Worldwide plaza on the market
Worldwide Plaza, the last piece of Macklowe Properties’ portfolio, is for sale. The lender in control of the 1.7 million-square-foot building, Deutsche Bank, wants to retain an ownership stake, but is also prepared to write down the current $1.02 billion in outstanding principal to an $800 million mortgage. The buyer of the building at 825 Eighth Avenue, at 50th Street, is expected to contribute $200 million in equity, and the deal would be valued between $300 and $350 per foot. The leading potential buyer had been George Comfort & Sons, but the deal reportedly fell apart. According to CoStar Group, 639,540 square feet is available in the building.
East Village apartment buildings for sale
Four apartment buildings on Second Avenue between East 9th and East 10th streets are being marketed individually. A six-story elevator building at 156 Second Avenue with 31 apartments and five stores is listed at $25 million; a seven-story elevator building with 24 apartments and three stores at 145 Second Avenue has an asking price of $15 million; a six-story walkup at 151-153 Second Avenue with 27 apartments and two stores is asking $15 million; and a six-story walkup with 20 apartments and two stores at 141-143 Second Avenue is asking $11 million. Debrah Lee Charatan and Victoria Fisher of Debrah Lee Charatan Realty are handling the sale.
Brooklyn bank ground lease available
The ground lease for a Bank of America branch at 4701-4703 13th Avenue in the Borough Park section of Brooklyn is on the market with an asking price of $14.17 million. Constructed in 2009, the 4,920-square-foot bank is operating under a new 15-year, triple-net ground lease, expiring on May 1, 2024. Bank of America has three 10-year options to extend the lease with 10 percent rental increases. A sale at the asking price would represent a capitalization rate of 6 percent. Marcus & Millichap is marketing the property.
Brooklyn commercial condos on the block
A package of 44 units at Greenpoint Lofts, a commercial condo development at 229-231 Norman Avenue, is on the market with an asking price of $8.9 million, or $271 per square foot. The five-story, 32,812-square-foot building was originally built in 1913 and was renovated in 2007; the annex was built from the ground up in 2007. The property, which contains a total of 68 units, features 10- to 16-foot ceilings, 24/7 access and private and rooftop terraces. Marcus & Millichap is marketing the package.
Bronx development site asking $8 million
A waterfront development site in the City Island section of the Bronx is on the market with an asking price of $8 million. The 5.4-acre parcel at 226 Fordham Street is zoned M1-1/CD for industrial use, but the site is awaiting approval for residential development permits. The New York City Department of City Planning recently certified the ULURP application as complete, initiating the formal public review process. The lot has a two-story, 27,000-square-foot building on site, built in 1950. Karl Brumback and Chris Brodhead of Massey Knakal are handling the sale.
Noho retail building on the market
A three-story retail building at 337-45 Lafayette Street is on the market with an asking price of $5.95 million, or around $600 per square foot. The 9,917-square-foot property has 130 feet of frontage on the corner of Lafayette and Bleecker streets and offices above, with 15 commercial units total. The property also has an additional 6,500 square feet of air rights, pending Landmarks Preservation Commission approval. Brendan Gotch and James Nelson of Massey Knakal are handling the assignment.
Bronx multifamily portfolio on the block
A package of two walk-up apartment buildings in the Little Italy section of the Bronx is on the market for $4.4 million, or roughly $101 per square foot. Located at 2405 Crotona Avenue and 2203 Belmont Avenue, the prewar buildings have four ground-level stores and 53 apartments, including four rent-controlled units. A sale at the asking price would represent a capitalization rate of 7.7 percent and a gross rent multiple of about 6.6. The buildings have been owned and managed by the same partnership for over 20 years. Marcus & Millichap is marketing the properties.
Compiled by Linden Lim