NYC commercial sales focus on value and versatility
April 27, 2014

A slow but steady diet of apartment buildings, hotels and office towers have kept investors and brokers trading paper with sellers who are not always sure where to reinvest.

Eastern Consolidated’s chairman, Peter Hauspurg, quipped, “It smells like 2006” — a time when the sales market was exuberant and prices were rising quickly.

Office buildings have been the star performers as those that purchased then can now sell for more. The Ernst & Young tower at 5 Times Square was marketed by Douglas Harmon and Adam Spies of Eastdil Secured, and is now being sold to David Werner for $1.55 billion. AVR Realty paid $1.3 billion in 2006.

The Canadian company Oxford Properties, a partner with Related Companies at Hudson Yards, is purchasing 450 Park Ave. for $575 million from Somerset Partners and Michael Tabor. Somerset paid $509 million in 2007 and both the 450 sales were marketed by Eastdil.

Related also bought Time Warner’s office condo through Eastdil for $1.31 billion as the entertainment giant will move to its Hudson Yards.

Foreigners like Tabor (a Brit), Oxford and Ivanhoe Cambridge bought stakes in towers where owners wanted to unlock capital...

Several luxury apartment buildings with market-rate tenants are on the market with an eye on conversion to condos. These include the Post Toscana at 389 E. 89th St., the Post Luminaria at 385 First Ave. and Tribeca Park in Battery Park City — all being sold through investment brokers Harmon and Spies at Eastdil Secured.

Another Battery Park City residential building, the towering 42-story Tribeca Pointe, is also being marketed as a possible condo conversion through Woody Heller of Studley.

NYC commercial sales focus on value and versatility

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