Two Midtown office buildings ripe for conversion come online

June 15, 2012 01:00PM

Marcus & Millichap has nabbed exclusive marketing rights for two 12-story office properties on 33rd Street, GlobeSt.com reported. The buildings, located at 10 East 33rd and 12 East 33rd between Madison and Fifth avenues, total 56,274 square feet and have a combined asking price of $35 million. They can also be converted for residential or hotel use.

“They are currently 100 percent leased to a diverse group of tenants at below-market rates,” said Brian Hosey a Marcus & Millichap associate who’s marketing the properties, “but one or both of them could be converted into condominiums, high-end apartments or a boutique hotel.”

Public records show the name of the owner is Adee Associates.

The properties are comprised of 22 full-floor office lofts, as well as 4,000 square feet of ground-level retail space. Within the last year both buildings have received new lobbies and elevators, according to GlobeSt.com. [GlobeSt]