The Real Deal New York

Midtown, downtown office buildings are shopped without brokers

March 28, 2012 09:00AM

Two office properties, one in Midtown and one downtown, have hit the market sans brokers, the New York Post reported.

Without the help of a marketing firm, brothers Leon and Alfons Melohn are seeking buyers for 180 Water Street, a 24-story, 520,000-square-foot building occupied entirely by the city’s Human Resources Administration. The building could be vacant by 2015 when HRA plans to move to 4 World Trade Center. Still, the brothers are seeking $180 million for the circa-1971 office property.

Meanwhile, in Midtown, Banco Santander is shopping the 20-story, 110,000-square-foot building at 45 East 53rd Street it developed in 1991. While brokerages are allowed to bring in buyers that would pay their commissions, the building does not have a formal marketing firm. The Post said Savanna Partners and RFR Realty are among dozens of buyers working towards a deal worth $120 million — even though the building lacks retail and has just a single tenant in Banco Santander.

The bank wants to lease the building with the option of buying it back under an agreement that would net the buyer a 5 percent return. [Post, 1st item]