17 East Village apartment buildings for sale
Fifteen mixed-use buildings and two residential buildings are being sold individually, with a combined asking price of nearly $120 million. The East Village portfolio is owned by Westbrook Partners and was originally purchased by Extell in 2006 for $72 million. Many of its former retail and commercial tenants, including bars, have vacated their spaces. The sale is being handled by Massey Knakal. Apartments are being listed individually, according to Robert Knakal, Massey Knakal chairman, because a smaller deal is easier to finance in the current market, and the disparity of the buildings makes it unlikely that one buyer would want them all.
Washington Heights buildings on the block
Six buildings, totaling 235 apartments and approximately 230,000 square feet, are being marketed for $25 million as a package, or they can also be purchased individually. The portfolio includes three six-story buildings at 29-33 Arden Street with 63 apartments, available for $6.45 million; another five-story building at 611 Academy Street with 47 apartments, with an asking price of $5.1 million; a five-story building at 152 Sherman Avenue with 41 apartments, on the market for $4.25 million; and a six-story elevator building with 84 apartments at 515 West 168th Street, available for $9.2 million. The current average rent for the properties is $817 per month, below market rates. Matthew Slonim and Amit Doshi of Besen & Associates are handling the sale.
Two East Village walk-ups asking $13 million
A package of adjacent walk-up buildings at 165 and 167 Avenue A is on the market with an asking price of $13 million. Located between East 10th and East 11th streets, the properties contain 17 residential units and two commercial units on the ground floor. Twelve of the residential units are free market, and five are rent stabilized. The rent-stabilized units are renting at 50 percent of market rates. The free-market units have been gut renovated with new hardwood floors, stainless steel appliances and granite countertops. Elysa Berlin and Joseph Sitt of Massey Knakal are handling the sale.
Harlem multi-family building on the market
A five-story apartment building at 401-405 Edgecombe Avenue is being sold for $9.9 million. The 53,815-square-foot property contains 66 residential units, including 46 one-bedroom, 12 two-bedroom and eight three-bedroom apartments. The building is 97 percent occupied and has 150 feet of frontage along Edgecombe Avenue, with a depth of 88 feet. The building is one block south of 155th Street in the Hamilton Heights section of Manhattan. R. Stuart Gross and Peter Carillo of Eastern Consolidated are marketing the properties.
Bronx shopping plaza asking $9 million
A north Bronx retail strip known as White Plains Plaza is on the market with an asking price of $9.25 million. The property, featuring a gross leasable area of 22,265 square feet, is located at 4250-80 White Plains Road and encompasses a full block front with two multi-level retail buildings and an adjacent mixed-use duplex space. The buildings are contiguous and occupy the eastern block front of White Plains Road between East 235th and East 236th streets. The asking price for the retail complex, built in 1950, represents a capitalization rate of 6.91 percent. Marcus & Millichap is handling the assignment.
Queens residential property for sale
A six-story, 79-unit apartment building in the Jamaica section of Queens is on the market with an asking price of $8.5 million. The 50,970-square-foot, postwar elevator building is located at 168-36 88th Avenue on the corner of 88th Avenue and 168th Street. The 79 units are comprised of 35 one-bedrooms and 44 studios; all are rent stabilized. A 22-car outdoor parking garage on site is rented to tenants. The property sits on a lot of 105 feet by 150 feet, which is zoned R6A for residential use. The asking price represents a capitalization rate of 6.29 percent and a price per square foot of $167. Marcus & Millichap is marketing the property.
Upper East Side retail condo on the block
The first-floor commercial space at Place 57, a 36-story condo building at 207 East 57th Street, is on the market with an asking price of around $7 million. Urban Archaeology, a home-furnishings retailer, is leasing the 3,735-square-foot space, which includes 15-foot ceilings and 29 feet of glass frontage along 57th Street. The store signed a 10-year lease with an annual $466,975 base rent, with 9 percent escalations every three years. Eric Michael Anton, Ronald Solarz, Alan Miller and David Schechtman of Eastern Consolidated are handling the sale.
Compiled by Roland Li