The Real Deal New York

On the Market: Murray Hill development site listed for $55M; UES townhouse asks $51M, Chelsea Arts Tower and more

February 01, 2014
By Linden Lim

11 Park Avenue

11 Park Avenue

Murray Hill development site on the market

A development site offering up to 63,195 buildable square feet in Murray Hill is on the block with an asking price of $55 million. Located at 11 Park Avenue between East 34th and East 35th streets, the site contains an eight-story parking facility that is triple-net-leased and can be vacated with 180 days notice. The site is zoned C5-3, which has a floor-area ratio of 15 for commercial use and allows up to 63,195 square feet, and a floor-area ratio of 10 for residential use as of right, which would allow 42,130 square feet. If utilized, an inclusionary housing bonus would increase the residential square footage allowance to 50,556. Massey Knakal’s Bob Knakal and John Ciraulo are marketing the property.

Del Nunzio lists UES townhouse for $51M

Brown Harris Stevens superbroker Paula Del Nunzio is listing a seven-level Upper East Side townhouse for $51 million, just $2 million shy of the priciest townhouse sale on record. The neo-Georgian mansion functions as the New York headquarters of the nonprofit School of Practical Philosophy. Located on 79th Street between Fifth and Madison avenues, the 16,000-square-foot house was purchased by the school in 1975, which made only minimal changes to the original 1903 layout, according to the Wall Street Journal. The school said in a statement that it is selling the property because “it is time to make the move to a larger space that can better meet our growing needs.”

Chelsea Arts office condos ask record $20M

The 21-story Chelsea Arts Tower has two separate commercial condominiums available that may just be the priciest office space ever offered in New York City on a per foot basis, Crain’s reported. The top-floor condo, asking $2,800 per square foot, and space on the 14th floor, asking $1,600 per square foot, together would put as much as $20 million in developer Jack Guttman’s wallet. The 21-story tower, located at 545 West 25th Street between Ninth and 10th avenues, was built in 2006, before the city banned construction of buildings taller than 120 feet in the area, giving the highest floors unobstructed views. The expensive listings in the Chelsea Arts Tower may be driven in part by the scarcity for office condos in the city, as The Real Deal has reported. CBRE Group’s Matt Bergey and Stuart Siegel are handling the sale.

Bond Street retail condo hits market for $13M

A corner retail condo housing designer-menswear store Billy Reid on Bond Street has hit the market for $13 million, listing broker Jerome Benayoun of Black Diamond Advisory Group told The Real Deal. The 4,622-square-foot space, at 54 Bond Street, is located on the ground floor of a luxury condo project built by developer Adam Gordon. The white cast-iron building, on the corner of the Bowery, was previously the site of the Bouwerie Lane Theatre. Gordon sold the retail condo to a foreign investment partnership for $5.5 million in 2010. The partnership is now looking to offload the property since its principals have different priorities, according to Benayoun. The partnership, known as YHD Bowery Commercial LLC, could not be reached for comment.

Brooklyn corner apartment buildings for sale

A package of two apartment buildings in Cobble Hill and Carroll Gardens is on the market with an asking price of $10 million. The corner properties, located at 285 Court Street in Cobble Hill and 384 Court Street in Carroll Gardens, consist of 10 apartments and two retail spaces. The three-story building at 285 Court Street contains four residential units and one retail unit, and the four-story property at 384 Court Street has six residential units and a retail unit, which will be delivered vacant. Adam Hess of TerraCRG is handling the sale.