Chetrit, Levy put 620 Sixth up for grabs
A partnership of Joseph Chetrit, Yair Levy and Charles Dayan is looking to unload 620 Sixth Avenue. According to the Observer, the nearly 800,000-square-foot mammoth anchored by Bed Bath & Beyond could fetch around $500 million. The landlords purchased the Chelsea property for $289.8 million in 2005, taking out a $235 million mortgage that they nearly defaulted on in the years following. But for a buyer, the building appears to have an upside. There are 250,000 square feet of additional development rights atop the existing structure, plus 75,000 square feet at an adjacent site zoned for hotel development.
New building for sale near the High Line
Just a few days after the opening of the High Line’s second phase last month came an opportunity for buyers to get in on the High Line action. CB Richard Ellis is marketing a 200,000-square-foot property at 511-541 West 25th Street, between 10th and 11th avenues, according to Crain’s. Tesla Motors has a showroom in the building. Darcy Stacom, a vice chairman at CBRE, predicted the new listing would fetch about $500 per square foot, or $100 million. “This is a neighborhood that is coming into its own, and this is an opportunity to get in on it,” Stacom said.
UES apartment building on the block
For the first time in 50 years, an 83,637-square-foot apartment building at 1143 Second Avenue is available for purchase. The Jones Lang LaSalle marketing team of Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan expect the six-story property to trade for around $60 million, the New York Post reported. The rental building has 93 units, including 41 one-bedrooms and 52 studios, as well as 13 stores on the blockfront between East 60th and 61st streets. An additional 77,023 square feet of air rights are available for future development.
UWS townhouses on the market
Three five-story, multifamily townhouses at 272-276 West 86th Street are on the market with an asking price of $19.5 million. The contiguous buildings have 25 apartments, including five floor-through units at 272 West 86th Street and 10 units each at 274 and 276 West 86th Street. All of the apartments are vacant with the exception of three rent-stabilized units at 272 West 86th Street. The site has an additional 42,555 square feet of air rights for future development, and a maximum buildable square footage of 61,302. Hall Oster and Timothy Hay of Massey Knakal are marketing the buildings.
LES hotel asking $19 million
A new 12-story, 43-key hotel at 5 Allen Street on the Lower East Side is on the market with an asking price of $19 million. The under-construction, limited-service hotel is slated for completion in the fourth quarter of this year, and will come with a management agreement with Howard Johnson that is cancelable. The 15,600-square-foot property is configured with 22 double rooms and 23 singles, along with a lower ground-floor level with a backyard garden. Eastern Consolidated’s Marion Jones, David Schechtman, Peter Hauspurg and Philip Huang are handling the sale.
Compiled by Linden Lim