On the market

NYC commercial properties now up for sale

May.May 01, 2014 07:00 AM
500 Cathedral Parkway

500 Cathedral Parkway

$89M Upper West Side portfolio hits market

A six-building Upper West Side portfolio near Columbia University has gone on the market, with an asking price of $89 million. The package originally consisted of eight buildings, Marco Lala of commercial brokerage Marcus & Millichap told The Real Deal. The northernmost duo, near City College, sold in late December. The remaining properties are located at 500 Cathedral Parkway; 3143, 3147 and 3149 Broadway; 111 West 104th Street; and 242 West 109th Street. The properties are being marketed by Marcus & Millichap. Marco Lala, Jack Lala and David Raciti have the collective listings, which include 152 apartment units, 97 of which are market rate, and six retail spaces that currently have five tenants.

Upper West Side garage could fetch $61M

An affiliate of real estate firm Walter & Samuels is looking to sell an Upper West Side parking-garage site, which is being marketed as a potential redevelopment into condominiums. The 7,700-square-foot site at 219-223 West 77th Street, between Amsterdam Avenue and Broadway, boasts 77,000 square feet of buildable space. Avison Young brokers Neil Helman, Charles Kingsley, Vincent Carrega and Jon Epstein are handling marketing. The property is expected to fetch at least $61 million, or $800 per square feet, the New York Post reported.

Hare Krishnas list Brooklyn HQ for $60M

The International Society for Krishna Consciousness, also known as the Hare Krishna movement, wants to sell its U.S. headquarters in Downtown Brooklyn for upwards of $60 million, or more than $300 per buildable square foot. The four-story, 34,000-square-foot property at 295-309 Schermerhorn Street boasts 187,000 buildable square feet, and currently houses a temple and vegetarian restaurant, Govinda’s. The religious organization is looking for a new home in Queens. Eastern Consolidated executive managing director David Schechtman and associate director Andrew Sasson are marketing the site and also assisting with scouting a new location, sources said.

Brooklyn development site on the market

A development site with 89,500 buildable square feet in the Greenwood Heights section of Brooklyn is on the market with an asking price of $24.5 million. The property, located on the southeast corner of Fourth Avenue and 19th Street, will be delivered with approved plans for 91 residential units, 6,300 square feet of retail and 1,400 square feet of community facility space. About 20 percent of the residential units will be allocated for affordable housing under the Inclusionary Housing Program, which qualifies the future development for a fixed tax abatement. Massey Knakal’s Michal Amirkhanian and Aaron Warkov are handling the sale.

Manhattan Country School lists UES home

Fifty years after purchasing a five-story Upper East Side townhouse, the Manhattan Country School is listing the 7 East 96th Street property for $23 million. The French-style townhouse became home to the school in 1966. Founded with a tuition policy that enabled parents to pay on a sliding scale based on income, the school was reportedly under pressure for years but is now expanding, with enrollment doubling to roughly 400 students. Because of the growth, the school is bursting at the seams of its 40-foot-wide mansion. Proceeds from the sale will go toward the school’s purchase of a larger site “near Central Park” and to beef up its endowment, Michèle Solá, Manhattan Country School’s financial director, told the Wall Street Journal. The Corcoran Group’s Sharon Baum and David Enloe have a co-exclusive with the CBRE Group’s Tim Sheehan, Dan Kaplan and Ned Midgley.


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