On the market

Commercial properties recently placed on the market

Aug.August 01, 2012 07:00 AM

St. Regis retail condo fielding offers

The partnership that owns the retail condo at the St. Regis Hotel has received offers of as much as $375 million, or $15,182 per square foot, for the space, the New York Post reported. The highest offer for the 24,700-square-foot space at 2 East 55th Street came from a “super-luxury” retailer that would like to purchase and control the space outright, sources told the newspaper. The partnership has been “barraged with offers,” owner Haim Chera of Crown Acquisitions told the paper, “but the group [which includes the Feil Organization and Lloyd Goldman] doesn’t know what it wants to do yet.”

Bay Ridge retail building asking $42M

502-512 86th Street

A three-story retail building at 502-512 86th Street in Bay Ridge, Brooklyn, is on the market with an asking price of $42 million. The 39,000-square-foot property, located on the southeast corner of 86th Street and Fifth Avenue, is net leased to two tenants: Citigroup and discount apparel store T.J.Maxx. Citigroup, whose lease runs through September 2016, occupies 2,450 square feet on the ground floor and 2,500 square feet on the lower level. T.J.Maxx occupies the remaining space on the ground floor plus all of the second and third floors. Its lease runs through February 2021. Robert Knakal, Stephen Palmese, Mark Lively, Brendan Maddigan and Winfield Clifford of Massey Knakal are marketing the property.

Bronx multifamily buildings for sale

1314 Seneca Avenue

A pair of apartment buildings in the Castle Hill and Hunts Point sections of the Bronx is on the market with a combined asking price of nearly $30 million. The first property — an eight-story elevator building at 2025 Seward Avenue in Castle Hill — has 154 apartments and an asking price of $23.5 million. The second property, a six-story elevator building at 1314 Seneca Avenue in Hunts Point, has 60 apartments and two retail stores. It has an asking price of $6.25 million — or $5.35 million for the residential portion only. The package is on the market on a co-exclusive basis between Ariel Property Advisors’ Shimon Shkury, Scot Hirschfield, Victor Sozio and Michael Tortorici and Besen & Associates’ Amit Doshi and Greg Corbin. The properties can also be bought separately.

East Village development site on the block

An East Village site where a residential development could potentially rise 12 stories is for sale with an asking price of $22.5 million. The plot, at 79–89 Avenue D, is currently a one-story building with retail. It has an as-of-right floor area of about 72,000 square feet, according to Eastern Consolidated’s Nancy Tran, who is marketing the property with colleagues Alan Miller, Aliza Avital and Paul Nigido. The FAR can also be increased to approximately 96,000 square feet because the site qualifies for an inclusionary housing bonus, an exemption available through a city program that permits a larger FAR in exchange for the creation or preservation of affordable housing, Tran said.

53 East 67th Strett

East Harlem development site for sale

A block-front development site at 1381–1391 and 1399 Park Avenue is on the market with an asking price of $15 million. The properties, located between 103rd and 104th streets, can accommodate a development of up to 170,000 square feet, including 105,000 square feet of residential space and 65,000 square feet of community-facility space. The site has an 11,320-square-foot footprint, currently configured as one vacant three-story building, one vacant single-story building and three lots. The buildings can be demolished to make way for new development. Greg Corbin and Iris Rossano of Besen & Associates are handling the assignment.

UES townhouse asking $13 million

A five-story multifamily townhouse at 53 East 67th Street is on the market with an asking price of $13 million. The nine-unit property, located between Park and Madison avenues, has a doctor’s office renting for $10,161 per month. Built in 1910, the 7,000-square-foot building sits on a lot measuring 20 feet by 100 feet and is built 20 feet by 85 feet deep. Under the current R10 residential zoning, the property has an additional 13,258 square feet of air rights for future development. Marcus & Millichap is marketing the property.


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