From left: Laurence Gluck and 233 Spring Street and 161 Sixth Avenue

Stellar Management President Larry Gluck closed on his purchase of two industrial office buildings in Soho and plans to combine the structures into a single tower, according to the New York Post. Gluck paid $200 million for the 16-story, 320,000-square-foot office building at 161 Sixth Avenue and the 10-story, 250,000-square-foot property at 233 Spring Street, both of which are off the corner of Sixth Avenue and Spring Street. [more]

From top: SL Green CEO Marc Holliday, Douglas Harmon and Adam Spies of Eastdil Secured and 521 Fifth Avenue (right)

Fourteen months after acquiring the remaining stake in 521 Fifth Avenue, SL Green Realty has tapped Eastdil Secured brokers to shop a large portion of the building for nearly $700 per square foot.

The New York Post reported that Eastdil’s Douglas Harmon and Adam Spies are marketing a 49 percent to 80 percent stake in the 510,000-square-foot tower at the corner of East 43rd Street. SL Green acquired the remaining 49.9 percent interest in the 39-story office tower last January from City Investment Fund, with whom it purchased the building in 2006. SL Green said at the time the deal valued the building at $245.7 million. [more]

From left: Ron Burkle and 430 West 14th Street

Forty-eight days after closing on his $65 million purchase of 430 West 14th Street, billionaire investor Ron Burkle is looking to unload it for more than $100 million, according to the New York Post.

He chose Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner to market the 61,321-square-foot office building with 50 feet of frontage each on West 13th and West 14th streets, and 206 feet along Washington Street. [more]

Normandy Real Estate Partners has gone into contract to purchase a 275,000-square-foot, 16-story office building at 1370 Broadway and 37th Street for $125 million, according to the New York Post. Sources said the building was snapped up by the company just before Thanksgiving.

As The Real Deal previously reported, the seller, Sitt Asset Management, had been soliciting bids for the building in October. CoStar Group data shows the property has about 22 percent of its space available to lease. Large tenants there include apparel retailer Esprit and executive office firm Jay Suites. [more]

A group of Israeli investors is set to purchase the 1.5 million-square-foot Long Island City office tower One Court Square from SL Green Realty, sources told Real Estate Weekly. Among the investors is Joel Schreiber, owner of real estate investment firm Waterbridge Capital, and David Werner, a private real estate investor from Brooklyn.

SL Green took control of the property when it acquired the real estate investment trust Reckson in 2006, REW said. Citibank leases the entire 50-story building. The value of the transaction was not immediately clear, though the New York Post, which previously reported that the building was in contract, estimated it would close for slightly less than $500 million.  [more]

From left: Paul Leibowitz, Doug Harmon, Darcy Stacom, Vincent Carrega and Jon Epstein

Darcy Stacom, a vice chairman of CBRE, represented the seller in two of the top five brokered commercial real estate sales, based on price, recorded in city property records last month, data from PropertyShark.com and CoStar Group show.

Stacom, along with CBRE’s William Shanahan and Paul Leibowitz, were the brokers for the sale of two St. Vincent’s Catholic Medical Centers buildings to Rudin Management and Long Island-Jewish Health Care System. In another bankruptcy proceeding, Eastdil Secured brokers Doug Harmon and Adam Spies represented the bankruptcy court in the sale of 1107 Broadway to the Witkoff Group. [more]

Potential buyers are offering about $130 million for the 16-story office building 1370 Broadway, owned by office landlord Sitt Asset Management and investor Carlton Associates, multiple sources said.

Sitt Asset, controlled by president Ralph Sitt, partnered with the Cohen family’s Carlton Associates to buy the property in 2003 for $57.18 million from property giant SL Green Realty.

Bids for the property, being marketed by Doug Harmon and Adam Spies, senior managing directors of Eastdil Secured, are coming in this week, sources said.

Sitt Asset, Carlton and Eastdil did not immediately return calls seeking comment. [more]

From left: Adam Spies, Robert Knakal, Woody Heller, Richard Baxter and Harry Krausman

Sources: CoStar Group, PropertyShark.com and The Real Deal.
Footnotes: Sales data is for Manhattan deals published on the city property record site Acris in September and provided by PropertyShark.com. Brokers and additional information is from CoStar Group and The Real Deal.

The top commercial deal to be recorded in city property records in September
was JPMorgan Chase Asset Management closing on the $719 million acquisition of the 14-story office and commercial building
200 Fifth Avenue, (part of the former International Toy Center buildings),
PropertyShark.com data shows. Eastdil Secured’s Adam Spies and Douglas
Harmon brokered the sale (see chart above). The purchase drove much of the
monthly total transfer value, which was $2.9 billion in commercial deals reported
on the city property record site Acris, an analysis of PropertyShark.com figures
show. [more]

From left: Steve Witkoff, founder of the Witkoff Group, 1107 Broadway, Yitzhak Tessler of Tessler Developments and Eastdil Secured’s Adam Spies and Douglas Harmon

Steve Witkoff’s Witkoff Group has completed its purchase of part of the former International Toy Center building from Lehman Brothers Holdings for $191 million, Lehman announced yesterday, following a bankruptcy auction by Eastdil Secured in June. Witkoff is planning a $290 million condominium conversion of the property, at 1107 Broadway, featuring 145 units, in collaboration with a Morgan Stanley real estate fund.

Eastdil Secured brokers Adam Spies and Doug Harmon represented the seller in the deal, and brought the buyer and seller together.

The closing of the 16-story office building follows the sale of 200 Fifth Avenue earlier this month, which was previously the main Toy Center building, for $726 million. [more]

Vornado Realty Trust Chairman Steven Ross and 11 East 68th Street (building credit: PropertyShark)Vornado Realty Trust went into contract to buy an Upper East Side rental building for $170 million, the New York Post reported.

The 11-story, 41-unit apartment building at 11 East 68th Street, with two rental units along Madison Avenue, hit the market in July, with some experts predicting it could fetch as much as $220 million, in part because of its potential for a condominium conversion. Adam Spies and Doug Harmon, senior managing directors at Eastdil Secured, marketed the property. [more]