The Real Deal New York

On the Market: Commercial

November 16, 2007

370 Lexington Avenue selling for $300M
The nearly 300,000-square-foot office building at 370 Lexington Avenue went on the market last month. It’s expected to bring in around $300 million for its owners, a fund operated by Jones Lang LaSalle that bought it in 2002 for $61 million. A CB Richard Ellis team headed by Darcy Stacom and Bill Shanahan is marketing the property, the New York Post reported.

Lower Manhattan luxury rental going for $50M
One of the older luxury rentals in Lower Manhattan is expected to command more than $50 million now that it’s on the selling block. The 15-story 17 John Street has 111 apartments that range from studios to two-bedrooms, and all are at market rents. The sale of the building would include four retail stores as well, covering about 15,950 square feet. Nathan Berman’s Metro Loft Management hired Charles Kingsley, Yoav Oelsner, Richard Baxter, and Scott Latham at Cushman & Wakefield to market the property.

Union Square office building for sale
The Amalgamated Bank Building at 15 Union Square West is on the market as a possible hotel/condo conversion candidate and is expected to go for more than $50 million. The bank has outgrown the structure and is relocating out of the 80,000-square-foot property, which can be demolished or expanded by a 20,000-square-foot penthouse, the Post reported. Darcy Stacom and Bill Shanahan of CB Richard Ellis are handling marketing.

Midtown Art Deco building on the block
The gold-leafed 14-story building at 29 West 57th Street was expected to go on the market by the end of last month and fetch around $50 million, the Post reported. Owned by a company called European Investors, the early Art Deco property was developed in 1924 by American Piano. A Cushman & Wakefield team of Scott Latham, Richard Baxter, Ron Cohen, and Jon Caplan will handle the deal.

Retail leasehold for sale on West 57th
The 63-year leasehold interest in an entire block of seven street-level shops – extending from Duane Reade on the southwest corner of West 57th Street and Sixth Avenue to Jamba Juice at the northwest corner of Sixth – is for sale at an asking price of $35 million. Eastern Consolidated’s Ronald Solarz, Eric Anton, and Zachary Bennett are marketing the 28,142-square-foot retail leasehold on behalf of seller Carnegie Retail LLC.

Bids due on Chelsea office building
Investors had until Jan. 17 to bid for the 11-story, 112,000-square-foot office building at 119 West 25th Street, the New York Sun reported. The property was expected to fetch approximately $33 million.

Meatpacking leasehold on the market
Developer Charles Blaichman is selling a 49-year leasehold in 40 Gansevoort Street, the site of fashion retailer Theory’s new flagship store andécorporate offices, the Post reported. The 64,000-square-foot building is now under construction and is due to be completed in April. It is net-leased to Theory for a 15-year term and expected to fetch more than $30 million. Ronald Solarz, Eric Anton, and Zachary Bennett of Eastern Consolidated, together with Christopher Owles of Sinvin Realty, are marketing the property.

Harlem conversion opportunities on the block
Two fully renovated buildings at 220 West 111th and 118 West 112th Street are for sale, priced at $10.5 million and $13.9 million, respectively. The six-story elevator apartment buildings have 24 units each. These properties may be purchased individually or as a package. Eastern Consolidated’s Ronald Solarz, Eric Anton, and Paul Nigido are co-marketing the properties with GFI Realty’s Matthew Sparks.

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