MSG Move Would Be a $5B Nightmare Dressed Like a Daydream: Transit Group

https://commercialobserver.com/2016/04/msg-move-would-be-a-5b-nightmare-dressed-like-a-daydream-transit-group/

Two huge Wall Street residences sold for $430M

A little too late on the housing boom in FiDi but the price per unit is fantastic.

http://nypost.com/2016/04/19/two-huge-wall-street-residences-sold-for-430m/

Sale of 27 East 79th Street

Recently 27 East 79th Street sold for approximately $28 million. I recalled and now I'm proud of what I wrote to a broker friend back in July 2015 about the property:

I did a little research on the property. Below are the comps for the past year in the area:

• 46 East 81st St. $22,000,000
• 26 East 80th St. $19,850,000
• 51 East 80th St. $23,500,000
• 15 East 75th St  $18,300,000 (multi-family)
• 39 East 74th St. $27,250,000
• 55 East 74th St. $14,118,000

Co-op and Condo recent sales:

• 930 5th Ave. 4f $2,450,000 Co-op
• 930 5th Ave. 5f $2,625,000 Co-op
• 930 5th Ave. 3e $2,095,000 Co-op
• 900 Park Ave. $5,775,000 Condo (est. 2,000 sft)
• 900 Park Ave. 25 A/B $5,875,000 Condo (est. 2,100 sft)

From the data I put together I estimated that the best use is single family, duplex or possibly a triplex.

It appears to be not feasible to build full since you would have to resell units between $3,500-$4000 per foot and the data for the area isn't close to supporting that. Also, banks have recently become squeamish about lending on developments. Using secondary lenders would blemish the deal.

Just to give you an idea, Mayor Bloomberg's mansion down the street, after combining all the properties into one a little over 10,000 sft property, was valued $30 - $35 mil about a year ago.

With that said, I love the property and it's location and would welcome the opportunity for an exclusive on it. With current market sales and bank lending I feel the numbers should be more in $25 - $30 mil range and I feel comfortable that it would be on the higher end of the range .

I'll be glad to speak more about this with you if needed.

De Blasio puts Rangers legend’s dream on ice

http://nypost.com/2016/04/04/former-rangers-ice-arena-construction-stalled-by-de-blasio/

THE REAL ESTATE BOARD OF NEW YORK - New York City Investment Sales Report Second Half 2015

https://www.rebny.com/content/dam/rebny/Documents/PDF/News/Research/NYCInvestmentSalesReport/REBNY_NYC_Investment_Sales_Report_2H15.pdf