Macklowe Properties selling 340 Madison
Macklowe Properties and investment partner SITQ are selling the 22-story, 750,000-square-foot office tower at 340 Madison Avenue, which was recently redeveloped into a Class A property. It could fetch $600 million, or $800 a square foot, despite being only 46 percent occupied, according to the New York Post. Cushman & Wakefield is handling the sale.
Marsh & McLennan selling Midtown HQ
Marsh & McLennan is planning to sell its condominium office headquarters at 1166 Sixth Avenue, the New York Sun reported. Last year, Lehman Brothers originated a $475 million, 30-year loan on the office space. Marsh & McLennan owns 21 floors of the 44-story, 1.6-million-square-foot building.
Manhattan Mall hits the market
The 1-million-square-foot Manhattan Mall on West 33rd Street went on the sales market last month, the Sun reported. It has 11 levels above ground and two below. Argent Ventures acquired the mall and office building in 1998 by buying its debt for a reported $135 million, and its sales price would likely be far higher now.
26 Broadway on the sales market
The landmark Standard Oil Building at 26 Broadway is on the sales market for an undisclosed price, Crain’s reported. The owners, the Koeppel family, recently sold 575 Lexington Avenue to Larry Silverstein for $400 million. The 31-story, 750,000-square-foot 26 Broadway could fetch as much as $262.5 million, based on comparisons with other building sales in its vicinity. CB Richard Ellis is marketing the property.
East Harlem portfolio on the block
The East Harlem Portfolio, 48 mixed-use and residential buildings located between the FDR Drive and Park Avenue and stretching 22 blocks north of East 100th Street, is on the market and valued at $250 million, GlobeSt.com reported. The portfolio totals 1,145 units — of those, 204 are free-market. Peter Hauspurg and Marcia Rose Yawitz of Eastern Consolidated are marketing the portfolio for owner Steven Kessner of the Real Estate Group.
Salvation Army selling Gramercy Park building
The Salvation Army is selling a building it owns overlooking Gramercy Park in Manhattan. Valued at more than $100 million, the 83,000-square-foot Parkside Evangeline Residence for Young Women at 18 Gramercy Park South provides women with inexpensive temporary boarding. Many of the women have already moved out, and Parkside has stopped accepting new applications in preparation for the imminent sale. GVA Williams is reportedly the sales agent.
Herald Square development properties for sale
The two commercial buildings at 1205-1225 Broadway are on the market for sale with an asking price of $70 million. The site can support 250,000 square feet of retail, office and hotel development. Robert Knakal, John Ciraulo and Craig Waggner of Massey Knakal are the sales agents.
Staten Island site asking $40 million
An 18-acre slice of Staten Island waterfront is on the sales market for $40 million, the Staten Island Advance reported. The parcel, on the South Shore in the Annadale neighborhood, presents a “rare development opportunity,” according to Massey Knakal, the brokerage marketing the parcel.
Vacant Upper East Side building on the block
The 19-story, 247,617-square-foot building at 1760 Third Avenue is on the sales market. The property will be delivered vacant and can be converted into a rental or condominium. A site plan has been rendered for the construction of a 30-story, 326-foot residential tower. Shimon Shkury, Paul Massey and Michael Tortorici of Massey Knakal are the exclusive sales agents.
Harlem mixed-use building on the market
The 17-unit building at 2070 Frederick Douglass Boulevard, also known as 289-297 West 112th Street, is on the market for sale through Besen & Associates’ Platinum Team. The property, which also has two stores and will be delivered vacant, could be converted into a condo.
City selling Park Slope school site
The city is requesting proposals from developers for the site of P.S. 133 in Park Slope, between Butler and Baltic streets. Developers could buy the site for either residential or commercial development. The sale would be the first of its kind in the city outside of Manhattan, according to the Sun.