Lipstick Building on the block
Tishman Speyer Properties is selling the 34-story, 587,000-square-foot Lipstick Building at 885 Third Avenue, the New York Daily News reported. The building is expected to fetch more than $587 million. Tishman purchased the commercial property in 2004 for $235 million; CB Richard Ellis is handling the sale. [At press time, the building sold for $607 million to Los Angeles-based Metropolitan Real Estate Investors.]
NYT building selling for $500M
Tishman Speyer is also selling the current New York Times headquarters at 229 West 43rd Street and hopes to get about $500 million, or $667 a square foot, for the 15-story building, according to the New York Times. Tishman purchased the property in November 2004 for $175 million. The 750,000-square-foot building, constructed in 1913, is in need of renovation. The Times Company will be moving its headquarters to a new, under-construction tower at 620 Eighth Avenue later this year. [At press time, Africa Israel Investments agreed to purchase the building for $525 million.]
$1,500 per square foot for 450 Park?
The 32-story, 313,000-square-foot office building at 450 Park Avenue is on the market for sale and could fetch as much as $1,500 per square foot, or $469.5 million, according to the New York Observer. The price would set a per-square-foot record for an investment sale in the city. The building has some of Manhattan’s highest office rents, with space on available floors asking between $110 and $140 per square foot. Doug Harmon of Eastdil Secured is handling the sale.
Bids due for Mt. Sinai’s 1212 Fifth Avenue
Bids were due last month for Mt. Sinai Hospital’s 15-story, 76-unit apartment building at 1212 Fifth Avenue, the New York Post reported. The Related Companies and Extell Development Co. are among the bidders for the property, which comes with development rights and was expected to go for more than $200 million.
Flipping the Brill Building
The Brill Building at 1619 Broadway, a hub for popular music songwriting and publishing in the 1950s and 1960s, is on the sales market, the New York Sun reported. A joint venture of Murray Hill Properties and Westbrook Partners expects to get more than $140 million for the 175,000-square-foot office building, or $800 a square foot. The partnership paid $98 million for the 11-story building last October.
Flushing development site asking $49M
A development site at 40-70 Delong Street in Flushing, just east of Flushing Meadows Park in Queens, is on the market for sale at an asking price of $49 million. The site can support 557,549 square feet of commercial development with a community component. Thomas Donovan and Mack Tham of Massey Knakal are the exclusive sales agents.
Herald Square office building on the market
The 91,050-square-foot, 20-story office building at 989 Sixth Avenue is on the market for sale and is expected to fetch close to $38 million, or about $400 a square foot, according to the Sun. Owner Himmel + Meringoff Properties bought the building in 1985.
Astoria commercial building on the block
The three-story, 51,000-square-foot commercial building at 2856-2860 Steinway Street in Astoria is on the market for sale at an asking price of $23.25 million. The building is fully occupied by three retail tenants: Duane Reade, Washington Mutual and New York Sports Clubs. Robert Knakal and Rubin Isakharov of Massey Knakal are the exclusive sales agents.
Second Avenue development site for sale
A five-story walk-up apartment building at 1162 Second Avenue, also known as 301 East 61st Street, is on the market for sale at an asking price of $17.2 million. The owners are vacating the building and have acquired air rights that allow the site to support 45,812 square feet of residential development. Robert Knakal, Clint Olsen, Jonathan Hageman and Daniel Hagan of Massey Knakal are the exclusive sales agents.
Knitting Factory on the block
The building that houses the Knitting Factory music venue, 74 Leonard Street, is up for sale. Nearly a third of the 27,000-square-foot building is taken up by the venue, which has leased space at the location since 1994. The venue and the 18 decontrolled residential lofts above it will be included in the sale, which is expected to fetch between $15 and $16 million, according to Adelaide Polsinelli, senior executive broker at Besen & Associates, which is marketing the property. The Knitting Factory will continue to operate at 74 Leonard Street through its 2009 lease, but there has been no decision as to the future of the venue.