On the Market: Commercial

Dec.December 02, 2007 05:12 PM

Midtown East building could sell for more than $500M
The 600,000-square-foot Philip Morris Building at 120 Park Avenue and 42nd Street is drawing bids of more than $500 million from major developers and investors, the New York Post reported. Bids have come in from SL Green, Brookfield Properties, Tishman Speyer, Vornado and Peter Kalikow, who is partnering with Lehman Brothers. The Whitney Museum plans to remove its branch from the building; the space could be converted into prime retail. Darcy Stacom and Bill Shanahan of CB Richard Ellis are marketing the property.

Meatpacking building could fetch $200M
The eight-story, 300,000-square-foot Milk Studios Building at 450 West 15th Street is on the market and is expected to sell for upwards of $200 million, the Post reported. The building is currently 100 percent leased to tenants including luxury retailer Jeffrey and the auction house Phillips de Pury & Co. The sellers, Angelo, Gordon & Co. and Belvedere Capital, bought the property in December 2004 for $55 million. Douglas Harmon of Eastdil Secured is handling the sale.

Two UWS buildings on the block for $100M
Two Upper West Side apartment buildings totaling 84 units are on the market with an asking price of $100 million. The properties are the San Jose at 500 West End Avenue, which has 55 units, and the Hermitage at 41 West 72nd Street, with 29 units. All but three units in the two buildings are occupied, with the majority of the units rent-regulated. George Moss and Scott Ellard of Eastern Consolidated are marketing the properties.

UWS residential building asking $72M
A 139,000-square-foot, 134-unit building at 201 West 92nd Street is on the market with an asking price of $72 million. The property comprises 110,000 square feet of rental apartments and 10,500 square feet of ground-floor retail space, as well as 125,000 square feet of unused development rights. The current owners have submitted a plan to construct an additional seven stories with 56 condominium units atop the existing structure. George Moss, Deborah Gutoff and Paul Nigido of Eastern Consolidated are handling the sale.

Hudson Yards site on the market
A 10,000-square-foot garage at 349 West 37th Street is being marketed as a development site and is expected to draw offers above $38 million, the Post reported. Owned by Verizon, the lot can support a new commercial project of more than 200,000 square feet, since it falls within the rezoned Hudson Yards development area. Rockrose Development and others have assembled large parcels nearby. Bob Alexander, Joan Meixner and Ned Midgley of CB Richard Ellis are handling the assignment.

West Side development site asking $29.9M
A 7,406-square-foot development site at 435 West 33rd Street is on the market with an asking price of $29.9 million. The parking lot, to be delivered vacant, is in the Hudson Yards area. The buyer will be able to build 74,100 square feet as of right, with 22,200 additional square feet of air rights available for purchase. Jonathan Hageman, Robert Knakal and Casey McCormack of Massey Knakal are handling the sale.

Two Midtown East rentals on the block
Two six-story walk-up apartment buildings at 326 and 330 East 35th Street are on the market with an asking price of $26.5 million. The buildings have 27,504 square feet of space and total 75 feet of frontage. The unit mix is 19 two-bedrooms, 29 one-bedrooms and 11 studios; 53 of the 59 apartments are vacant. The lease on the common ground-floor retail space expires in December 2012. The buyer can purchase an additional 13,900 square feet of air rights. John Ciraulo and Matthew Parvin of Massey Knakal are handling the assignment.

Northern Crown Heights development site asking $25M
A 388,064-square-foot development site at 170 Buffalo Avenue in northern Crown Heights in Brooklyn is on the market with an asking price of $25 million. The property comprises a 101,900-square-foot lot and a seven-story, 286,200-square-foot building. The development site will be delivered vacant. Waleed Cope, Brian Leary and Timothy King of Massey Knakal are handling the sale.

Two Brooklyn multifamily buildings for sale
Two prewar multifamily properties, at 2044 East 13th Street in Gravesend and 101 Ocean Parkway in Kensington, are on the market for sale with asking prices of $6.75 million and $9.5 million, respectively. The properties, owned by the same family since the 1930s, are being offered at approximately $140 per square foot. All but three of the 48 residential units at 2044 East 13th Street are rent-stabilized, as are 53 of the 60 units at 101 Ocean Parkway. Deborah Gutoff and Ronda Rogovin of Eastern Consolidated are marketing the properties.

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