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Deals & Dealmakers

SELLING POINTS: Sternlicht sells Baccarat Hotel; Chen Family to sell Soho property

●starwood capital group

The Baccarat Hotel, NYC
The Baccarat Hotel, NYC

Sternlicht selling
Baccarat Hotel

Starwood Capital Group has agreed to sell the flagship Baccarat Hotel New York at 20 West 53rd Street in Manhattan to an affiliate of Sunshine Insurance Group.
Although terms of the transaction were not disclosed, published reports put the sale price at $230 million.
The hotel occupies the first 12 floors of the 50-story Baccarat Hotel and Residences located across the street from the Museum of Modern Art.
The hotel has 114 elegantly rooms including 26 suites that feature hotel services and custom Baccarat amenities.
It has one of the largest lobbies of any luxury hotel in New York, the Grand Salon, which together with the silver leafed Petite Salon, will showcase a curated rotating collection of Baccarat “treasures” from the Baccarat museum in Baccarat, France.
“We are very pleased to enter into this transaction,” said Harry Sternlicht, chairman and CEO of Starwood Capital Group., commented, “We are extremely pleased to have found such a great partner for Starwood and Baccarat in the Sunshine Insurance Group. Sunshine shares our long term strategic vision for Baccarat Hotels and will be an excellent partner for the growth of our brands particularly in the fast growing travel markets of Asia,” continued Sternlicht.
Baccarat Hotels are also under construction in Dubai and Rabat, Morocco, and in several European capitals.
Following the transaction close, the Baccarat Hotel New York will be managed under a long-term contract by Starwood Capital’s SH Group, a hotel management company created by Starwood Capital
Not included in the sale are the 59 residential condominiums located on floors 18 to 49
Starwood Capital Group was advised by Eastdil Secured LLC and represented by Greenberg Traurig LLP on the sale of Baccarat Hotel New York and Sunshine Insurance Group was advised by JLL’s Hotels & Hospitality Group and represented by Holland & Knight LLP.

Chen Family to sell
Soho property

250 Lafayette St.

Eastern Consolidated has been retained on behalf of the Chen Family as the exclusive agent to market 250 Lafayette Street in SoHo, for $39 million.
For the past 20 years, The Chen Family has been operating The TF Chen Cultural Center for international art exhibitions and cultural events.
Also known as 89 Crosby Street, 250 Lafayette Street is a block-through, mixed-use building, located between Prince and Spring Streets.
The six-story, 20,000 s/f elevator building consists of ground floor and lower level retail, four floors of office/showroom space, and a three-bedroom penthouse on the top floor.
The retail space features 25 ft. of frontage on both Lafayette and Crosby Streets, and is leased to Bicycle Habitat.
The office spaces on floors two through five are leased to a mix of marketing, fashion and research/technology companies. The sixth floor is penthouse with private outdoor space as well.
“This property is located in one of the premier submarkets in the most desired city for institutional and private investors,” said Peter Carillo, senior director at Eastern Consolidated, who along with associate director Jonathan Schwartz exclusively represents the seller.
“SoHo is the location of choice for creative industries and maintains the prestige as a world class shopping destination.”

● city urban / mrc
Fifth Avenue property
sold for $27M

City Urban Realty and Madison Realty Capital (MRC) have purchased 14-16 Fifth Avenue, a mixed-use residential and commercial property in Greenwich Village, for $27.5 million.
Michael Alvandi, managing principal of City Urban Realty, and Josh Zegen, co-founder and managing principal of MRC, jointly made the announcement.

Josh Zegen
Josh Zegen

14-16 Fifth Avenue is a five-story building located between 8th and 9th Streets. It comprises 20,219 s/f including 18 residential units and two professional spaces offering 52 feet frontage on Fifth Avenue, and offers in excess of 43,000 s/f of additional residential development rights.
MRC and City Urban Realty will renovate existing apartments, lease-up of vacant units, and potentially redevelop the proprty in the future
Alvandi said, “We saw the opportunity to buy irreplaceable real estate at an attractive basis and were happy to add 14-16 Fifth Avenue to our portfolio of quality assets.”

●epic commercial realty
EPIC deal on Upper East Side

EPIC Commercial Realty has sold a two-building package on the Upper East Side for $12.5 million.

317 East 74th Street
317 East 74th Street

The two five-story buildings at 315-317 East 74th  Street are comprised of 18,000 s/f with available air-rights. They offer a total of 50 ft. in frontage, and 34 one-and-two bedroom apartments and two retail stores.
Ofer Cohen and Edan Cohen represented the sellers, 315 East 74th LLC, and the buyers, Adam Daniels, Aaron Daniels and Abraham Daniels of A.D. Real Estate Investors, on this off-market transaction whose sale price equates to $700 psf.
Both buildings are fully occupied. The retail units are occupied by Finishing Touches by Stephanie, a pet grooming business that has been operating since 1995, and One Stop Laundromat & Tailoring.
The tree-lined block is near Equinox Fitness Gym and a plethora of restaurants, cafés and bars.

●cushman & wakefield
Union Square offering

Cushman & Wakefield has been retained to sell a loft building at 9 East 16th Street, between Fifth Avenue and Union Square West in the Ladies’ Mile Historic District of Manhattan.
The asking price is $30,000,000.
The seven-story elevator-serviced building contains approximately 30,680 s/f and consists of 15 loft apartments, of which 12 are fair market and three are rent stabilized, and one ground floor commercial unit currently occupied by a restaurant.
The property is being marketed exclusively by Cushman & Wakefield’s Paul Smadbeck along with colleagues John Ciraulo and Craig Waggner.

●marcus & millichap
W’chester investors nab
Inwood property

Marcus & Millichap sold 425-431 West 205th St., a six-story, 72-unit elevator building in Manhattan’s Inwood neighborhood. The $12,600,000 sales price equates to $175,000 per unit.


Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz, in Marcus & Millichap’s Manhattan office, represented the seller, a private individual from Florida, and the buyer, a family partnership based in Westchester.
“The property is a low-maintenance, fully rent-stabilized building that was on the market for the first time in 30 years,” said Von Der Ahe.
“What makes this property unique is that half of the units have one-and-a-half or two bathrooms, which is a rarity in this neighborhood,” added Glasser.
The unit mix is 37 one-bedroom units and 35 two-bedroom apartments.

●meadow partners
Rudder launches sales of
UN Plaza condos

Michael Rudder has launched sales at 866 United Nations Plaza, the Meadow Partners-owned tower tenanted by government missions, foreign consulates, and non-governmental organizations (NGOs).
“Ownership has long been a preference in the United Nations submarket. Converting 866 United Nations Plaza to an office condominium is satisfying an un-met demand for tenants who want an office in this area and who recognize the benefits of ownership,” said Rudder, principal of Rudder Property Group.

866 UN Plaza
866 UN Plaza

866 United Nations Plaza, a 471,000 s/f Class-A office building located on 48th Street, between First Avenue and FDR Drive. It is situated at the base of two 32-story luxury residential towers that are separately owned and not a part of the offering.
The office property, developed in 1965, was designed by the lead architect for the United Nations complex, and is the only office property located adjacent to the Headquarters of the United Nations.
For the past few decades, 866 United Nations Plaza has remained close to 100 percent leased and is currently home to the highest concentration of United Nations missions, foreign consulates, and non-governmental organizations (NGOs) in New York City.
Each floor of the building totals 78,000 s/f and is comprised of units that range in size from less than 1,000 to more than 50,000 s/f. Units can also be combined or demised to accommodate users of varying sizes. Sale prices range from under $1 million to over $60 million.
866 United Nations Plaza is a full-service building, institutionally managed and operated by Jones Lang LaSalle.
The 41,500s/f underground parking garage, as well as three retail condominiums will also be a part of the condominium offering at 866 United Nations Plaza.
These units will be marketed for sale at a later date by Glenn Tolchin and Jon Caplan of Jones Lang LaSalle.

●kislak company
Paterson portfolio offering

The Kislak Company, Inc. has been retained as the exclusive marketing and sales agent for a 136-unit residential portfolio located at 324, 339 and 431 Broadway in Paterson, New Jersey.
Jonathan Greenberg and Joseph Keenan are leading Kislak’s assignment.
“With such a low supply of inventory in New Jersey, very few opportunities to acquire over 100 units, and extremely attractive interest rates well below four percent, I believe the portfolio will generate a great deal of consideration,” said Greenberg.
The portfolio of one-two and three bedroom units has been owned by the same family for more than 20 years. There is on-site parking for 26 cars. The properties are located 20 minutes from the George Washington Bridge, 25 minutes from the Lincoln Tunnel and 30 minutes from the Holland Tunnel.

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