417 Fifth Avenue quietly for sale
The 412,000-square-foot office building at 417 Fifth Avenue is on the market, the New York Post reported. Sources said the building at 38th Street will likely sell for $175 million to $200 million, which is less than the $250 million that Joseph Moinian and Goldman Sachs’ Whitehall Group paid for the property in July 2007. Moinian and Goldman Sachs took over a $125 million mortgage from Barclay’s Bank when they bought the building, and the mortgage matures in September 2010. About $30 million is also due in a mezzanine loan from Credit Suisse. To make a deal, sources said the partnership would pay off the current financing and a Goldman Sachs entity would provide a five-year, floating-rate loan on the basis of 60 percent loan-to-value ratio.
UES residential building on the block
A 20,000-square-foot property at 133 East 73rd Street is on the market with an asking price of $39 million, or $1,950 per square foot. Five stores occupy the ground-level retail space along the property’s Lexington Avenue side. Owner Lloyd Goldman may consider holding onto the retail portion and lowering the price for the upper-floor residential units, which are currently vacant, the Post reported. The five-story building has an additional 2,500 square feet of air rights. Ivan Hakimian of Itzhaki Properties is marketing the property, also known as 1024-1030 Lexington Avenue.
Gramercy commercial condo for sale
Cushman & Wakefield’s capital markets team recently began marketing a 140,000-square-foot commercial and retail condo at 15 East 26th Street. Cushman hopes to get $250 a foot for the space, for a total of $35 million, the Post reported. Home improvement television star Bob Vila owns the penthouse in the building and is among those who have closed on residential units on the ninth through 20th floors. Commercial tenants include media corporation Bertelsmann, El Al Airlines and engineering firms, who rent space for around $30 per square foot.
Bronx commercial property asking $14 million
A three-story office building at 300-310 East 149th Street in the South Bronx is for sale with an asking price of $14 million. The 20,688-square-foot property has ground-floor retail space with 150 feet of frontage on East 149th Street. The building has a C4-4 zoning with a floor-area ratio of 6. Peter Cokin of NAI Friedland Realty is handling the sale.
Queens mixed-use property on the market
A 50,000-square-foot industrial and retail building in the Woodside section of Queens is for sale with an asking price of $9.4 million. The two-story property at 26-50 Brooklyn Queens Expressway West houses a BQE Fitness health club, which subleases a portion of its 25,000-square-foot space to a salon. The property owner also owns BQE Fitness, and is expected to sign a new 20-year lease at the close of escrow. The tenant will pay 50 percent of all property taxes and insurance. The tenant will also handle personal utilities and maintenance. An additional 25,000 square feet at the property is vacant. Also, a 9,000-square-foot on-site parking lot can accommodate 35 cars. Marcus & Millichap has the listing.
East Village apartment building for sale
A six-story apartment building with ground-floor retail at 24 St. Mark’s Place is on the market with an asking price of $5.45 million. The 12,133-square-foot property contains 16 apartments and a 777-square-foot retail space, leased to a Pinkberry frozen yogurt shop until April 2017. The residential units are 100 percent occupied and consist of four studios, one one-bedroom, two two-bedrooms and nine three-bedrooms. Three of the units are rent controlled, nine are rent stabilized and four are free market. The rent-controlled units average $595 per month, the rent-stabilized units average $1,362 per month and the free-market units average $2,813 per month. Roberto Ortiz of Eastern Consolidated is handling the sale.
LES development site on the market
A development site zoned for residential use at 178 Delancey Street is on the market with an asking price of $3.2 million. Located on the corner of Delancey and Attorney streets, the lot has a footprint of 2,500 square feet, and its R8-A zoning permits up to 18,000 buildable square feet. The base residential floor-area ratio is 5.4, allowing a residential development of 13,500 square feet; the floor-area ratio if a community facility is included is 6.5, permitting a buildable square footage of 16,250; and with inclusionary housing, where 20 percent of the project is reserved for low- to moderate-income families, the floor-area ratio is 7.2, or up to 18,000 buildable square feet. Mike DeCheser of Massey Knakal is handling the assignment.
Compiled by Linden Lim