On the market

Commercial properties recently placed on the market
By Linden Lim | September 01, 2012 07:00AM

NYC Citibank branch portfolio for sale

181 Montague Street

A portfolio of seven Citibank retail branch locations throughout the city is on the market. While there is no set asking price, the portfolio could generate offers in the range of $100 million, Newmark Grubb Knight Frank’s Kenneth Zakin said in a news release. Zakin is marketing the bank branch sites with colleagues Randall Liberman and Hymie Dweck. The properties — which can be purchased together or separately — are located at 123 East 86th Street, 1275 Madison Avenue and 2261 First Avenue in Manhattan; 181 Montague Street and 885 Flatbush Avenue in Brooklyn; 107-01 71st Avenue in Queens; and 1800 Williamsbridge Road in the Bronx.


Astoria development site hits market

One of the largest listings being marketed by New York brokerage newcomer Avison Young came online last month: a four-acre residential development site on the waterfront in Astoria, Queens. The Wall Street Journal reported that the site, at 3-15 26th Avenue, was formerly a lumber yard featured in the 1992 film “Freejack” and is now asking $80 million. Avison Young CEO Arthur Mirante told the paper that based on discussions he had with the Department of City Planning, the land could be rezoned to allow for 800,000 square feet of residential development. That would make the asking price an even $100 per buildable square foot.


Boerum Hill development site lists for $40M

A Boerum Hill parking lot ripe for residential development hit the block for about $40 million, the New York Observer reported last month. The 71 Smith Street site, at State Street, can legally accommodate 206,530 square feet of residential space and another 105,271 square feet of commercial space, the Observer said. The land is being marketed by Cushman & Wakefield and JRT Realty Group. The site is owned by a joint venture of Hamlin Ventures and Time Equities. “It could be a residential and hotel site,” Cushman’s Nat Rockett told the Observer. “We’re also thinking it could be attractive to a school use for some of the space.”


4055 10th Avenue

Inwood office building on the market

A 60,000-square-foot commercial property in Inwood is for sale with an asking price of $35 million. The single-story building, located at 4055 10th Avenue, on the northeast corner of East 216th Street, is being leased on a long-term basis to the city’s Human Resources Administration. In addition to the government tenant, the office building’s roof is leased long-term to a local parking operator. Bob Knakal and Robert Shapiro of Massey Knakal are handling the sale.


Harlem apartment complex on the block

213-219 West 116th Street

A 39-unit Central Harlem apartment complex that includes five retail spaces hit the market last month with an asking price of $16 million. The Jerome, a seven-story prewar rental building, at 213-219 West 116th Street, has 25 rent-stabilized units and is 100 percent occupied. Eastern Consolidated’s Ronda Rogovin and her daughter, Jamie Rogovin, are the listing brokers. The building’s lobby has been renovated, and the retail tenants have 5 percent annual rent increases stipulated in their leases, the Rogovins told The Real Deal last month. Current retail tenants include a pharmacy, a market, a video store, a furniture store and a café.


South Street Seaport buildings for sale

Two loft buildings located in the South Street Seaport Historic District are on the market with a combined asking price of $9.55 million. Located at 259 Front Street and 160 South Street, the block-through buildings occupy an entire lot, and each property has one commercial unit on the ground floor with three full-floor apartments above. The prewar buildings have approximately 14,790 square feet. An additional 7,469 square feet of air rights are available for future development. David Davison and Glenn Raff of Besen & Associates are handling the assignment.