UES rental with condo potential for sale
The longtime owners of a prewar rental building in Carnegie Hill have put their 13-story, 65-unit structure on the market. Insiders say the building will likely sell for more than $120 million or more than $1,400 per square foot — a price driven by the high demand for luxury condo sites. The building, which is located at 12 East 88th Street, between Fifth and Madison avenues, has 85,839 square feet of residential space and 1,800 square feet of office space, real estate data website PropertyShark shows. Jones Lang LaSalle’s Jon Caplan, Richard Baxter, Scott Latham and Yoron Cohen are marketing the building.
Kaufman Arcade building on the market
The Kaufman Organization’s Kaufman Arcade building in Midtown South is on the market for the first time in over 60 years, the New York Post reported last month. The 198,000-square-foot property at 141 West 35th Street could command north of $90 million, sources told the Post. Kaufman tapped Eastern Consolidated’s Brian Ezratty and David Schechtman to market the mid-block building that runs from West 35th to 36th streets between Broadway and Seventh Avenue. “People are clamoring for this kind of product at the outskirts of the Hudson Yards,” Schechtman told the Post. The retail space at the building is partially leased by the tackle shop Capitol Fishing Tackle Co.
Chinatown commercial building on the block
A six-story office and retail building at 164-168 Canal Street is on the market for $63 million. Financial tenants Citibank and New York Life occupy about 70 percent of the 49,950-square-foot property, located at the corner of Canal and Elizabeth streets. Approximately 3,200 square feet of air rights are available for a potential penthouse addition. With the exception of the leases for Citibank, New York Life and a few small tenants, all of the leases in the building are set to expire this year. The building has a gross annual income of $4.2 million. Massey Knakal’s Nick Petkoff and Maurice Suede are handling the sale.
Gutted Midtown West office building for sale
A gutted office building at 315 West 35th Street hit the market earlier this summer for $36 million. The property, on Midtown’s West Side, was in the midst of a residential conversion before the economic downturn, and is a ready-made condominium redevelopment project for a buyer with the right finances, listing broker John Krueger of Marcus & Millichap told The Real Deal. Architectural plans for 57 condos were drawn up by the current owner, who planned to add a rooftop penthouse to the 14-story office building once it was converted to condos. A new owner could also redevelop it as a hotel.
Bronx multi-family portfolio asking $22M
A package of eight apartment buildings located in the Bronx is on the market with an asking price of $22 million. The properties include 670 Garden Street, 650 East 182nd Street, 2236 Hughes Avenue, 1963 Daly Avenue, 2243 Hughes Avenue, 643 East 182nd Street, 691 East 188th Street and 270 Longstreet Avenue. Seven of the buildings are located in the borough’s Belmont neighborhood, and the eighth, 270 Longstreet Avenue, is located in the Country Club section. The 202 apartments in the portfolio, which includes seven stores, have an average rent of $1,119 per month. Richard Torres of Besen & Associates is handling the assignment.