On the Market

Commercial properties recently placed on the market

May.May 01, 2012 07:00 AM


22 West 48th Street
CBRE to market two Midtown buildings

CBRE Group vice chairmen Darcy Stacom and Bill Shanahan are bringing 15 West 47th Street and 22 West 48th Street to the market on behalf of the Italian families that have owned the office buildings for more than 30 years, Crain’s reported. The properties are expected to fetch up to $130 million. The 47th Street building, between Fifth and Sixth avenues, has 175,000 square feet among its 18 stories and is worth about $75 million to $80 million, according to Crain’s. It has a jewelry store in its ground-floor retail space. The 15-story 48th Street building is 75,000 square feet. It has a Duane Reade as a retail tenant and is estimated to be valued at about $50 million.


425 East 53rd Street
Midtown East conversion site for sale

A five-story building at 425 East 53rd Street is on the market as a conversion site with an asking price of $32 million. The 34,125-square-foot property, located between First Avenue and Sutton Place, has large, open-floor plates of about 6,825 square feet as well as ceiling heights of up to 16 feet. Currently, the building is completely occupied by Newel Art Galleries, but it will be delivered vacant. Although the property is zoned for residential use, it has a commercial certificate of occupancy, allowing for a variety of redevelopment opportunities. Clint Olsen and Daniel Doherty of Massey Knakal Realty Services are handling the assignment.

Harlem apartment building on the block


101-113 West 140th Street
A seven-story multifamily building at 101–113 West 140th Street is on the market with an asking price of $15.45 million. The five-story, 65,736-square-foot elevator building, located on the corner of Lenox Avenue and 140th Street, has five retail tenants. Most of the 53 residential units at the prewar property have been renovated, and many have been converted from five-bedrooms to three-bedrooms, yielding larger rooms overall. The apartments have hardwood floors, granite countertops and kitchens with stainless-steel appliances. About a third of the apartments have an average monthly rent of $566. It’s unclear what average rents are for the remaining units. Greg Corbin and Amit Doshi of Besen & Associates are marketing the building.


145 Greene Street
Soho retail condo asking $11 million

The retail condo portion of the residential building at 145 Greene Street is for sale with an asking price of $11 million. Located on the southwest corner of West Houston and Greene streets, the space features 124 feet of frontage and has 1,971 square feet of space on the ground floor. The unit has a 964-square-foot basement that’s currently being used as a kitchen prep and storage area. Aroma Espresso Bar currently occupies the retail condo, which is the coffee chain’s fourth location in Manhattan. Aroma’s lease runs through October 2015, with a five-year extension option. The upper floors of the building contain residential condos and are not part of the offering. Eastern Consolidated’s David Schechtman, Inbal Himelblau and Gary Meese are handling the assignment.


242-244 West 103rd Street
UWS apartment buildings on the market

Two adjacent, five-story apartment buildings at 242–244 West 103rd Street are on the market with a combined asking price of $5.43 million. The prewar walk-ups, located between Broadway and West End Avenue, total 10,625 square feet and include 21 apartments. There are eight free-market units and 13 rent-stabilized units, ranging from studios to two-bedrooms. The rent-regulated studios are 9 percent below market value; the rent-regulated one-bedrooms are 16 percent below market value; and the rent-regulated two-bedrooms are 14 percent below market value. Marcus & Millichap’s Peter Von Der Ahe, Scott Edelstein and Seth Glasser are marketing the buildings.

Compiled by Linden Lim


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