On the market

Commercial properties recently placed on the market

Nov.November 01, 2013 07:00 AM
540 West 21st Street

540 West 21st Street

Atlantic Foundation looks to cash in on Chelsea sale

The nonprofit Atlantic Foundation has put its Chelsea digs — a site that could be worth as much as $45 million — up for sale. The High Line-adjacent site at 540 West 21st Street has about 70,000 square feet of buildable space, but a buyer could add roughly 20,000 square feet by purchasing air rights from nearby sites. “A developer could build a 250-foot-tall, 23-story building here, which is taller and bigger than many other development sites in the neighborhood,” Stephen Powers, a broker with Denham Wolf, which is marketing the property, told Crain’s. The area’s current zoning requires that one-third of the space in any development be commercial. Powers suggested that a buyer consider a commercial condominium in the base of a residential tower and sell it to art-gallery tenants.

Flushing hotel and development portfolio for sale

A package of four development sites in the Flushing section of Queens, some of which are positioned to become hotels, is on the market with a combined asking price of $24.95 million. The properties can also be purchased individually. The site at 31-02/04/06 Linden Place, which is asking $5 million, is awaiting approval from the city Department of Buildings for a proposed 40-room hotel. Meanwhile, the lot at 31-16 Linden Place, which is asking $9.2 million, has approval for the construction of a 30-room hotel. The parcel at 34-36 Linden Place, which is asking $5.8 million, has approved plans for a 40-room hotel. And finally, the commercial property at 35-22 Linden Place, which has 15,188 buildable square feet, will be delivered vacant. It is asking $4.95 million. Stephen Preuss of Massey Knakal Realty Services is handling the assignment.

Union Square mixed-use building on the market for $24M

A four-story walk-up building anchored by international footwear retailer GEOX in Union Square is on the market with an asking price of $24 million. The 7,000-square-foot property, located at 862 Broadway between East 17th and 18th streets, comes with 11,200 square feet of unused air rights for future development. The second floor of the building is tenanted by yoga studio Prana Yoga, and the upper two floors consist of loft apartments. Adelaide Polsinelli of Eastern Consolidated is marketing the property.

Landowners look to double their money in LIC

In a sign of the increasing demand for Long Island City development sites, a large parcel in the Court Square area hit the market last month with a $23.5 million price tag, according to Brookfield Financial, the brokerage tapped to sell the property. The owner of the site, at 27-21 44th Drive at the corner of Purves Street, paid less than $10 million to assemble it, according to public records. The parcel, which is currently vacant, is comprised of three adjoining lots and could support a residential project of up to 114,000 square feet, said Brookfield’s Ron Solarz, who is listing the property along with colleagues Eric Anton and Eric Weinberg.

Tribeca multifamily building asking $15M

A five-story apartment building at 190A Duane Street is on the market with an asking price of $15 million. The corner property, which has an alternate address of 323A Greenwich Street, contains four tenanted, free-market apartments and a commercial space on the ground floor, which is occupied by Italian eatery Roc Restaurant. The 10,065-square foot building — which includes a 2,300-square-foot basement — also has an unused elevator shaft, where an elevator can be installed to convert the property from a walk-up. Douglas Elliman’s Leonard Bromberg and Anna Vinogradskala are handling the assignment.


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