Karten family looks to sell 320-unit 990 Sixth Ave for $400M

25-story mixed-use tower hasn’t seen much improvement since it was built in 1987

TRD New York /
May.May 08, 2017 05:20 PM

A 320-unit rental building in Midtown that hasn’t seen any major renovations since it was constructed in the mid 1980s is on the market asking $400 million.

The Karten family is looking to sell the 25-story, 400,000-square-foot building known as the Vogue at 990 Sixth Avenue, Crain’s reported.

Family patriarch Isidore Karten, who finished the property in 1987, died in 1999 and left his real estate portfolio to his children Harry Karten, Marcia Toledano and Bernice Bookhammer.

The family hired Cushman & Wakefield brokers Doug Harmon and Adam Spies to shop the property, which offers an investor the opportunity to make capital improvements and raise rents, or convert units into condos.

The building also has about 65,000 square feet of office space, 12,000 square feet of retail and a 120-space parking garage. [Crain’s]Rich Bockmann


Related Articles

arrow_forward_ios
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...