On the market: Commercial

Commercial properties recently placed on the market

Jun.June 02, 2008 04:42 PM


Queens development site asking $70 million


A 2.5-acre, 16-lot development site on Queens Boulevard is on the market with an asking price of $70 million, or $125 per buildable square foot. The site, at 70-25 through 72-19 Queens Boulevard, has a footprint of 126,937 square feet but is zoned for a mixed-use development of 560,000 square feet, with 400 apartments above and 110,000 square feet of commercial space on the ground level. The lots have a combined 811 feet of street frontage. Victor Weinberger of Re/Max Team Realty is marketing the property.

Times Square site for lease or sale

An L-shaped, 166,000-buildable-square-foot development site at 303 West 42nd Street is on the market for lease or sale. An outright sale could fetch up to $66.4 million, or $400 per buildable square foot, the New York Post reported. With additional air rights, the site of porn store Show World and several mixed-use buildings could support a development of up to 238,000 square feet. The property owners are seeking development proposals and would be open to a ground-lease arrangement or a partnership.

Downtown Brooklyn office building on the market for $45 million

A six-story, 165,200-square-foot office building at 180 Livingston Street in Brooklyn is on the market with an asking price of $45 million. The offices are fully leased to six tenants. The fourth, fifth and sixth floors are leased to one tenant until 2023; the third floor is occupied by multiple tenants with leases expiring in 2012 and 2013. The building allows office, retail, hotel, residential and community use; there are no additional air rights. Robert Knakal and Brian Leary of Massey Knakal are marketing the property.

Strip club could trade for $40 million

The site of adult entertainment venue Scores West, at 536 West 28th Street, is on the block and could sell for $40 million, the Post reported. The 31,106-square-foot property can be developed to upwards of 50,000 square feet through an air-rights transfer within the High Line zoning district. The club’s adult license can be used by the new owner or sold; a rival club is prohibited from opening within 500 feet of the current location. Scores West’s liquor license was recently suspended. Alex Picken of Picken Real Estate is handling the assignment.

Chelsea commercial building for sale

A six-story commercial loft building at 533-35 West 24th Street is on the market with an asking price of $36.5 million. The 32,424-square-foot property has 11-foot ceilings on floors one through five and a penthouse level with 20-foot ceilings and a roof deck. The ground floor is currently leased at $53 per square foot, or 60 percent of market rates; the above floors rent at an average per-square-foot price of $40, or 75 percent of market rates. Brock Emmetsberger of Massey Knakal is marketing the property.

Chelsea development site on the block

A three-story, 27,000-square-foot garage at 537-543 West 20th Street is on the market with an asking price of $20 million. The property currently allows 46,000 buildable square feet, but with High Line bonuses, the site can support a development of up to 56,000 square feet. The property’s owner, the Bermuda Limousine Company, plans to relocate its operations to a larger facility in Long Island City. Peter Hausburg, Anna Maria Ronquillo, Alan Miller, David Schechtman and David Lever of Eastern Consolidated are handling the sale.

Flatiron commercial building for sale

A four-story, 16,792-square-foot commercial building at 893 Broadway is on the market with an asking price of $18.5 million. Also known as 13 East 19th Street, the vacant loft property can support a redevelopment of up to 24,715 square feet; an as-of-right residential conversion is permitted as long as a portion of the building is left commercial. According to Massey Knakal, ground-floor retail rents in the area reach $300 per square foot; office rents command up to $60 per square foot; and residential sales fetch upwards of $1,900 per square foot. John Ciraulo, Brendan Gotch, James Nelson, William Simons and Craig Waggner of Massey Knakal are marketing
the property.


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