On the Market: Commercial

Oct.October 18, 2007 01:08 PM

Chelsea building could fetch $300M

85 Tenth Avenue is back on the market again after its purchase in 2003 by Angelo Gordon of Belvedere Capital, Irwin Cohen and Young Woo Associates – the second time the group has owned the property. Douglas Harmon of Eastdil, who brokered the sale of the 15-story, 600,000-square-foot building in 2003 and is marketing the property this time, expects bids upward of $300 million. The former Oreo cookie factory went on the block just months before the openings of two restaurants run by chefs Mario Batali and Tom Colicchio, the New York Post reported.

Downtown condo candidate for sale

A rental building, The Exchange at 25 Broad Street, is up for sale and could fetch more than $200 million. The building, owned by Crescent Heights, has 345 apartments and more than 30,000 square feet of commercial space. CB Richard Ellis is marketing the building, which could be converted to condos, the firm said.

261 Fifth Avenue on the block

After being sold just last year, 261 Fifth Avenue is on the market again and could fetch more than $175 million, the Post reported. L & L Acquisitions and the Carlyle Group paid $113 million for the 426,000- square-foot office building at the beginning of last year. Cushman & Wakefield is marketing the property.

United Nations Plaza building being sold

The Anti-Defamation League building at 823 U.N. Plaza is on the market as a likely residential condo redevelopment play by Darcy Stacom and Bill Shanahan’s team at CB Richard Ellis. The squat, 11- story building is adjacent to Dag Hammarskjold Plaza. The CBRE team is expected to push for pricing near $100 million, the Post reported.

Conversion opportunity in Flushing

A two-story retail building at 40-70 Delong Street in Flushing is on the market as a possible redevelopment or conversion opportunity priced at $30 million. Totaling 99,660 square feet on an 111,000-square-foot lot, the property is located on the same block as the biggest investment project in Flushing, Muss Development’s $600 million high-end retail and residential project. Massey Knakal is marketing the property.

LES hotel on the market

The eight-story, 22-suite Blue Moon Hotel on Orchard Street is on the market for $20 million. Sources say the property is ideal for selling time shares or for use as a condo hotel. The property has also been considered for a bed and breakfast, curbed.com reported.

Financial District development site available

Marcus & Millichap recently listed the 99-101 Washington Street site in the Financial District for sale. The property, which offers 74,565 square feet of either commercial or residential buildable space, could fetch upwards of $20 million, according to Barry Kimchy of M & M, who has been retained to represent the seller.

Soho office building expects top dollar

A fully occupied boutique office building, 40-42 Thompson Street, has been put on the market. The sale of the Soho property, which is being handled by Eastern Consolidated, is expected to fetch upwards of $17 million based on its location and rarity.


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