The Related Companies, L.P., has sold the Monterey, a large luxury rental tower at 175 East 96th Street, to investor Rubin Schron. The 521-unit building was put on the market in January and received bids ranging between $250 million and $300 million, Bloomberg reports.
The building at 380 Columbus Ave, which was built in 1900, has been traded for $50 million. The new owner, Newcastle Realty Services, which owns properties throughout the five boroughs, purchased the 70,000-square-foot Upper West Side residential property on December 28. The seller was Joben Realty Associates.
The rental building at 2410-2418 Broadway has been traded for $47 million to the ever ambitious, on the edge real estate buyer, Robert Gilardian in another attempt to be the best of the best. He bought the building in a rush to get the transaction completed before the end of the year on December 31, are tax exemptions in play? The 12-story Upper West Side building has 46 super, elegant apartments and 5,000 square-feet of retail space mostly facing Broadway and on the other side 89th street.
Who has not stopped in front of The Chatsworth and admired its charming exteriors and unique beauty? This is one factor which influenced its selling price in the market, adding to the fact that it is a landmark property. The Chatsworth has been sold for a whopping $150 million to the HFZ Capital Group and its partner BSG Real Estate. The price per square foot is $33.38 and would have gone way higher if roughly 50% of the apartments were not rent stabilized. Another obstacle for a higher price might have been the proven strong will and determination of its tenants.
Subrata Roy can now add another trophy to his growing showcase of high class businesses. The billionaire has just bought the prestigious Plaza Hotel. The founder and charmain of Sahara India Pariwar is now the proud owner of 75 percent of the hotel's stakes. The Plaza is one of the most well-known hotels in the world and has a glamorous list of past clients including Alfred Gwynne Vanderbilt, The Beatles, Mark Twain, Eleanor Roosevelt, and even President Barack Obama just earlier this year.
Ofer Yardeni and Joel Seiden have purchased the residential building located at 103 East 86th Street in Manhattan's Upper East Side for $76 million. Mr. Yardeni and Mr. Seiden are founders of Stonehenge Partners, a New York-based real estate company that acquires, redevelops, finances and manages commercial as well as residential real estate.
The luxury condo/hotel at 400 Fifth Avenue has a new owner. Langham Hospitality Group, a subsidiary of Great Eagle Group, has purchased the hotel portion, consisting of 214 rooms, for $229 million.
Invesco Ltd., a Texas-based investment firm, recently purchased the top 10 floors of the new luxury building, The Mercedes House, located in Midtown West with the hopes of turning into luxury rentals. The original owner, Two Trees Management Co. LLC, intended to market the top 10 floors with 162 apartments, as condos. However, recent Crain's reports indicate that the new owner aims to market these apartments as rentals.
In 2008, the collapse of Lehman Brothers caused a world wide financial crisis. It filed for bankruptcy protection, yet the investment bank controls more than $10 billion of real estate assets, the New York Times reported. Since 2008 Lehman has been working on improving its buildings, finding new tenants and selling its stakes. For instance, 200 Fifth Avenue had an occupancy rate of merely 45% in 2008 and increased to 80% in 2010 after some improvements and restructuring of its debt. Once the building became more attractive, Lehman sold its stake in the building to J.P. Morgan.
Jared Kushner has acquired a $53 million portfolio of seven walk-up buildings, and is up to increase it to $58 million by purchasing an eighth. The walk-ups are located in Manhattan’s eternally trendy East Village, SoHo and West Village. They were purchased from Benchmark. The NY Post reports that Mr. Kushner started with buying just one walk-up, but he and the representative of Benchmark, “hit it off and decided to give him some more”. Jared Kushner may only be 31 years old, but the handsome and ultra successful businessman obviously understands how to wheel and deal.
The commercial building at 1059 Third Avenue on Manhattan’s Upper East Side has been purchased for $31.5 million by a first-time NYC developer. The buyer had a huge interest in the property, and the buyer was selected due to his ability to pay all in cash within 30 days. No word on if this was delivered in a delightfully suspicious briefcase full of Ben Franklins.
The residential building at 88 Lexington Avenue, nearby Manhattan’s historical Gramercy Park, has been sold for $82M, according to The Real Deal. It was purchased by Halstead Management Company for $32 million in 2007. That is an increase of $50 million or 156% in just five years. The new owner is the New York-based real estate investment management company Westbrook Partners.
In 2005, Strategic Hotels & Resorts sold the Jumeirah Essex House for the princely sum of $440 million to the Dubai Investment Group. Dubai Inv. ramped up the value of the building by committing over $90M for renovations and converted some of the best apartments into condominiums. Now after 7 years Dubai Inv. has sold the building to the exact same organization, which sold it to Dubai in first place.
