The Real Deal New York

On the Market: Commercial

November 27, 2007

230 Park Avenue could fetch $720 million
The 1.2-million-square-foot 230 Park Avenue tower is up for sale for as much $720 million. Owned by a consortium of private investors that includes the Bass family of Texas, the 34-story landmark building between 45th and 46th streets is home to several financial firms including Swiss Re and ING Baring. Darcy Stacom and William Shanahan of CB Richard Ellis are handling the sale, the Post reported.

Sony to sell 550 Madison
Later this year, Sony will put its 36-story, 700,000-square-foot headquarters at 550 Madison Avenue on the market. Sony bought the tower two years ago. The building should sell for close to $360 million, according to the New York Sun.

620 Sixth Avenue for sale
German fund Jamestown will be selling 620 Sixth Avenue, which is expected to fetch as much as $300 million. Douglas Harmon of Eastdil will market the 7-story, 700,000-square-foot mixed-use building. It can support a 200,000-square-foot residential tower should the buyer choose to build one.

Amsterdam Avenue development sites on the market
Fordham University is selling two Amsterdam Avenue development sites with a total of 700,000 square feet at West 60th and West 62nd streets. The sites, expected to be developed into residential condominiums, could go for close to $300 million, according to the Sun.

Harlem rental complex could sell for $160 million
Cushman & Wakefield has been retained to sell Bethune Towers/Delano Village, a seven-building, 1,800-unit rental complex that includes the site of the original Cotton Club and Savoy Ballroom. The buildings which stretch along Lenox Avenue from 139th to 142nd streets may fetch $160 million, the Sun reported.

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