The Real Deal New York

The building is under contract for $142 million and the transaction is expected to conclude this summer. The property, which was built in 1910, will likely be leased back to Citigroup for two years as Elad draws up plans to convert the property into high-end residential condominiums.

The property sold for approximately $69 million, or $627 per square foot. The building has 30,000 square feet of available air rights. The expiration of leases for the first and second floors within the next year has led to speculation that the floors may be combined into a single 10,000-square-foot space for a flagship retail location that could command as much as $400 per square foot.

The buyer acquired 73 percent of the 174,133-square-foot building for $48 million, or $376 per square foot. The acquisition secured 70 percent of the building's total office space and all of the building's retail space. Tenants include the Permanent Missions of Liberia, Nicaragua, Trinidad, Micronesia, Madagascar, and the Korean Democratic Republic, as well as the United Nations Population Fund and the United National Federal Credit Union.

The portfolio, which comprises 1230, 1305, 1310, 1348, 1353, 1356, 1365 and 1368 Sheridan Avenue, 200 Marcy Place, and 1197 and 2051 Grand Concourse, totals 636,048 square feet and 631 apartments. The sale price of $48 million represents a capitalization rate of 8.2 percent, a per square foot price of $75.47, and a gross rent multiple of 7.4.

The 37,700-square-foot office property was purchased for $31.5 million. The purchaser will convert the property into residential condominiums as the commercial leases expire. At present the building is entirely leased to 14 tenants and is asking $259 per square foot for retail space.

Local investors acquired the 87,447-square-foot full-block building for $26.5 million, or $300 per square foot. The building is 99 percent occupied. The buyer used the property to fulfill the reinvestment requirement of a 1031 exchange.

A discussion between the hoteliers and Lighthouse prompted Lighthouse, which had a 99-year lease on the site, to exercise a $15.5 million purchase option with property owner Sam Abram of Ciba Corporation. The developers acquired the site from Lighthouse for $25 million.

The elevatored properties, which total 48,916 square feet, sold for $18 million, which represents a capitalization rate of 4.1 percent, a per square foot price of $367.96, and a gross rent multiple of 14.5. The properties comprise 85 residential units, of which four are rent-controlled and 81 are rent-stabilized.

The 9-story, 44-unit complex, built in 2004, sold for $15.4 million and carries a 20-year tax abatement.

The property, which includes a basement and mezzanine, sold for $13.1 million, which represents a capitalization rate of 4.2 percent, a per square foot price of $486.99, and a gross rent multiple of 21. New York Sports Club currently occupies the space and has a lease that extends through October 31, 2011 and includes two five-year renewal options. Donovan sold the same property for $3.1 million in 1999.