On the market: Commercial


485 Lexington asking $525 million


SL Green Realty’s 32-story office tower at 485 Lexington Avenue is on the market with an asking price of $525 million, the New York Post reported. The 921,000-square-foot building, between 46th and 47th streets, has $450 million in assumable debt through 2017. Citigroup is the lead tenant at the property, also known as Grand Central Square. SL Green had been in discussions to sell the building to Murray Hill Properties for $555 million, but talks reportedly have stalled. SL Green bought the property, and the adjacent building at 750 Third Avenue, for $480 million in 2004. Jon Caplan, Scott Latham, Richard Baxter and Ron Cohen of Cushman & Wakefield are marketing the building.

Lease for Harlem building on the market

A master lease for the Harlem Center, a 274,000-square-foot office and retail complex at 125th Street and Lenox Avenue, is on the market and is expected to trade for more than $100 million, the Post reported. National chains Marshall’s, H & M, CVS and Staples occupy the retail portion of the building, while the 147,000 square feet of office space is leased primarily to state government agencies. The master lease is owned by Forest City Ratner Companies; the Empire State Development Corp. owns the land. Jon Caplan, Scott Latham, Richard Baxter and Ron Cohen of Cushman & Wakefield are handling the sale.

Crane collapse site mortgage for sale

Arbor Realty Trust is looking to sell its $71.65 million mortgage on 303 East 51st Street, the construction site where a crane collapsed in March 2008, killing seven people, the New York Observer reported. The Kennelly Development Company’s original plan was to erect a 42-story condo building at the location, and the developer invested more than $120 million into the project. The developer stopped making payments after the crane accident, and the building is now facing foreclosure.

East Village walk-up asking $15 million

A six-story apartment building at 432-434 East 13th Street is on the market with an asking price of $15 million. The prewar property has 24,150 square feet above grade and contains 38 residential units, including 19 one-bedrooms and 18 two-bedrooms. Two rent-controlled tenants and six rent-stabilized tenants remain at the building, which is otherwise free market. The two retail units are occupied by a bar and a restaurant, which have leases expiring in 2012 and 2018, respectively. The property is zoned R7-2 and has a floor-area ratio of 3.44. John Ciraulo, Joseph Sitt and Craig Waggner of Massey Knakal are marketing the property.

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Gramercy retail co-op on the block

A multilevel retail co-op unit at 222 Park Avenue South is on the market with an asking price of $12.75 million. Situated at the base of a 12-story elevator building, the corner unit has 6,314 square feet on the ground floor and 4,600 square feet of sellable space on the lower level. The unit is being sold by the current sponsor, and co-op board approval is not necessary. The space, which is limited to dry use, will be delivered vacant. John Ciraulo and Craig Waggner of Massey Knakal are handling the assignment.

Soho loft building on the market

A five-story loft building at 95 Grand Street is on the market with an asking price of $6.95 million. The 7,300-square-foot property is fully occupied but can be delivered vacant, with the exception of an interim multiple dwelling tenant living on the fourth floor. The ground-floor artist studio is owner occupied and consists of the first floor, cellar and mezzanine level. Free-market tenants are living in the second and third floors on three-month leases that can be terminated at the owner’s discretion. The fifth-floor unit is also owner occupied. Jerome Benayoun and Lipa Lieberman of Eastern Consolidated are handling the sale.

Washington Heights building for sale

An 80-unit walk-up apartment building at 404-412 Audubon Avenue is on the market with an asking price of $6.75 million. Situated on the southwest corner of Audubon Avenue and West 186th Street, the five-story property was built in 1912, and more than half of the units are two-bedrooms or larger. A sale at the asking price would represent a price per square foot of $104 and a gross rent multiple of 8.75. Most of the units are rent stabilized, averaging around $804 per month. The 58,300-square-foot building is zoned R7-2 and has a floor-area ratio of 3.44. Besen & Associates is handling the assignment.

Compiled by Linden Lim