On the Market: Commercial

November 09, 2007 02:01PM

Midtown building on the block
Douglas Harmon of Eastdil is marketing the 23-story 522 Fifth Avenue for Rockpoint and Stellar Management, the New York Post reported. The venture bought the 595,000-square-foot building and land separately for a combined $217 million last year. A conversion to a hotel, retail, or condos is possible.

Fifth Avenue site could support hotel
The joint venture of Lehman Bros. and Yitzchak Tessler is selling a vacant Fifth Avenue site that could fetch close to $400 a square foot. On the northwest corner of 36th Street, 400 Fifth Avenue could be built to 550,000 square feet as well as down two levels for a garage. It can also support 190,000 feet of hotel space, along with residential or even offices. Darcy Stacom and Bill Shanahan of CB Richard Ellis, along with Jeff Dauray from the D.C. hospitality company Molinaro Koger, are marketing the site, the Post reported.

Nineteen residential buildings hitting the market
A collection of 19 residential buildings is coming onto the market and could sell for as much as $100 million. The walk-up and elevator buildings, which have a total of 891 units, are scattered throughout Inwood, Washington Heights, and the Bronx. The largest building is the Tudor in the Bronx with 130 apartments, the Post reported. Woody Heller and his team at Studley are marketing the properties.

Soho mixed-use buildings on the block
Bids were recently due for the twin adjacent six-story buildings at 131-137 Spring Street. The buildings, which total 58,100 square feet, are occupied by fashion retailers Burberry and Diesel at street level and by multiple office and residential tenants above. Eastern Consolidated’s Ronald Solarz and Eric Anton are marketing the property with an asking price of $49 million.

Flatiron garage for sale
A six-story garage at 19-25 West 20th Street, which has about 90,000 square feet of building space, is expected to fetch close to $40 million, the New York Sun reported.

Williamsburg mixed-use property on the market
The 104,861-square-foot mixed-use building at 143, 147 and 153 Roebling Street is listed for $35 million. The property occupies an entire block and contains 37 residential and 11 commercial units. Richard Helfand and Victoria Guthrie of Marcus & Millichap are representing the seller, a New York investor.

Madison Avenue conversion opportunity on the block
The five-story mixed-use building at 238 Madison Avenue is on the market for $13.9 million. The property contains two commercial and 14 residential units. The property has significant air rights, making it ideal for conversion to condominiums. Massey Knakal’s John Ciraulo, Meyrick Ferguson, and Karen Shulman are the exclusive
agents.

Office building near Time Warner Center may be converted
John Catsimatidis and a partner are marketing the office building at 1790 Broadway to a developer who might be willing to pay $1,200 a square foot for the site and convert the property into a residential condominium, according to the Sun.

Diamond District building for sale
The 16-story commercial building at 29-31 West 47th Street in the Diamond District is on the market. The property contains 57,851 square feet, including 74 commercial units — 65 offices and nine retail stores, all jewelry-related. Massey Knakal’s John Ciraulo and Mark Spinelli are marketing the building.

West Side development site on the block
At the northeast corner of West 34th Street and 10th Avenue, a 10,000-square-foot site, formerly home to a gas station and garage, is being marketed for sale, according to the Sun.

Inwood development site on the market
Adelaide Polsinelli and Laurence Ross of Besen & Associates are marketing a parking lot on Dyckman Street just off the Harlem River Drive. The mid-block site can support 65,000 square feet of mixed-used development.