Rosen wants $2,000 psf for Seagram stake
Seagram Building Aby Rosen’s RFR Holding is looking to unload a 49 percent stake in the landmark Seagram Building at more than $2,000 per square foot, which would revalue the property at about $1.8 billion. According to the New York Post, the record price per square foot for an office building was set at $1,585 in 2007 with the sale of 450 Park Avenue, and while prices have rebounded somewhat since the real estate crash, such a price is untested in today’s market. “If you want to test the strength of the market, it’s certainly the building with which to do it,” said Woody Heller, head of the capital transactions group at Studley, which is not involved in the marketing of the building.
Cooper Square Hotel up for sale
Cooper Square Hotel The mezzanine lender that took over the Cooper Square Hotel in a debt restructuring deal late last year is now ready to unload the property. Sources said the hotel is expected to fetch upward of $80 million. According to the Post, Westport Capital Partners tapped Douglas Harmon and Adam Spies of Eastdil Secured to market the 21-story hotel at 27 Cooper Square, which debuted in late 2008 after years of delays. It ran into financial trouble soon after, and last year, as restructuring talks were ongoing, the owners of the Soho Grand and Tribeca Grand hotels had come close to purchasing the 145-room property but pulled out of the deal at the eleventh hour. Instead, Westport took control in a transaction valued at $70.9 million, The Real Deal reported at the time.
East Village building asking $30 million
A redevelopment opportunity at a six-story building at 62-74 Avenue B is being marketed with an asking price of $30 million. Eastern Consolidated’s Brian Ezratty and Scott Ellard are marketing the fee interest in the 72,750-square-foot property, which is currently occupied by a single tenant whose lease expires next spring. The property could be a candidate for conversion to residential use, dormitories or other nonprofit or institutional uses. In addition, a viable redevelopment strategy for the building’s ground floor would be a conversion to retail space, according to the listing.
UES apartment building on the block
39 East 72nd Street A six-story, 14,000-square-foot apartment building at 39 East 72nd Street is on the market with an asking price of $20.5 million. Located on the north side of East 72nd Street between Park and Madison avenues, the elevator building has a floor-area ratio of 10 and sits on a 2,760-square-foot lot. Six free-market tenants and one rent-stabilized tenant currently occupy the apartments. Guthrie Garvin of Massey Knakal is marketing the property.
Financial District development site for sale
118-120 Fulton Street A development site with over 51,000 buildable square feet at 118-120 Fulton Street is on the market with an asking price of $12.9 million. A 15,600-square-foot building currently sits on the lot, which measures 4,122 square feet and has 50 feet of frontage on Fulton Street. The zoning allows for a development with residential and commercial components. Nick Petkoff of Massey Knakal is handling the assignment.
Compiled by Linden Lim