The Real Deal New York

On the market: Commercial

Commercial properties recently placed on the market

March 31, 2009


Greenwich Village office building for sale


A nine-story office building at 96 Morton Street is on the market with an asking price of $57.5 million, or $509 per square foot. The property, between Greenwich and Washington streets, is configured as floor-through offices on the second through ninth floors, with two retail tenants at ground level. The office tenants are paying an average of $28 per square foot, with leases due to expire between 2014 and 2016. The retail tenants are paying $36 per square foot. A sale at the asking price would represent a capitalization rate of 3.6 percent and a gross rent multiple of 17.7. James Nelson, Brendan Gotch, Billy Simons and Richard D’Andrea of Massey Knakal are handling the sale.

UWS condo package on the market

A package of 84 residential condos at 500 West End Avenue and 41 West 72nd Street is on the market with an asking price of $42.5 million. The majority of the units are rent regulated, with the exception of three that are vacant and deregulated, and two more units that are rented as free market with leases set to expire in the near term. The rent-stabilized units are renting at an average of $1,183 a month. The condos have a projected net income of about $253,000 if the three vacant units are rented. George Moss and Scott Ellard of Eastern Consolidated are handling the assignment. The package previously went on the market through Eastern Consolidated in 2007 for $100 million.

LES loft building on the block

A 12-story commercial loft building at 54-58 Canal Street is up for sale with an asking price of $37 million, or $569 per square foot. Also known as the Jarmulowsky Bank Building, the vacant property has 65,000 square feet of space, including the basement. The elevator building, built in 1895, is on the southwest corner of Canal and Orchard streets and lies in a C6-2G commercial zone. The property can be converted to a hotel or kept as commercial loft spaces with ground-floor stores. A special permit would be required for conversion into condominiums with stores, or for any other residential use. Michael DeCheser and Philip Huang of Massey Knakal are marketing the property.

Flatiron development site asking $17M

A development site consisting of three contiguous retail buildings at 929-933 Broadway is on the market with an asking price of $17 million. Situated between East 21st and East 22nd streets, the site includes vacant three-story buildings totaling 9,364 square feet. A proposed renovation for the prewar buildings calls for the excavation of a full basement; the extension of the ground through third floors to 4,362 square feet per floor; and the addition of a fourth floor with 4,006 square feet of mezzanine space. The renovated site would create a total of 21,454 square feet of sellable retail space, including the basement. The property, zoned M1-5M, could operate as three separate stores or as one larger store. The owner would consider selling the properties individually. John Ciraulo and Robert Knakal of Massey Knakal are handling the sale.

Soho retail condo on the market

A multilevel retail condo at 15 Mercer Street is on the market with an asking price of $7 million. Situated between Canal and Grand streets, the store has 36 feet of frontage and is occupied by L’Oreal Professionnel Soho Academy, a hair-dressing school, which is currently under a four-year lease with two one-year options. The tenant is paying $300,000 annually and is covering all taxes and common charges for the 6,225-square-foot space. The store has 3,375 square feet on the ground floor with 16-foot ceilings; the 2,850-square-foot lower level has nine-foot ceilings. A sale at the asking price would represent a capitalization rate of 4.2 percent. Itzhaki Properties is marketing the space.

Tribeca multifamily building asking $7M

A five-story residential building at 90 Chambers Street is on the market with an asking price of approximately $7 million. The 8,885-square-foot property has five residential units and one ground-floor commercial unit. Located on the south side of Chambers Street between Broadway and Church Street and zoned C6-3A, the building was recently gut renovated. A total of 5,236 square feet of air rights are available and the site has a buildable square footage of about 14,115. Marcia Rose Yawitz and Paul Nigido of Eastern Consolidated are handling the assignment.

East Village apartment buildings for sale

A pair of adjacent multifamily properties at 325 East 10th Street is on the market with an asking price of $5.2 million, or $473 per square foot. Built in 1900, the buildings include 19 units totaling 11,000 rentable square feet. The front building has five stories as well as a sublevel, and contains 10 apartments and one commercial unit. The rear building is four stories tall and contains eight apartments. Annual expenses for the properties, which will be delivered vacant, are estimated at around $73,000 per year. Marcus & Millichap is handling the sale.

Compiled by Linden Lim

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