The Real Deal New York

On the Market: Commercial

October 25, 2007


Two Paramount Group buildings could fetch $1B

The Paramount Group is looking to sell two of its Manhattan office buildings for more than $1 billion, the New York Post reported. One building is 220 West 42nd Street, Clear Channel’s Times Square headquarters, and the other is One Financial Square at 32 Old Slip. The Financial District building could be sold for up to $800 million, while the Times Square property is likely to bring in more than $200 million. CB Richard Ellis is marketing the buildings.

Bush Tower could sell for $165M
The 210,000-square-foot Bush Tower at 130 West 42nd Street is on the market for sale and is expected to fetch $165 million, the Post reported. Nat Rockett and Tom Beneville of Jones Lang LaSalle are marketing the building for owner American Properties.

Swig selling UWS apartment buildings
Developer Kent Swig is selling two six-story buildings at 201 West 92nd Street and 200 West 93rd Street; the asking price is $79.6 million. Swig planned to add a nine-story condo to the top of the buildings but was issued a stop-work order earlier this year. The properties, which total 134 residential units and 14 stores, include 127,606 square feet of development rights. Robert Knakal, Meyrick Ferguson, Jonathan Hageman and Daniel Hagan of Massey Knakal are handling the sale. Swig bought the buildings for $54 million in early 2005.

Lower Manhattan office building asking $60M
The 12-story, 130,000-square-foot office building at 130 William Street is on the market for sale with an asking price of $59.95 million. The building, currently occupied by Berkeley College and Duane Reade, can be delivered vacant and is a candidate for a hotel conversion. Peter DeCheser and Rick DeRuyter of Massey Knakal are the exclusive sales agents.

Sheepshead Bay retail center on the market
The one- and two-story retail center at 3780-3860 Nostrand Avenue in Brooklyn is on the market for sale with an asking price of $43.5 million. The property comprises 46,300 square feet of retail space and 32,646 square feet of office space in five buildings, as well as a garage and outdoor parking. Eastern Consolidated is handling the sale.

Hudson Square warehouse asking $40M
The 57,500-square-foot warehouse at 537 Greenwich Street is on the market for sale with an asking price of $40 million. The property includes 42,500 square feet of air rights and can be delivered mostly vacant. Robert Burton and Nancy Guo of Massey Knakal are handling the sale.

Coney Island development site for sale
The 71,000-square-foot development site at 2955 Shell Road in Brooklyn is on the market for sale with an asking price of $25 million. The site has frontage on Shell Road, Neptune Avenue and West 6th Street, and it can support 213,000 square feet of residential development. Natasha Attal and Michael Harari of Massey Knakal are handling the assignment.

Bronx development site asking $22M
A development site at 5673 Broadway in Kingsbridge is on the market for sale with an asking price of $22 million. The property is currently configured as seven retail stores and a parking lot; it can support 280,000 square feet of development with a community-use bonus. Karl Brumback and Cory Rosenthal of Massey Knakal are handling the sale.

East Village movie theater on the block
The Loews movie theater at 66-72 Third Avenue is on the market and could sell for around $20 million, the Post reported. The site can’t be redeveloped until 2037, when the master lease on the land expires. David Schechtman, Eric Anton and Ronald Solarz of Eastern Consolidated are handling the sale.

Washington Heights co-ops on the block
A total of 84 unsold co-op apartments in five buildings are on the market for sale with an asking price of $16 million, or $190,500 per unit. The buildings are located at 5-9 Pinehurst Avenue, 706 West 180th Street, 715 West 180th Street, 712-718 West 175th Street and 121-131 Fort George Avenue. Jack Botero and Peter Von Der Ahe of Marcus & Millichap are representing the seller, a private family estate.

Lexington Avenue landmark for sale
Investor group Lexington Landmark Properties has put the vacant seven-story, 24,900-square-foot building at 160 Lexington Avenue on the market five months after it bought it from Touro College for $8.2 million. The new owners are looking to net lease the building for about $1 million a year, according to published reports. R. Stuart Gross and Barry Berkowitz are marketing the property.

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