On the Market: Commercial

Oct.October 31, 2007 01:42 PM

Stuyvesant Town, Cooper Village could sell for $5B
MetLife has hired a marketer to shop around its Stuyvesant Town and Peter Cooper Village apartment complexes, the New York Post reported. CB Richard Ellis’ Darcy Stacom and William Shanahan will try to sell the 80-acre, 110-building package, which has 11,232 apartments and 111,000 square feet of retail. The target sale price is nearly $5 billion, according to the New York Times. This would be the priciest single property sale in U.S. history.

575 Lexington Avenue on the market
The nearly full 575 Lexington Avenue is on the sales market. Asking rents in the 600,000-square-foot tower at 51st Street are around $70 a foot. Darcy Stacom and William Shanahan of CB Richard Ellis are marketing the tower for owners the Koeppel family, the Post reported.

West 42nd Street development site for sale
Hotelier Richard Born, principal of BD Hotels, is marketing for sale his residential site at 508-512 West 42nd Street. The site could fetch close to $100 million, or about $330 a developable foot, according to the Sun.

Leasehold interest in UWS rental on the block
Boymelgreen Developers is marketing for sale the leasehold interest in the 16-story, 172-unit Hudson Park Riverside rental building at 323 West 96th Street, the Sun reported. Units rent for $42 to $55 a square foot, and the rents are stabilized with increases determined by the New York City Rent Guidelines Board. The stabilized rents expire in 2013. The leasehold is expected to fetch $90 million, or $523,000 per unit.

Fifth Avenue development site for sale
A mid-block development site at 309-311 Fifth Avenue is on the market, the Sun reported. The offering states that a developer can build a 141,000-square-foot residential tower. The 31st Street site is expected to fetch approximately $375 a developable foot.

Large Greenpoint development site asking $43M
The 97,934-square-foot mixed-use development site at 49 Dupont Street on the Greenpoint waterfront is asking $43 million. It can support 260,911 square feet of residential development or 169,867 square feet of commercial development. Robert Knakal and Mark Lively of Massey Knakal are the exclusive sales agents.

Lower Manhattan parcel on the block
The 9,800-square-foot parcel at 169 William Street, also known as 33 Beekman Street, is being marketed for sale, the Sun reported. The site, which presently serves as a parking garage owned by Jack Resnick & Sons, can accommodate a mixed-use residential tower or hotel of approximately 138,000 square feet. The property is expected to sell for close to $42 million, or $300 a developable square foot.

East 34th Street development site on the market
A 100,000-square-foot site on East 34th Street between Park and Madison avenues is being marketed for $35 million, or $350 a developable foot. The site is close to the Midtown campus of Stern and Touro Colleges and can be developed as student housing, according to the Sun.

Asking price set for Sundari lot
The site of the canceled Sundari project at 158 Madison Avenue, which went on the market earlier this summer, is asking $30.5 million. The T-shaped site, currently a vacant lot, has 81,249 total buildable square feet, which could hold approximately 72 units. Robert Knakal and John Ciraulo of Massey Knakal are the exclusive sales agents.

Long Island City hotel asking $23M
The newly constructed 80-room Comfort Inn at 42-24 Crescent Street is on the market with an asking price of $23 million. Clint Olsen and Alfonso Holloman of Massey Knakal are the exclusive sales agents.

Midwood mixed-use development sites for sale
Two development sites in the Midwood section of Brooklyn are on the market for a total of $20 million. The site at 1101 Avenue M has 43,000 buildable square feet; 1122 Chestnut Avenue has 63,920 buildable square feet. The sites can be bought together or separately. Eric Greenfield of Massey Knakal is the exclusive sales agent.

East Village apartment buildings on the block
The three buildings at 118 and 120-122 East 4th Street are on the market with an asking price of $13.9 million. The one four-story building and two five-story buildings total 69 residential units, of which 61 are rent-stabilized and eight are free-market. John Ciraulo, Matthew Parvin and Craig Waggner of Massey Knakal are the sales agents.

Tribeca conversion opportunity on the market
The five-story, 30,000-square-foot commercial building at 25 Park Place is on the market with an asking price of $10.5 million. The property is being marketed as a development or conversion opportunity. Rick deRuyter, Peter DeCheser and Paul Smadbeck of Massey Knakal are the exclusive sales agents.

Far Rockaway office building for sale
A five-story, 37,000-square-foot office building just west of the Nassau-Queens border is on the market through Besen & Associates’ Platinum Team. Adelaide Polsinelli, Laurence Ross and Ellen Volpe are handling the sale.


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