The Real Deal New York

On the market: Commercial

September 01, 2009 01:52PM

475 Fifth Avenue on the block for $105M



The 23-story office tower at 475 Fifth Avenue that was formerly owned by investment group Westbrook Partners and the Moinian Group is on the market, the New York Observer reported. The asking price of $105 million represents a price per square foot of $381. The 275,284-square-foot building was returned to its lender, Barclays Capital, earlier this year after the owners defaulted on loans backed by the property. Moinian and Westbrook had acquired the 84-year-old building, dubbed the “Wedding Cake Tower,” for $162 million in 2007. L & L Holding Company is managing the property for Barclays.

Fee interest in long-term ground lease for sale



The unsubordinated fee interest on a long-term ground lease for 119-125 Madison Avenue and 27-29 East 30th Street is on the market with an asking price of $19.5 million. The properties contain 125 rental apartments and nine retail spaces. The current lessee, which has a 49-year, 11-month lease expiring in 2038, has the option to assign the lease to a cooperative housing corporation, which would extend the lease for 150 years from the conversion date. The landlord would continue to receive annual rent under the extension, which will increase by $75,000 every 10 years from the date of the conversion. Massey Knakal and Gallin Glick Sullivan O’Keefe are handling the sale.

Four-building LES portfolio on the market



A package of four buildings on the corner of Chrystie and Delancey streets is on the market for $15 million. The portfolio includes 153 Chrystie Street, a two-story, 2,930-square-foot building with two commercial units; 155 Chrystie Street, a five-story, 6,350-square-foot building with eight units; 157 Chrystie Street, a four-story, 5,980-square-foot building with six residential units and one commercial unit; and 159 Chrystie Street, a five-story building with eight residential units and one commercial unit. The site permits about 71,884 buildable square feet; the asking price represents a price per buildable square foot of $209. Marcus & Millichap is marketing the portfolio.

Tribeca multifamily buildings on the block



Two contiguous five-story apartment buildings at 16-18 North Moore Street are on the market with an asking price of $9.25 million. The properties contain 18 apartments, of which three are studios, seven are one-bedrooms and eight are two-bedrooms. Of these, seven units are rent stabilized, two are rent controlled and nine are free market. The rent-regulated apartments are renting for about $20 per square foot and the free-market units are renting for around $49 per square foot. The buildings share an interconnected retail space on the ground floor. Massey Knakal is handling the sale.

UWS apartment package asking $8M



A package of 14 occupied, rent-regulated apartments at 314 West 100th Street is on the market with an asking price of $8.25 million. Half of the sponsor-owned units in the eight-story prewar building are rent stabilized and half are rent controlled. The package includes units ranging from 1,000 to 1,800 square feet and shows a positive net cash flow of about $22,000 annually. The 45,133-square-foot building has 33 apartments, including one super’s unit in the basement. George Moss and Deborah Gutoff of Eastern Consolidated are marketing the units.

Brooklyn apartment building with retail for sale



A six-story apartment building with ground-floor retail at 1650 Pitkin Avenue is on the market with an asking price of $5.85 million. Located in the Brownsville section of Brooklyn, the elevator building has 40 apartments and two retail units occupied by a McDonald’s and a sneaker store. The average apartment rents for about 30 percent below market rate at $776 per month, according to Bluestone Realty Services, which is marketing the property. The asking price represents a capitalization rate of 8.1 percent. A mortgage for $3.71 million may be assumed at a rate of 6.79 percent amortized over 30 years.


Vacant UES building on the market

A vacant four-story property at 237 East 77th Street is on the market with an asking price of $2.8 million, or $500 per square foot. Formerly a carriage house, the 5,600-square-foot building is located on the north side of East 77th Street between Second and Third avenues. The property most recently was used as a nonresidential service center for homeless people. Thomas Gammino of Massey Knakal is marketing the property.


Compiled by Linden Lim

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