On the market

Commercial properties recently placed on the market

Apr.April 02, 2012 12:45 PM

31 West 27th Street

CPW rental building expected to fetch $90M
CBRE Group was tapped to market a 140-unit rental building at 21 West 86th Street, Crain’s reported last month. Fresh off announcing the sale of 33 Maiden Lane, CBRE’s executive vice chairmen Darcy Stacom and William Shanahan, along with executive vice president Paul Leibowitz, are putting the 15-story building up for sale. Stacom said the building could net more than $90 millionand has the potential for a condominium conversion. The property is the only Manhattan building owned by Mitchell Cohen, who acquired it in 1994, public records show. Crain’s reported that the ground floor of the building is leased to a medical office and rehabilitation center, and about one-fifth of the units above those facilities are rent regulated.

El-Gamal trying to sell Chelsea building?
Sharif El-Gamal, chairman and CEO of Soho Properties, also the man behind the proposed Park51 community center and mosque on Park Place in Lower Manhattan, is trying to sell a building — and not his Lower Manhattan property. El-Gamal is attempting to sell 31 West 27th Street in order to push his Downtown community center forward, Crain’s reported, speculating that the sale will provide Park51 with the necessary money for the venture. El-Gamal purchased the 12-story, 120,000-square-foot Chelsea building in 2007 for $45.7 million. According to Crain’s, he hopes to collect $65 million from the sale of the building, which is reportedly being marketed by Studley.

Queens development site on the market
Two contiguous lots at 163-05/25 Archer Avenue in the Jamaica section of Queens are for sale with an asking price of $22 million. Located on the northeast corner of Guy R. Brewer Boulevard and Archer Avenue, the development site has a total footprint of approximately 89,967 square feet. One of the lots has a seven-story garage with 730 parking spaces; the other contains a single-story retail strip with such tenants as Shade of Jade, a salon; Winner Industries Inc., a religious-products retailer; and Rent-A-Center East Inc. The site has a total buildable square footage of 719,736. Brian Sarath of Massey Knakal is handling the assignment.

FiDi site poised for hotel is on the block
A development site with plans for a boutique hotel at 98-100 Greenwich Street between Rector and Carlisle streets is on the market with an asking price of $17 million. Plans for a redevelopment — which includes the construction of a 24-story, 180-room hotel — have been drafted. The site is currently occupied by a vacant, five-story mixed-use building. McSam Hotel Group LLC is selling the property, which is being marketed co-exclusively by Eastern Consolidated’s Alan Miller and Paul Nigido as well as Lee Odell Real Estate’s Joe Genovese.

East 14th Street apartment building for sale
A multifamily building with ground-floor retail space at 235 East 14th Street is on the market with an asking price of $14.5 million. The seven-story elevator building has approximately 4,300 square feet of retail space at street level with about 18,000 square feet of residential floor area above. Built in 1988, the building has 17 low-income rental units on floors two through seven. The retail unit is occupied by an IHOP restaurant. John Ciraulo and Robert Knakal of Massey Knakal are marketing the property.

East Village walk-up asking $7.5 million
A five-story apartment building at 33 St. Marks Place is for sale with an asking price of $7.5 million. The prewar walk-up has nine apartments — eight in the front of the building and one duplex unit in the 1,200-square-foot rear carriage house. It also has four retail spaces. A tattoo and piercing parlor, Andromeda, occupies both retail units on the second floor. The two ground-floor retail units are tenanted by St. Marks Burger and Rockit Scientist Records. The building is being marketed by Glenn Raff and Lynda Blumberg of Besen & Associates.

Compiled by Linden Lim


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