On the Market: Commercial

Commercial properties recently placed on the market

Feb.February 05, 2008 09:50 PM

GM building on the market

The 50-story, 1.82 million-square-foot General Motors building at 767 Fifth Avenue is on the market. Current owner Harry Macklowe expects the prized Plaza District property to fetch $3.5 billion or more. The building was put up as collateral on a loan Macklowe took out last February for his $7 billion purchase of seven Manhattan buildings from Equity Office Properties Trust. Macklowe purchased the building in 2003 for $1.4 billion, a record price at the time. CB Richard Ellis is marketing the building.

Plaza District office tower could fetch $800M

A 27-story, 600,000-square-foot office tower at 650 Madison Avenue is on the market, the New York Observer reported. Japanese real estate firm Hiro North American Properties is looking to sell the property, which some real estate sources say could fetch up to $800 million, or $1,333 per square foot. Hiro paid $105 million for the building in 1984 and subsequently added a 17-story tower to the existing base. The property has since undergone a number of renovations.

Midtown office building for sale

A 39-story, 770,000-square-foot office building at 1250 Broadway is on the market, the New York Post reported. SL Green hopes the property will fetch more than $350 million. The building is 99 percent leased at below-market rents, with a 400,000-square-foot space anchored by the Visiting Nurse Association. The corner retail space is occupied by Woori Bank, a Korean bank. Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan of Cushman & Wakefield are marketing the property.

Midtown West office building on the block

An eight-story, 400,000-square-foot office building at 441 Ninth Avenue is on the market, the Post reported. Health care company GHI’s headquarters could fetch between $210 and $250 million dollars. GHI plans to lease back the property, which has an additional 75,000 square feet of development rights, for up to three years. The building also has parking. Jimmy Kuhn of Newmark Knight Frank is handling the sale.

Midtown East office building on the market

A 24-story, 250,000-square-foot office building at 360 Lexington Avenue is on the market, the Post reported. Current owners Himmel + Meringoff Properties and Prudential are likely to fetch around $150 million, or between $550 and $625 per square foot, for the property. Darcy Stacom of CB Richard Ellis is handling the sale.

Broadway mixed-use building for sale

A six-story, 28,634-square-foot mixed-use building at 1369 Broadway is on the market with an asking price of $41 million, GlobeSt.com reported. The seller is 1369 Broadway Owners LLC, which is unloading the office and retail property to focus on the acquisition of larger assets. The 100 percent-occupied building has an additional 12,420 square feet of unused air rights. The average office rent is $31.95 per square foot. Eric Anton, Ronald Solarz and Jared Toothman of Eastern Consolidated are handling the sale.

East Village contiguous buildings for sale

Two contiguous apartment buildings at 410-414 and 416-418 East 13th Street are on the market with an asking price of $35 million. The six-story walk-up properties total 34,898 square feet above grade and 71 residential units, of which one is rent-controlled and seven are rent-stabilized. The one-, two- and three-bedroom units currently have no vacancy. John Ciraulo, Matthew Parvin, Joseph Sitt and Craig Waggner of Massey Knakal are marketing the buildings.

LES matzo factory asking $25M

Four conjoined former tenement buildings at 148-154 Rivington Street are on the market with an asking price of $25 million. The 47,500-square-foot property has been home to Streit’s matzo bakery since 1925, but the tenant is looking to relocate its business and will vacate in approximately one year. The corner site currently allows for a 35,776-square-foot residential development, but a community facility would raise the maximum buildable square footage to 67,600. Philip Huang and Michael DeCheser of Massey Knakal are marketing the property.


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