The Real Deal New York

On the market

Commercial properties recently placed on the market
By The Real Deal | October 31, 2011 05:07PM

Trump Place sites could fetch up to $400M

Two Trump Place development sites — one on the southwest corner of 61st Street and West End Avenue and the other at the northwest corner of 59th Street and West End — have been put on the market, the New York Post reported. The seller is a joint venture between the Carlyle Group and Extell Development that is looking to reduce its joint holdings. Sources told the newspaper that the sites could fetch nearly $400 million combined. The parcels, which are currently being used as parking lots, are together approved for up to 1,200 apartments, the Post reported. Holliday Fenoglio Fowler is marketing the lots on behalf of the partnership.

Invesco places 33 Maiden Lane on the market

Atlanta-based investment fund Invesco put the office tower at 33 Maiden Lane on the market last month, Crain’s reported. But thanks to a unique tenant, the building’s sales price may be compromised: Three-fourths of the 625,000-square-foot tower is leased by the ultra-credit-worthy Federal Reserve Bank of New York. But the bank rented the space in 1986 in an agreement that runs through 2023, guaranteeing it will be paying below-market rates for another dozen years. The bank’s presence will likely limit the sales price to about $350 per square foot, or $218 million, Crain’s said — much less than the city’s $509-per-foot average for office buildings. CB Richard Ellis brokers Darcy Stacom and William Shanahan are marketing the property.

Five-building ‘TriStar Portfolio’ for sale

A portfolio of five mixed-use, downtown Manhattan buildings is on the market with an asking price of $60 million. The walk-up buildings, which are located in the West Village and Nolita and on the Lower East Side, are together known as the TriStar Portfolio. The buildings include: a six-story property with 42 apartments and four commercial units at 380-386 Broome Street; a five-story property with 13 apartments and two retail units at 9 Christopher Street; and two six-story properties with a combined 45 apartments and eight commercial spaces at 55-59 and 61-63 Delancey Street. The portfolio is being marketed by a Massey Knakal team that includes James Nelson, Robert Burton, Michael DeCheser, Mitchell Levine, David Fowler, Caroline Hannigan and Matthew Nickerson.

Clinton residential package on the market

A portfolio of three apartment buildings and a residential development site in Clinton is on the market with an asking price of $24.5 million. The properties include 801-803 Ninth Avenue, two five-story apartment buildings with 20 residential units and four retail units, one of which is vacant; 767 Ninth Avenue, a four-story apartment building with six residential units and one retail unit, currently occupied by a pharmacy; and 805 Ninth Avenue, an as-of-right residential development site with 21,000 square feet of zoning floor area. Eastern Consolidated’s Gabriel Saffioti and Eric Weinberg are handling the assignment.

LES mixed-use building asking $20M

An eight-story mixed-use building at 165-167 Eldridge Street is for sale with an asking price of about $20 million. The 30,000-square-foot property, built in 2004, has commercial space on the ground and second floors as well as in the basement. Floors three through eight have a total of 18 one- and two-bedroom rental apartments. The third-floor units, along with select units on the fourth, sixth and seventh floors, have terraces. Units 8A and 8B have access to the rooftop garden. The building will be eligible for conversion to condos on June 30, 2016, when the apartments become free-market. Robert Khodadadian of Skyline Properties is handling the sale.

Compiled by Linden Lim

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