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On the market
Commercial properties recently placed on the market <br>
From left: 747 Madison Avenue, 198 Varet Street, 403 Greenwich Street and 3146 Steinway Street
Madison Avenue retail condo on the block
The corner retail space at 747 Madison Avenue currently occupied by Valentino is up for sale or lease. The designer, a Madison Avenue tenant for 15 years, is likely to vacate the space at East 65th Street when its lease is up this fall, the New York Post reported. Ownership expects a sale of the retail condo to command at least $70 million, while the asking rent for a lease would be $1,000 per square foot. Newmark Knight Frank’s Robert Emden, Ken Zakin and Randall Liberman are fielding purchase offers; the leasing team consists of Emden along with Jeffrey Roseman and Ken Hochhauser, also of Newmark.
Williamsburg school building asking $30M
A new construction school building at 198 Varet Street in Williamsburg is on the market with an asking price of $30 million. The eight-story, 115,000-square-foot facility was built to suit the Williamsburg Charter High School, which opened last fall. The school is in its first year of a 30-year lease. The investment’s gross income of $2.3 million is set to increase to $2.6 million in years three to five of the school’s lease. A sale at the asking price would represent a price per square foot of $260 and a capitalization rate of 7.5 percent. Mark Lively, Brendan Maddigan and Douglas DiSesa of Massey Knakal are marketing the property.
Tribeca redevelopment site on the market
A site consisting of two buildings that can be redeveloped at 401 and 403 Greenwich Street is on the market with an asking price of $17.25 million. The properties, located between Beach and Hubert streets, can be purchased together or individually. The six-story, 14,500-square-foot building at 401 Greenwich Street is an as-of-right residential site due to a recent zoning change. The adjacent two-story building at 403 Greenwich Street is also zoned residential. Eric Michael Anton and Ronald Solarz of Eastern Consolidated are handling the sale.
UWS commercial condos for sale
Nine commercial condos at 80, 100, 120 and 200 Riverside Boulevard are on the market with a combined asking price of $14.58 million. The units can be purchased as a package or individually, with prices starting at $625,000. The ground-floor spaces, located between West 63rd and West 70th streets, range in size from 935 to 13,000 square feet and will be delivered vacant. They can support a wide range of uses, including retail, nonprofit, medical and professional offices. Massey Knakal’s Paul Smadbeck and Hall Oster are marketing the properties.
Queens retail building on the block
A 15,150-square-foot retail building at 3146-3148 Steinway Street in Astoria, Queens, is on the market with an asking price of $10.7 million. Tenants at the property include the Gap and a FedEx office. “This is the first time this asset is being marketed on an exclusive basis on [one of] Queens’ primary retail corridors,” said Marcus & Millichap’s Preet Sabharwal, who is handling the assignment with colleague Steven Stoehrer, according to a news release. “We have seen significant interest from many of New York’s largest retail owners,” he claimed. A sale at the asking price would represent a capitalization rate of 6.82 percent.
Compiled by Linden Lim