On the Market: Commercial

Roosevelt Hotel may fetch $1B
The 1,013-room Roosevelt Hotel, which takes up a full block between 45th and 46th streets and Vanderbilt and Madison avenues, may sell for as much as $1 billion, the New York Post reported. With air rights, the hotel site could support a tower of up to 1.5 million square feet. An investment arm of the Pakistani government, PIA Investments, owns the property and has recently put it on the market. Cushman & Wakefield is handling the sale.

Sheraton Manhattan on the block
The 665-room Sheraton Manhattan at 790 Seventh Avenue is being marketed for sale and could fetch as much as $850,000 per room, or $565 million, the New York Sun reported. The hotel, located at West 51st Street, also includes retail space and a 94,000-square-foot garage.

Grand Central air rights could trade
Argent Ventures, which bought the land under Grand Central Terminal and all its unused air rights last year, may soon sell some of those air rights to property owners near the landmark transit hub, the Post reported. The air rights could be worth $250 to $800 per foot, which puts their price between $375 million and $1.2 billion. Broadway Partners, for example, may seek to buy air rights from Argent in order to more than double the size of 237 Park Avenue. Broadway’s 21-story office tower, which it purchased for $1.18 billion earlier this year, could be built to more than 50 stories if it had another 700,000 feet of air rights.

Lots of prime development sites hit market
The group that bought Central Parking earlier this year is selling many of its lots as development sites, including six in Manhattan, the Post reported. The properties — at 12 West 48th Street, 332 West 44th Street, 430 West 37th Street, 159 West 48th Street, 138 East 50th Street and 135 East 47th Street — comprise 1,200 spaces and 650,000 buildable square feet. Cushman & Wakefield is marketing the properties, which could fetch between $250 and $300 million.

Forbes selling Downtown HQ
Forbes is selling 60 Fifth Avenue, its headquarters since 1965, and plans to construct and move to a new Manhattan building, the New York Observer reported. The media company says it’s making the move because it has outgrown 60 Fifth. The 145,000-square-foot office building is likely to fetch around $140 million. Cushman & Wakefield is handling the sale.

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58th Street office building asking $120M
An office building at 1414 Sixth Avenue, on the corner of 58th Street, is on the market for approximately $120 million, the Post reported. Current owner APF Realty paid about half of what it is now asking for the Class B building, or $60.2 million, when it purchased it from SL Green in 2005. Darcy Stacom of CB Richard Ellis is marketing the property.

Kushner selling Uptown apartment buildings
Kushner Companies is selling 24 walk-up buildings in Harlem, Washington Heights and Inwood, the Observer reported. The Uptown 500 portfolio, which comprises 496 residential apartments and two retail units, is expected to sell for more than $70 million. Shimon Shkury, Michael Tortorici and Christopher Lefferts of Massey Knakal are handling the sale.

Carroll Gardens rental building on the block
The 60-unit apartment building at 204 Huntington Street, at the corner of Smith Street, is on the market for sale with an asking price of $32.5 million. Plans for a condominium conversion were submitted in 2004, but the building is now being marketed as a rental. It includes six two-story townhouse units with private yards. Robert Knakal and Ken Freeman of Massey Knakal are handling the assignment.

Tribeca loft building on the market
An eight-story loft building at 8 Beach Street, between Varick Street and West Broadway, is on the market for sale with an asking price of $15 million. The building has three commercial units on the lower floors and five full-floor residential lofts on the upper stories. John Ciraulo, Peter DeCheser and Craig Waggner of Massey Knakal are handling the sale.

Jackson Heights development site for sale
A 10,000-square-foot development site at 100-13-21 Northern Boulevard, between 100th and 101st streets in Jackson Heights, is on the market for sale with an asking price of $10.5 million. Plans have been proposed for an 82,000-square-foot medical condo. Swain Weiner of Massey Knakal is handling the assignment.

Devonshire House hits the market
The 15-story, 145,000-square-foot Devonshire House at 28 East 10th Street is on the sales market. The Emory Roth-designed building has 131 residential units and 10 retail units. Eric Anton and Ronald Solarz of Eastern Consolidated are marketing the property.

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