On the Market

Commercial properties recently placed on the market

Jul.July 29, 2011 03:52 PM

11 East 68th Street

A prewar Upper East Side rental building that hit the market last month could draw $220 million, real estate experts predict, because of its potential to be turned into condominiums and the value of its prime 10,000 square feet of Madison Avenue retail space, according to Crain’s. “There is a limited amount of properties on the market in general, so investor interest should be through the roof for something like this,” Dan Fasulo, managing director at Real Capital Analytics, said of the 11-story property at 11 East 68th Street, which is owned by Abro Management.

Hudson Square development site for sale

The 95-year leasehold interest in a development site at 68-74 Charlton Street is up for grabs for $45 million. Also known as 61063 Vandam Street, the 15,142-square-foot lot could support a development of up to 181,535 square feet. The current owner has plans for the construction of a 35-story, 309-room luxury hotel, but the site can be repositioned for commercial, nonprofit or institutional use. If the purchaser opts to go the hotel route, plans call for room sizes of 350 to 646 square feet, as well as 3,500 square feet of meeting space, a spa and a rooftop bar. Brian Ezratty of Eastern Consolidated is handling the sale.

Queens industrial property asking $39 million

A two-story office and industrial building at 22-09 Queens Plaza in Long Island City is on the market with an asking price of $39 million. Sitting on an 111,500-square-foot lot, the 90,000-square-foot building is zoned M1-5, which allows for light manufacturing as well as residential and other commercial uses, and has a floor-area ratio of 5. This will allow the buyer to develop a property of 557,500 square feet on the site. The owner, PEC Realty Corp., will deliver the building vacant. Eric Anton and Ronald Solarz of Eastern Consolidated are marketing the building.

Harlem school building on the market

The seven-story Rice School building at 74 West 124th Street will be auctioned off by bankruptcy court later this year, with a possible sale price of up to $30 million, according to the New York Post. The Catholic high school, which shut down in June after losing millions of dollars a year, is 59,521 square feet and sits on an 11,358-square-foot lot. The building contains a pool, gym and cafeteria, as well as dorm facilities. James Kuhn and Jennifer Schwartzman of Newmark Knight Frank, on behalf of the bankruptcy court, are seeking a stalking-horse bidder for the auction, which is scheduled for the fall. “There are many schools out there looking for great buildings and many residential developers looking for great acquisitions,” Kuhn said.

Package of 145 Bronx co-op units for sale

A portfolio of 145 co-op units at 2100-2120 Wallace Avenue in the Bronx is on the market with an asking price of $17 million. The for-sale units make up 96.5 percent of the elevator building’s co-op shares. Average rents at the 144,354-square-foot property exceed $1,200 per month, with two-bedrooms leasing for $1,500 per month and up, according to the listing. The building’s current gross scheduled annual income is $2.15 million. A Massey Knakal team consisting of Robert Knakal, Nicholas Burns, Jonathan Hageman, Matthew Abreu and Andrew Essick is handling the sale.

Greenwich Village buildings on the block

Two mixed-use buildings at 175-177 MacDougal Street and a retail building at 179 MacDougal are on the market with an asking price of $12.95 million. The buildings at 175-177 MacDougal Street contain 10 apartments, two retail spaces and two commercial spaces, while 179 MacDougal Street consists of five stores. The lots that the buildings sit on form an L-shaped parcel, with 75 feet of frontage on MacDougal Street and 45 feet of frontage on West 8th Street. Massey Knakal’s James Nelson is marketing the properties.

Compiled by Linden Lim

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