On the Market: Commercial

60 Wall St could sell for $1.2B
The highest price to date for a Lower Manhattan office building is expected to be reached when Deutsche Bank sells and leases back its 47-story, 1.65-million-square-foot building at 60 Wall Street, according to the New York Sun. Industry leaders expect the building to sell for approximately $1.2 billion, or $750 per square foot.

Fifth Avenue office building asking $250M
Murray Hill Properties and the General Electric Pension Fund are selling the 12-story, 309,300-square-foot office property at 417 Fifth Avenue. The building, which overlooks the New York Public Library and Bryant Park, should fetch $250 million, according to the New York Post. It also has 80,000 square feet of development rights. Richard Baxter, Scott Latham, Ron Cohen and Jon Caplan of Cushman & Wakefield are marketing the building.

Office buildings near Grand Central for sale
Two office buildings near Grand Central are being sold by a long-holding family; they will sell separately or as a package for a likely total of around $70 million, according to the Post. The buildings are located at 48 East 43rd Street and 331 Madison Avenue and have 23,000 and 90,000 square feet, respectively, along with a total 46,000 square feet of air rights. Both have Irish pubs as ground-floor tenants. Richard Baxter, Scott Latham, Ron Cohen and Jon Caplan of Cushman & Wakefield are handling the sale.

Cooper Union markets land lease
Cooper Union is hoping to receive a $60 million upfront payment for a 100-year land lease at 51 Cooper Square, the Sun reported. A 270,000-square-foot office building with 40,000 square feet of community space could be built to replace the existing building at the site.

UWS residential building on the block
The 81,000-square-foot prewar building at 164 West 75th Street is on the market, priced at less than $500 per square foot. It has 214 residential units and a ground-floor retail space occupied by a restaurant. Originally a single-room-occupancy building, the Parc Lincoln has had 100 units converted to Class A apartments. Adelaide Polsinelli of Besen & Associates is the exclusive broker.

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Park Ave apt. building still on the market
The five-story, 13,620-square-foot apartment building at 821 Park Avenue, which had gone on the market last summer, was still on the market in January, according to the Post. The asking price remains $20 million. Massey Knakal and CB Richard Ellis are marketing the property.

LES apartment building for sale
A seven-story, 48-unit elevator apartment building on Allen Street is on the market with an asking price of $16.75 million. Twelve units in the 30,500-square-foot property are free-market. Seven stores occupy the building’s 3,800 square feet of retail space. Matthew Slonim of Besen & Associates is handling the sale.

West Side development site on the block
A 44,586-square-foot developable site, which is presently a two-story warehouse on the north side of West 36th Street between Ninth and 10th avenues, is on the market for sale. It is asking $15.5 million, or $347 per buildable square foot, the Sun reported. Massey Knakal is marketing the site.

West Side walk-ups on the market
The two contiguous five-story walk-up apartment buildings at 43-45 West 86th Street are on the market with an asking price of $13 million. The buildings total 20 units, of which 11 are free-market. The properties are within the Upper West Side Historic District. Meyrick Ferguson, Karen Shulman and Hall Oster of Massey Knakal are the exclusive sales agents.

Greenwich Village speakeasy on the block
The 3,767-square-foot, three-story building at 86 Bedford Street is on the market with an asking price of $3.75 million. The top two floors house three residential units. The ground floor is home to Chumley’s, a bar that dates back to 1922 and has famously never had a marked entrance. Its current lease runs through 2086. James Nelson of Massey Knakal is exclusively representing the seller.

High Line development site for sale
The site at 537-545 West 27th Street between 10th and 11th avenues, which can support a 130,000-square-foot residential tower, is on the market through Eastern Consolidated. It could be expanded to approximately 180,000 square feet through the acquisition of High Line development transfer rights, according to the Sun. Bids are due by Feb. 14.

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