Tariff conversation, interest rates and multi-family foreclours are weighing real estate trade sales. But they are not all punishments and darkness. Strong office and retail rental is increasing Manhattan construction values by creating a unicorn market for unique properties.
In fact, Avison Young numbered 84 sales transactions in Manhattan south of the $ 96 road worth $ 5 million in the first quarter of the year. The total value of them was $ 2.7 billion and included 28 residential sales worth $ 440 million.
“Rent rose about Grand Central [Terminal] Helped us to trade 320 Park Ave. In December, ”Andrew Scandalios from Jll said about a sale of office shares.
This is when investor Munich re bought 75% of the stake left in that building Park Avenue from Mutual of America for $ 506.25 million – thus re -evaluating the tower with $ 675 million.
The large central zone boom is now ready for savings to help Cooper Union trim a new rent with a new operator for the Chrysler building.
In 590 Madison Ave, rent from LVMH and Apollo Global Management increased Eastdil efforts to sell the trophic tower bought by Scott Rechler’s RXR for a price that is expected to reach $ 1.1 billion.
“People understand what good idea it is to own, and not only the best, but the best of the rest,” said Will Silverman of Eastdil who scored 590 Madison. The sale of the tower from Strs Ohio also includes the adjacent soil below 8 and 9 E. 56th St. which is long -term leased by the Trump organization and currently sub -laws in LVMH.
And determined not to lose its retail space in Soho against a competitor, Ralph Lauren just paid $ 132 million to buy a 9,909 -square -foot space, with multi -level 109 Prince St. that had rented since 1999. It was represented by Newmark.
There is even a buyer interest in the lower occupation office buildings, which are being viewed for the conversion of housing. David Werner real estate investor, for example, is buying 5 Hanover Square in the financial circle for a residential transformation. The building was marketed by CBre’s Doug Middleton for Cim sellers – but at prices, this is approximately half of the $ 104 million paid Cim.
Those office converts in residential have a buoying effect on offices that leads while removing square feet from vacancies while forcing tenants to fill other buildings.
Another office building at 300 E. 42nd St. On Avenue Second will eventually accommodate 132 apartments for rent. Werner chose it $ 52m from the foreclosure, keeping the retail spaces and rolling the upper flowers in the CSC Real Estate for the same $ 52 million. CSC, a Mexican company with other New York investment, will now use one of the city’s new affordable programs to overcome real estate taxes as they undertake (and store some office tenants).
“This market will have legs, and we’ve seen how the rating will begin when we get the worry from the pipeline.”
Adelaide Polynselli of Compass
“We are slowly starting to see the foreign groups around,” said Middleton investment broker, showing Canadians, Japanese and even Australian groups. They are withdrawn from the relatively security of American real estate.
“People are too distant from [stock] The market and real estate have a softer, long -term and more durable appearance, ”said Woody Heller of Branton Real Estate.
The large existing residential towers are also commercial – such as the rivers of Stefan Soloviev to 501 E. 87th St., which has 179 apartments. It was sold to A&E Real Estate for $ 116.5 million in March.
Meanwhile, the luxury rental apartment building at 800 Fifth Ave. It is in the contract for about $ 800 million. Is being sold by Eliot Spitzer and Properties Winter through Newmark in the Naphtali group.
On the western edge of the city at 560 W. 43rd St., 418-Unit the entire building of the right market rental apartments, Riverbank West is being sold through JLL for approximately $ 250 million. Another apartment building with 225 units at 515 W. 38th St., known as Henry Hall, is also in the market with JLU.
But the construction of hunters who cannot find unicorn have another objective: the foreclosure. There are many of them. RXR received the office building at 340 Madison Ave. in 2010 for $ 570 million. But it was simply foreclosed for the $ 161.3 million in $ 315 million of the massive mutual death – which likes to keep and function. The building is in a land rent that can extend to 2186.
And at 135 E. 57th St. – Charles Cohen’s former office building – negotiations on behalf of Countryners are now developing your JLL with a local operator for a luxury housing rental.
Scribner’s Scribner building in 597 Ave. Along with the adjacent address, 3 E. 48th St., were again taken from the lender for its $ 140.4 million debt.
The two were purchased for $ 108.5 million in 2011 when they were in the country for strong retail and officials.
Nearby, the Friends Club building at 57 E. 55th St. It is being sold by its lenders through Bob Knakal’s bkre, while its memorandums will be encouraged separately.
“This market will have legs, and we’ve seen how the rating will begin when we get the worry from the pipeline,” Adelaide Polynslli from Compass said.
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