Westbrook puts $1B NYC portfolio up for sale
Private equity firm Westbrook Partners is selling a six-building Manhattan portfolio that is expected to fetch about $1 billion, real estate sources told The Real Deal. Douglas Harmon and Adam Spies of Eastdil Secured are the exclusive sales brokers for the properties, the largest portfolio to hit the Manhattan market this year, a review of listings shows. The office assets include 295 Madison Avenue and 444 Madison Avenue; the residential buildings are at 235 West 75th Street, 301 West 53rd Street, 90 Lexington Avenue, and 88 Lexington Avenue.
Midtown West development site on the block
A site at 259-267 West 45th Street, jointly owned by Boston Properties and Related Companies, is for sale and could trade for $50 million, or about $400 per buildable square foot, the New York Post reported. The parcel, just east of Eighth Avenue, can support a development of about 132,000 square feet and up to 16 stories, according to the newspaper. The joint venture acquired the property in 2006 for $15.25 million. A Newmark Grubb Knight Frank team led by Mark Weiss is marketing the site.
Soho retail package on the market for $35M
Two Soho retail properties, a condominium at 121 Greene Street and a co-op at 349 West Broadway, hit the market last month with an asking price of $35 million, The Real Deal reported. The Greene Street building, between Prince and Houston streets, houses eyewear purveyor Warby Parker’s first brick-and-mortar store. The tenant is signed for 10 years at the 4,000-square-foot space, as is Proenza Schouler, an upscale women’s clothing and accessories line, said Eastern Consolidated’s David Schechtman, who is marketing the properties with Lipa Lieberman. The 1,200-square-foot Broadway space is unoccupied.
UWS multi-family townhouses for sale
Three contiguous townhouses at 315, 317 and 319 West 88th Street are on the market with an asking price of $15.5 million. Between West End Avenue and Riverside Drive, the Renaissance Revival properties were built in 1896 and have approximately 21,508 square feet of space combined. Of the 31 residential units, 17 are free market, 11 are rent stabilized, one is rent controlled and two are owner occupied. The apartments include six studios and 25 one-bedrooms. Paul Smadbeck and Hall Oster of Massey Knakal are handling the assignment.
Park Slope McDonald’s site up for grabs
A site at 275 Fourth Avenue on the corner of 1st Street, primed for a 60,000-square-foot residential development, hit the market for $12 million, TerraCRG, the commercial brokerage marketing the property, told The Real Deal. The property, the home of the neighborhood McDonald’s, is a 100-foot-by-100-foot corner lot, according to Ofer Cohen, president of TerraCRG, who is handling the marketing with colleagues Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernandez. It is also available for lease at $600,000 a year.
Queens development site asking $11M
A site with 78,000 buildable square feet on the border of Long Island City and Astoria in Queens is for sale with an asking price of $11.25 million. The site consists of three contiguous lots at 14-01, 14-07 and 14-19 Broadway, with 182 feet of frontage on the north side of Broadway between 14th and 21st streets. An auto repair shop with a soon-to-expire lease occupies the corner parcel; the other lots are vacant. Shimon Shkury, Howard Raber, Victor Sozio, Michael Tortorici and Randy Modell of Ariel Property Advisors are handling the sale. — Compiled by Linden Lim