New York City’s Biggest Investment Sales for 2017

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The second largest sale was a partial stake of 60 Wall Street for $1.04 billion. GIC, the Singaporean sovereign wealth fund, purchased a 95 percent stake in the 50-story office tower from Paramount Group and Morgan Stanley.

As we usher in 2018, let’s take a look at the year behind us and the biggest investment sales in New York City for 2017. The city recorded approximately $32.5 billion in investment real estate sales for the year, as per data from Cushman & Wakefield. The figure is down about 44 percent from 2016, when investment sales were close to $57.8 billion. As compiled by the Real Deal, here is a list of the most expensive investment buildings sold for the year in the Big Apple.

  1. By far, the most expensive building sold was for $2.2 billion. Chinese conglomerate HNA Group paid one of the highest prices ever for a Manhattan tower when it purchased 245 Park Avenue between East 46th and 47th streets. In May, the 45-story, 1.8 million-square-foot building was purchased from Brookfield Property Partners and the New York State Teachers’ Retirement System.
  2. The second largest sale was a partial stake of 60 Wall Street for $1.04 billion. GIC, the Singaporean sovereign wealth fund, purchased a 95 percent stake in the 50-story office tower from Paramount Group and Morgan Stanley.
  3. WeWork and Rhone Capital made the third largest deal, acquiring 424 Fifth Avenue for $850 million. The former Lord & Taylor flagship store, has just been sold by the Hudson Bay Company amid store closures. The 676,000-square-foot property will serve as WeWork’s new global headquarters.

    WeWork and Rhone Capital made the third largest deal, acquiring 424 Fifth Avenue for $850 million. The former Lord & Taylor flagship store, has just been sold by the Hudson Bay Company amid store closures. The 676,000-square-foot property will serve as WeWork’s new global headquarters.

  4. Next on the list was the sale of a partial stake in One Worldwide Plaza for about $840M from New York REIT. SL Green Realty and RXR Realty purchased 48.7 percent of the 50-story office tower, which is valued at $1.725 billion in the deal.
  5. Blackstone Group purchased a 49 percent share in One Liberty Plaza for $759.5 million, in December. The 54-story, 2.3 million-square-foot Financial District office tower was sold by Brookfield Property Partners.
  6. MetLife and Beacon Capital Partners sold a 1.1 million-square-foot office tower at 85 Broad Street for a price tag of $652 million. Canadian pension manager Ivanhoe Cambridge and its frequent partner Callahan Capital Properties purchased the former Goldman Sachs headquarter.
  7. German insurer Allianz SE purchased a 43 percent share in 1515 Broadway for $628.9 million. The 57-story, 1.9 million-square-foot office tower, sold by SL Green, is valued at a massive $1.95 billion by the deal.
  8. Tishman Speyer sold its 375 Hudson Street leasehold for $615 million. Trinity Real Estate, who already owned the base of the 1.1 million-square-foot, 19-story office building, acquired it all.
  9. New York REIT also sold 1440 Broadway. CIM Group purchased the 25-story, 749,000-square-foot office building for $520 million.
  10. The final sale in the list, is also the only one that isn’t an office tower. Metro Loft Management paid $416 million to purchase Vanbarton Group’s 90 percent stake in 180 Water Street. Metro loft now has full ownership of the 24-story, 573-unit rental apartment tower, which was recently converted from an office tower.

    By: Ilana Siyance

     

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