The Real Deal New York

On the market

By Linden Lim | April 01, 2013 07:00AM

980 Madison Avenue

Carlyle puts 650 Madison Avenue on market
The Carlyle Group has put a Midtown office tower on the market. The sale could yield more than $1 billion for the investment behemoth, according to a report seen by Crain’s. The 27-story tower is located at 650 Madison Avenue between East 59th and 60th streets and totals roughly 600,000 square feet, making it a shade smaller than the nearby Sony Building, which was acquired by the Chetrit Group for $1.1 billion earlier this year. Eastdil Secured will handle the marketing, according to Crain’s, which also noted that plans for the building could include a conversion to residential and hotel space.

St. John’s Tribeca building on the block
St. John’s University has put its 10-story, 150,000-square-foot building at 101 Murray Street on the market. The sale could generate between $150 million and $200 million, published reports said. The property, located between West and Greenwich streets, can support a residential development of over 300,000 square feet. Several prospective buyers have expressed interest in the building, including developer Edward Minskoff, who built a residential tower at nearby 101 Warren Street in 2007. Cushman & Wakefield is marketing the property, the New York Observer reported.

Aby Rosen’s RFR lists 980 Madison
Aby Rosen’s RFR Realty has listed its block-long commercial property at 980 Madison Avenue, Crain’s reported. The sale could fetch $100 million or more, brokers told the publication. The 100,000-square-foot building runs between East 76th and 77th streets and includes both office and retail space. Rosen had previously wanted to erect a residential tower, which drew community opposition and led the developer to scale back his plans. Later, Rosen appeared to shelve his development efforts when the recession struck. Darcy Stacom and William Shanahan of CBRE Group are handling the sale.

Rare UWS development site hits the market
As nonprofits continue to struggle, many are liquidating real estate assets. The latest is 206-210 West 77th Street, which the Jewish Board of Family and Children’s Services put on the market. The building, between Broadway and Amsterdam Avenue, is currently a parking garage, but could accommodate a building 185 feet tall and up to 100,000 square feet in size. Experts told Crain’s the site could fetch as much as $45 million. “The seller is taking advantage of an extraordinarily hot land market,” said Bob Knakal, chairman of Massey Knakal Realty Services, which is representing the seller. “There haven’t been many development sites to hit the market on the Upper West Side in recent years.”

Queens new-construction building for sale
A six-story building that was originally built as a new-construction condo at 89-16 175th Street in Queens’ Jamaica neighborhood is on the market with an asking price of $16.25 million. Located between 89th and 90th avenues, the corner elevator building, which was erected in 2008, is currently operating as a rental building with 55 two-bedroom units. The fully rented building also has approximately 12,000 square feet of office space and a 28-car parking garage. A 15-year, 421-a tax abatement is in place. Amenities in the apartments include hardwood floors, in-unit laundry and fully equipped kitchens. Ben Weiss of Besen & Associates is handling the assignment.

UES multi-family package on the block
Two five-story, multi-family buildings located on the Upper East Side are for sale with an asking price of $10.75 million. The walk-up buildings are located at 330 East 73rd Street and 309 East 93rd Street; both are between First and Second avenues. The former is 12,150 square feet and contains 19 residential units, one retail unit and four storage rooms, while the latter is 10,500 square feet and contains 10 apartments and four storage rooms. An Ariel Property Advisors team consisting of Jesse Deutch, Randy Modell, Howard Raber and Shimon Shkury is marketing the package.