Kushner to sell residential holdings
Kushner Companies is looking to sell the bulk of its residential holdings — nearly 18,500 units, most in the tri-state area — to shore up cash for office building purchases. The residential portfolio will net Kushner around $2 billion, the New York Post reported. CB Richard Ellis’ Darcy Stacom and Bill Shanahan, along with Goldman Sachs, are handling the assignment.
Class B building near MSG on the market
The 460,000-square-foot building at 225 West 34th Street, known as 14 Penn Plaza, is on the market and could fetch as much as $400 million, the Post reported. The Class B building includes 22,000 square feet of retail space and is expected to benefit from the proposed development activity around Madison Square Garden. Cushman & Wakefield’s Jon Caplan, Scott Latham, Richard Baxter and Ron Cohen are marketing the building for seller Charles Borrok.
SL Green selling 1372 Broadway
SL Green will sell 1372 Broadway, a 21-story tower on 37th Street, the Post reported. The fully leased, 550,000-square-foot building is expected to go for more than $300 million. Douglas Harmon of Eastdil Secured is handling the sale.
Mixed-use portfolio could fetch $225M
A 24-property portfolio in Manhattan, Queens and the Bronx is on the market and expected to sell for $225 million, the Post reported. It includes 894 apartments in elevator buildings, 89 retail stores, five professional offices and unsold shares for 19 co-op units. Peter Hauspurg and Marcia Rose Yawitz of Eastern Consolidated are representing the local seller, Intervest Development Corp.
Herald Square office building for sale
A joint venture of the City Investment Fund and Savanna Investment Management is looking to flip the office building at 131 West 33rd Street for $500 per square foot, or $88 million, according to the New York Sun. The venture bought the 16-story, 176,000-square-foot building for $43 million, or $244 a square foot, in February. Woody Heller, Will Silverman, and David Endelman of Studley are marketing the building.
Witnesses’ sales could top $60M
The sale of six Jehovah’s Witness properties in Brooklyn Heights will likely fetch around $60 million, the Post reported. The religious group is expected to get $35 million just from the sale of the 12-story Standish Arms Hotel building at 169 Columbia Heights. The Witnesses own some 30 buildings in Brooklyn Heights and Dumbo that they began buying up in the 1980s and ’90s.
Midtown East development site for sale
A 7,490-square-foot development site at 313-317 East 46th Street is on the market with an asking price of $42 million. The site can support a residential building of up to 89,880 square feet with an affordable housing component. Eastern Consolidated is handling the sale.
Flatiron development site on the block
The parking lot at 39-41 West 23rd Street, which can support a 21-story, 90,677-square-foot residential building with ground-floor retail, is on the market. It is expected to sell for close to $400 per buildable square foot, or approximately $36 million, according to the Sun. Massey Knakal is handling the sale.
Diamond District building on the market
The seven-story, 11,410-square-foot office and retail building at 26 West 47th Street is on the market with an asking price of $15 million. The building has 11 office units and one retail store; the retail unit can be delivered vacant. Paul Massey, Mark Spinelli and Kyle Mast of Massey Knakal are the exclusive sales agents.
Price drop for East Harlem school
A former school at 2269-2275 First Avenue, which went on the market at the end of last year for $15 million, is now asking $12.75 million. The five-story, 47,390-square-foot building has 20,000 square feet of air rights and is ready for an immediate condominium conversion. Massey Knakal is the exclusive sales agent.
Would-be NASCAR track site for sale
A 676-acre, industrial-zoned site at the foot of the Goethals Bridge on Staten Island is on the market. The location, where plans were axed last year to build a NASCAR track, is the largest undeveloped waterfront site in New York City, according to exclusive broker Cushman & Wakefield. Stan Danzig and Jules Nissim are handling the sale.