On the market

Commercial properties recently placed on the market

Jan.January 01, 2014 07:00 AM
401 West 14th Street

401 West 14th Street

Clarion selling stake in Apple’s Meatpacking building

International investment firm Clarion Partners has put up for sale its minority interest in the three-story building in the Meatpacking District that houses the Apple Store, insiders told The Real Deal last month. Clarion, headquartered in Midtown, owns just under 50 percent of the 60,000-square-foot building at 401 West 14th Street, at the corner of Ninth Avenue. The sale is expected to value the entire building at about $175 million to $200 million, insiders said. Clarion partnered with Taconic Investment Partners to purchase the building in December 2005 from the Plymouth Beef Company for $34.55 million, city records show. Eastdil Secured’s Douglas Harmon and Adam Spies are representing Clarion in the recapitalization of the property, which includes selling Clarion’s stake

Midtown East development site asking $55M

A development site with up to 63,195 buildable square feet at 11 Park Avenue is on the market with an asking price of $55 million. The property, located on the east side of Park Avenue between 34th and 35th streets, is currently configured as an eight-story, 150-space parking garage, and can be vacated with 180 days’ notice. Zoned C5-3, the site can support either a commercial development of 63,195 square feet or a residential development of up to 50,556 square feet by taking advantage of an inclusionary housing bonus. Massey Knakal’s Robert Knakal, John Ciraulo, Jonathan Hageman, Craig Waggner and Charlotte Myers are handling the sale.

Rare Borough Park portfolio hits market asking $50M

A portfolio of apartment buildings in Borough Park, Brooklyn, has hit the market with an asking price of $50 million, the brokers representing the seller told The Real Deal. Gabe Saffioti and Nicole Rabinowitsch of Eastern Consolidated are marketing the four buildings, which hold 193 rent-regulated units and are located between 45th and 47th streets and 12th Avenue. A family investor masked by LLCs has owned the portfolio for more than 30 years, the brokers said, and is looking to exit in order to focus on other projects. The family did not want to be identified, Saffioti said. The units are all rent-stabilized, with the exception of five rent-controlled units. Three commercial spaces, which house a doctor, a dentist and an unrelated real estate management company, are also located in the buildings.

Children’s Aid Society asks $20M for UES townhouse

The Rhinelander Children’s Center, an Upper East Side townhouse owned by the nonprofit Children’s Aid Society, has officially hit the market for $20 million. Cushman & Wakefield brokers Helen Hwang and Karen Wiedenmann are sharing the listing for 350 East 88th Street with the Tavivian Sporn team at Douglas Elliman. The four-story, 15,405-square-foot site is 50 feet wide. School programs have included preschool, summer camp and after-school care, but they will wrap up in June, the Wall Street Journal reported.

LES apartment building owner tries for quick profit

Keller Williams Realty Empire, based in Brooklyn, is marketing a five-story multi-family building on the bustling Lower East Side for $13 million. The 281 Grand Street property, purchased by Flushing-based LLC Jacob Re last year for $8.5 million, includes eight large loft-style apartments ranging from 12,000 to 16,000 square feet, according to the listing. Ground-level retail totaling 23,000 square feet is also on offer, and the property includes basement storage. The building is next to 283-285 Grand Street, which was demolished following a massive fire in 2010.


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