The Real Deal New York

On the market

Commercial properties up for sale in NYC

June 01, 2014
By Linden Lim

084 COTM June se FINAL.inddTribeca Film Festival HQ lists at $105M

The 80,000-square-foot headquarters of the Tribeca Film Festival is being shopped around for $105 million, after trading for just $56 million at the end of 2012, The Real Deal has learned. Eastern Consolidated’s David Schechtman is marketing the six-story mixed-use property at 13-17 Laight Street on behalf of the owners, investment advisory firm Whitestar Advisors and development firm VE Equities, headed by Zach Vella and Justin Ehrlich. Several of the building’s commercial leases are set to expire in 2014 and 2015, according to CoStar Group, which would allow the building to be repositioned. It also has nine residential units, all but one of them market-rate. The property comes with unused air rights, which could allow for construction of more units.

Drug-treatment site in Hell’s Kitchen could fetch $40M

A local investment company that has for decades owned a building housing a drug treatment facility has put the property on the market. Some in the industry think it could sell for $40 million or more. The owner of 500 West 57th Street — home to the A.R.E.B.A. Casriel addiction abatement center — put the building up for sale after talking with brokers who suggested it had untapped potential as a retail store. The nonprofit’s lease expires at the end of 2015. The two-agent firm CSRE Real Estate Advisors, founded by broker Christopher Snyder in 2012, won the exclusive after several years of conversations started by CSRE’s Bryan Winter, an architect and salesperson there.

Seven-building East Flatbush rental complex asks $35M

Real estate investment firm KMG Partners is asking $35 million for a seven-building apartment complex occupying a full block in East Flatbush, TRD has learned. The 195,000-square-foot Clarendon Gardens site at 5407-5413 Kings Highway in Brooklyn holds 224 rent-stabilized apartments and 97 parking spots. The deal would also include 23,790 square feet of unused air rights. The units are housed in five three-story buildings and two two-story buildings. The site underwent $4 million in renovations, including new roofing and a new gas system, over three years, ending in 2011. Shallini Mehra and Amit Doshi of Flatiron District-based brokerage Besen & Associates are marketing the property.

$25M West Harlem portfolio up for grabs

Israeli real estate investor Yoram Nissim is looking to sell a three-building rental portfolio in West Harlem for just shy of $25 million, TRD has learned. The buildings, located on West 145th Street and Adam Clayton Powell Boulevard, total 68,120 square feet and contain 99 rent-stabilized and free-market units as well as retail space, according to an offering memorandum from Marcus & Millichap. The nine retail tenants in the buildings, which are located at 2492 and 2498 Adam Clayton Powell Boulevard and 215-219 West 145th Street, account for 12 percent of the buildings’ gross income, according to the memo. Marcus & Millichap’s Peter Von Der Ahe is marketing the portfolio along with colleagues Seth Glasser, Scott Edelstein and Jonathan Schwartz.

Queens development site asking $24M

A corner development site at 88-18 Justice Avenue in the Elmhurst section of Queens is on the market with an asking price of $24 million. The 44,748-square-foot lot, which has about 298 feet of frontage on Justice Avenue and 226 feet on 55th Avenue, has 271,148 square feet of unused air rights for future development. The property is located a block away from Queens Boulevard, one of the borough’s most active retail corridors, directly across the street from the Queens Place Mall. Massey Knakal’s Stephen Palmese and Thomas Donovan are handling the assignment.

MENU