UES Manhattan House could fetch $600M
The New York Life Insurance Company plans to sell the Manhattan House, a luxury apartment complex that the company has owned for more than 50 years, the Observer reported. The complex spans an entire block between Second and Third avenues on 66th Street, and includes 583 rental apartments. Darcy Stacom and William Shanahan of CB Richard Ellis are brokering the sale, which could fetch as much as $600 million.
Resnick selling The Gershwin
Jack Resnick & Sons’ 41-story, 550-unit rental tower at 250 West 50th Street, The Gershwin, is on the market and could sell for more than $410 million, according to the New York Sun.
Algonquin Hotel for sale
Miller Global Properties has put the Algonquin Hotel at 59 West 44th Street up for sale through Cushman & Wakefield. Bidding wars are likely to erupt because there are so few hotels on the market. One interested buyer is David Colby, a descendant of the hotel’s former owners. He is assembling a group of investors and partners, Crain’s reported.
Former REBNY building on the market
The 17-story, 95,000-square-foot former Real Estate Board of New York building at 12 East 41st Street, now owned by a pension fund advised by Morgan Stanley, is being marketed by Nat Rockett of Jones Lang LaSalle.
Studley marketing Tribeca development site
New York Law School is selling a 12,500-square-foot plot on the corner of Leonard and Church streets. The development site, which has 306,000 square feet of developable density, is being marketed by Woody Heller of Studley.
West 34th Street site on the market
The owners of 504-515 West 34th Street want to sell the three adjoining mid-block parcels as a 10,000-square-foot development site, the Post reported. Robert Sass of GVA Williams will market the site, which is expected to fetch up to $30 million. He says it can support as much as 330,000 square feet, with 60,000 square feet of condos, under current zoning. That figure climbs to 1 million square feet when transferable development rights and some nearby parcels
are included in the package.
UWS parish house could become residential
The three-story, 8,500-square-foot parish house of the Fourth Universalist Church at 4 West 76th Street is on the market for $12 million, and could be converted to residential use. With the addition of a penthouse, the new home could contain more than 10,000 square feet. Paul Smadbeck and Karen Shulman of Massey Knakal are the exclusive sales agents.