The Real Deal New York

On the Market: Commercial

Commercial properties recently placed on the market

March 31, 2008

Helmsley Park Lane Hotel could fetch $1B

The 46-story Helmsley Park Lane Hotel is expected to hit the market shortly and could fetch close to $1 billion, the New York Post reported. The 1971 property could end up selling for up to $1.5 million per room, according to one hotel analyst. The Park Lane was one of numerous properties placed in a trust after Leona Helmsley died last summer. The hotel is expected to draw interest from both hotel bidders and residential developers. Eastdil Secured and Cushman & Wakefield Sonnenblick Goldman are reportedly among the firms vying for exclusive rights to the assignment.

Manhattan House space asking $100M

The commercial space at the Manhattan House complex at 200 East 66th Street is on the market with an asking price of $100 million. The property includes 25,000 square feet of retail, 7,350 square feet of office space as well as a 225-car garage. Observers say a deal could bring several major apparel retailers to the Upper East Side apartment complex, including Brooks Brothers. Asking rents range from $200 a square foot on Second Avenue to $350 a square foot on Third Avenue. Owner Jeremiah O’Connor of O’Connor Capital Partners is converting the property into condominiums. Eastdil Secured is handling the sale.

Meatpacking District property for sale

A four-story, 5,163-square-foot commercial building at 446 West 14th Street is on the market with an asking price of $50 million. The buyer has the option of assuming the vacant property’s $22 million interest-only mortgage, which has a fixed rate of 5.82 percent over an 11-year term. The top floor of the building will have to be removed, because the air rights were sold to the adjacent property. Brendan Gotch, Jonathan Hageman, Robert Knakal and James Nelson of Massey Knakal are marketing the property.

Gowanus development site on the market

A 174,017-square-foot development site at 404-430 Carroll and 153 2nd streets in Gowanus is on the market with an asking price of $27 million, the Brooklyn Eagle reported. Boymelgreen Developers previously had plans for a mixed-use complex at the four-acre site, dubbed Gowanus Village, but the developer split with partners Africa Israel Investments and the Katan Group, and the plans have been put on hold. Africa Israel and Isaac Katan are selling the property. Ken Freeman of Massey Knakal and Ingram & Hebron are handling the assignment.

Noho retail building for sale

A 16,039-square-foot retail condominium at 380 Lafayette Street is on the market with an asking price of $25.5 million. The six-story commercial building, also known as 6-10 Great Jones Street, is located in the Noho Historic District. The multi-level space features 6,858 square feet on the first floor and a lower level of 9,181 square feet. The space is currently leased to restaurant Chinatown Brasserie until 2017; a step-up in its base rent will take effect in 2011. Brian Ezratty and Scott Ellard of Eastern Consolidated are handling the sale.

UWS theater space could fetch $20M

A landmarked, 15,000-square-foot theater at 2626 Broadway is on the market with an asking price in the low $20 million range, the New York Post reported. When Metro Theater closed several years ago, the owners had tried to rent out the space to a retail tenant or a restaurant. The property, which has been approved for conversion into a multi-level store plus mezzanine space, is now for sale. The owners took advantage of the city’s Industrial and Commercial Incentive Program to secure an annual tax abatement of $250,000 over the next 15 years. Peter Hauspurg, Jeffrey Troy and Peter Carillo of Eastern Consolidated are marketing the property.

Two Queens apartment buildings for sale

Two six-story apartment buildings at 162-20 and 164-03 89th Avenue in Queens are on the market with an asking price of $10.2 million. Located in the borough’s Jamaica neighborhood, the elevator buildings total 72 units and almost 18,000 square feet of space. The average monthly rent at 162-20 89th Avenue is $885; the average monthly rent at 164-03 89th Avenue is $1,026. An $8 million mortgage with a 5.475 percent rate over a 10-year, interest-only term must be assumed, with annual payments of $438,000. There are nine years remaining on the loan. Brian Sarath and Thomas Donovan of Massey Knakal are handling the assignment.

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