On the market: Commercial

Jul.July 31, 2009 04:49 PM

UBS selling stake in 299 Park Avenue

UBS is selling its 49 percent stake in 299 Park Avenue, the 1.16 million-square-foot tower between 48th and 49th streets, according to the New York Post. The bank, which has more than 750,000 square feet in the building, is not planning to sell a set of floors, but rather its ownership interest in the property. Managing partner Fisher Brothers holds a 51 percent ownership in the building. Sources told the Post that Robert Alexander, Darcy Stacom, Pat Murphy and Bill Shanahan of CB Richard Ellis will be fielding offers for UBS. The building is fully leased until 2018, and sources predicted the sale will go for under $700 per square foot.

Bronx multifamily portfolio for sale

A package of five buildings in the Bronx neighborhoods of Parkchester, Mount Hope, Bronx River and Mott Haven is on the market with an asking price of $15.75 million. The properties, which can be purchased as a portfolio or in various combinations, are located at 352 East 141st Street, 1250 Morrison Avenue, 1523 Taylor Avenue, 1812 Clay Avenue and 1501 Leland Avenue. The 177,021-square-foot portfolio has 189 residential units, 187 of which are rent stabilized and two of which are rent controlled. The five buildings have an average monthly rent of $944. Karl Brumback, Nick Burns and David Simone of Massey Knakal are handling the sale.

East Village mixed-use building on the block

A six-story mixed-use building at 179 East 3rd Street is for sale with an asking price of $13.65 million, or $690 per square foot. The 19,784-square-foot walk-up property has three commercial units in the basement, three ground-level stores and 32 residential units above. The apartments include nine one-bedrooms and 23 two-bedrooms. Of these, two units are rent controlled, 13 are rent stabilized and 17 are free market. The asking price represents a capitalization rate of 5.8 percent and a gross rent multiple of 13.9. Robert Knakal, Jonathan Hageman and Joseph Sitt of Massey Knakal are marketing the property.

Staten Island package asking $12 million

A package of 16 apartment buildings at 150, 165 and 220 Trantor Place in Staten Island is on the market with an asking price of $12.2 million. Located in the Port Richmond section of the borough, the portfolio consists of 177 apartments, including 105 three-bedrooms and 72 four-bedrooms. The average monthly rent at the properties is around $880, with a capitalization rate of 8.7 percent and a gross rent multiple of 6.5 at the asking price. Matthew Giordano, Robert Knakal, Jonathan Hageman and Thomas Donovan of Massey Knakal are marketing the portfolio.

Queens apartment building on the market

A six-story apartment building at 110-48 72nd Avenue in the Forest Hills section of Queens is on the market with an asking price of $8.3 million. Located on the south side of 72nd Avenue between 110th and 112th streets, the elevator building contains 48 units, including 29 studios, 11 one-bedrooms, seven two-bedrooms and one three-bedroom. Thomas Donovan of Massey Knakal is marketing the property.

Far Rockaway multifamily property for sale

A six-story apartment building at 2288-2292 Mott Avenue in Far Rockaway, Queens, is on the market with an asking price of $5.95 million. Also known as 1302 Gipson Street, the elevator building has 60 apartments, including 36 three-bedrooms, 18 four-bedrooms and six five-bedrooms. Purchasers can assume existing financing from New York Community Bank, including a first mortgage of $4 million and a second mortgage of $250,000. George Niblock of Friedman-Roth Realty Corp. is handling the assignment.

East Harlem commercial building for sale

The Catholic Museum’s 22,500-square-foot headquarters at 443 East 115th Street is on the market with an asking price of about $5 million, the Post reported. The building is a former church, built in 1884, and according to the museum’s executive director, more than $10 million went into the property’s restoration. Located in an R7B district, the building is being marketed for use as an art gallery, school or community facility by Prudential Douglas Elliman’s Pamela Nichols and Jason Stojkovic. The price has been reduced from just under $8 million, according to StreetEasy.com.

Compiled by Linden Lim


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