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On the Market: Commercial
<i>Properties recently placed on the market</i>
Lower Manhattan development site for sale
A development site with approved plans for a 33-story mixed-use tower at 133-135 Greenwich Street is on the market with an asking price of $28.5 million. Plans for the site call for studios to two-bedrooms of up to 1,268 square feet on floors six and above, with about 29,000 buildable square feet of commercial space on floors one through five. The residential buildable square footage for the Costas Kondylis-designed project amounts to about 128,000 square feet. David Schectman and David Johnson of Eastern Consolidated are handling the assignment.
Loan on three UWS buildings on the market
The $25.1 million first mortgage secured by three adjacent apartment buildings at 272-276 West 86th Street is on the market. The loan was used to refinance 272 West 86th Street and acquire 274 and 276 West 86th Street, as well as fund tenant buyouts and predevelopment costs at the properties. The contiguous, prewar walk-up buildings are each five stories tall and have a combined 18,645 square feet spread out over 30 units. The lot allows for 61,290 buildable square feet. Peter Hauspurg, Daniel Glaser, Samuel Schneider and Jared Toothman of Eastern Consolidated are handling the loan sale.
Brooklyn retail property asking $16 million
A 20,130-square-foot retail property leased to Walgreens at 2586-2608 Coney Island Avenue is on the market with an asking price of $16 million. Walgreens holds a 40-year ground lease on the property, located in Brooklyn’s Sheepshead Bay neighborhood, with a starting rent of $490,000 per annum and a 10 percent increase every five years. The lease will adjust to market-rate rents in years 21 through 40, starting in 2027. Jeffrey Shalom and Brian Hanson of Massey Knakal are marketing the property.
Lower Manhattan office building on the block
A vacant, six-story office building at 138-140 Williams Street is for sale with an asking price of $14.25 million. The property has approximately 42,300 rental square feet, with an as-of-right buildable square footage of 55,730. The C6-4-zoned lot, located on the corner of Fulton and William streets, has a floor-area ratio of 10. Robert Knakal, Nick Petkoff, Jonathan Hageman and Elysa Berlin of Massey Knakal are handling the sale.
Queens apartment building on the market
A six-story multifamily building at 188-30-34 87th Drive in the Holliswood section of Queens is for sale with an asking price of $13.25 million. The postwar elevator building has 96 rent-stabilized units comprised of 12 studios, 60 one-bedrooms and 24 two-bedrooms. The property, known as the Palo Alto Apartments, contains about 68,500 square feet of space and sits on a 37,400-square-foot, R6A-zoned lot. The building has 32 indoor parking spaces. Marcus & Millichap is marketing the property.
Midtown West loft building on the block
A three-story loft property at 605-607 West 48th Street is for sale with an asking price of $12.5 million. The 21,931-square-foot building has garage space on the ground floor, unfinished space on the second floor and renovated office space on the third floor. Zoned M1-5, the property has 15,725 square feet of air rights for future development. Christopher Brodhead and Andrew Liebhafsky of Massey Knakal are handling the assignment.
LES multifamily building asking $6 million
Two contiguous apartment buildings at 251-253 East Broadway are on the market with an asking price of $6 million, or about $373 per square foot. The properties contain 21 apartments, and 253 East Broadway has a 1,000-square-foot retail unit that could be converted into a duplex with the vacant apartment directly above it. The 253 East Broadway property also has an additional 1,267 square feet of air rights for future development. Eight of the 21 residential units have been renovated. Marcus & Millichap is handling the sale.
Midtown East apartments, retail lease for sale
A package at 246 East 51st Street of four residential units and the master lease on the property’s retail portion is for sale with an asking price of $4 million. The residential portion in the six-story walk-up includes three rent-controlled apartments and one rent-stabilized apartment; the retail portion includes four stores that provide rent increases of 4 to 5 percent per annum. After exercising a number of options to renew, the master lease on the retail units would be due in 2099. Peter Hauspurg and Marcia Rose Yawitz of Eastern Consolidated are marketing the package.
Compiled by Linden Lim