, 551 and 553 Fulton Street all feature retail on the bottom level and apartments above.
Sale Price: $23,150,000
Buyer: Livingston Equity LLC
Seller: Livingston Associates C/O Bpc Management Corporation
Kahen Properties bought up 3 adjacent residential and commercial buildings on Livingston St. in DoBro for $23,150,000. 80, 86-88, & 90 Livingston St. provide 32,000 SF. of mixed use space. Between the trio are 25 residential units and 8 commercial units all with retail on the ground level.
The company plans to renovate the units as they become vacant.
Sale Price: $22,900,000
Buyer: 570 Fulton Street Property LLC C/O Jeffrey Zwick & Associates Pc
Seller: SCO Family Of Services
The developers of the One Flatbush project picked up adjacent 570 Fulton St. in the Fort Greene neighborhood. The nonprofit SCO Family of Services owned the 3 story, 26,400 SF office space for 30 years and has since moved its operations.
While the developers are likely to build condominiums on the site, it is unlikely to become an extension of their current project on Flatbush.