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Where Developers Rushed to Buy Property as 2012 Ended

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As building owners sought to avoid fiscal cliff worries and potential tax changes at the end of 2012, buyers swooped in to take properties off their hands in a win/win for all concerned. Some of these properties are lots that will be home to new condos, others are existing rental buildings that will be refurbished and, perhaps, converted to condos in the future. We've collected 'em on a map to give an idea of some new residential buildings and rental upgrades where apartments might be up for grabs in the coming years. Know of one we missed? Please let us know via the tipline or in comments.


· Curbed Maps archive [Curbed]

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1. 13-17 Laight Street

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13-17 Laight Street
New York, NY 10013

This building sold at the end of 2012 for $56 million. The new owner could renovate the nine existing residential lofts and potentially convert the 16 commercial spaces into luxury condos.

2. 23-10 Queens Plaza South

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23-10 Queens Plaza South
Queens, NY 11101

Developer Property Markets Group bought two Hunters Point lots at the end of the year for $37 million and will build a 347,000 square foot rental development there. The project will have 410 units, a 110-unit loft and a 300-unit tower.

3. 78-86 King Street

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86 King Street
New York, NY 10014

Toll Brothers purchased the lot at 78-86 King Street with potential plans for a luxury condo. (There's a 40,000-square-foot building on the site now, with another 160,000 square feet of air rights.) But the plans depend on the outcome of the Hudson Square rezoning proposal.

4. 953-961 First Avenue

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961 1st Avenue
New York, NY 10022

The Alexico Group once tried to build a luxury rental building at this hole in the ground but defaulted on the loans, and the site started to slide toward foreclosure. Toll Brothers recently picked it up for $64 million, and while plans are unknown, some kind of luxury condo seems likely given the developer's past projects.

5. 103 East 86th Street

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103 East 86th Street
New York, NY 10128

This 13-story rental building sold in November to building manager Stonehenge. Renovations could merely raise rents—or the building could go condo.

6. 2410-2418 Broadway

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2418 Broadway
New York, NY 10024

Sixty-one percent of the units in this building are rent-regulated, according to the Post, but it sold for $47 million in December to a buyer who recognized the "upside potential." The building has 3,500 square feet of unused air rights, so penthouse upgrades ahoy!

7. 245-259 West 25th Street

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245 West 25th Street
New York, NY 10001

The Naftali Group picked up this building at the end of 2012 for an unusually low $37 million. The developer will put another $1 million into renovations but plans to keep the building rental for the moment.

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1. 13-17 Laight Street

13-17 Laight Street, New York, NY 10013

This building sold at the end of 2012 for $56 million. The new owner could renovate the nine existing residential lofts and potentially convert the 16 commercial spaces into luxury condos.

13-17 Laight Street
New York, NY 10013

2. 23-10 Queens Plaza South

23-10 Queens Plaza South, Queens, NY 11101

Developer Property Markets Group bought two Hunters Point lots at the end of the year for $37 million and will build a 347,000 square foot rental development there. The project will have 410 units, a 110-unit loft and a 300-unit tower.

23-10 Queens Plaza South
Queens, NY 11101

3. 78-86 King Street

86 King Street, New York, NY 10014

Toll Brothers purchased the lot at 78-86 King Street with potential plans for a luxury condo. (There's a 40,000-square-foot building on the site now, with another 160,000 square feet of air rights.) But the plans depend on the outcome of the Hudson Square rezoning proposal.

86 King Street
New York, NY 10014

4. 953-961 First Avenue

961 1st Avenue, New York, NY 10022

The Alexico Group once tried to build a luxury rental building at this hole in the ground but defaulted on the loans, and the site started to slide toward foreclosure. Toll Brothers recently picked it up for $64 million, and while plans are unknown, some kind of luxury condo seems likely given the developer's past projects.

961 1st Avenue
New York, NY 10022

5. 103 East 86th Street

103 East 86th Street, New York, NY 10128

This 13-story rental building sold in November to building manager Stonehenge. Renovations could merely raise rents—or the building could go condo.

103 East 86th Street
New York, NY 10128

6. 2410-2418 Broadway

2418 Broadway, New York, NY 10024

Sixty-one percent of the units in this building are rent-regulated, according to the Post, but it sold for $47 million in December to a buyer who recognized the "upside potential." The building has 3,500 square feet of unused air rights, so penthouse upgrades ahoy!

2418 Broadway
New York, NY 10024

7. 245-259 West 25th Street

245 West 25th Street, New York, NY 10001

The Naftali Group picked up this building at the end of 2012 for an unusually low $37 million. The developer will put another $1 million into renovations but plans to keep the building rental for the moment.

245 West 25th Street
New York, NY 10001