Eastdil to market Sony’s Madison Avenue tower
Eastdil Secured beat out the CBRE Group, Cushman & Wakefield, Jones Lang LaSalle and Newmark Grubb Knight Frank to get the listing for electronic giant Sony’s 36-story building at 550 Madison Avenue last month, the New York Post reported. Sony has been considered selling the 800,000-square-foot property since the beginning of the summer, when the company posted a nearly $6 billion loss during the last fiscal year. As previously reported, the Sony U.S. headquarters could be worth between $700 million and $1 billion. If the building is sold, the company could move west to Hudson Yards, Downtown to the World Trade Center or to the Time Warner Center at Columbus Circle, according to the Post. The tower now houses Sony’s music and movies divisions as well as its corporate offices.
Brookfield to market $50 million portfolio
Brookfield Financial was named the exclusive broker for the $50.1 million Decathalon Portfolio, a group of 10 multi-family buildings in Upper Manhattan. The portfolio was put on the market after lenders filed to foreclose on the owner, Vantage Properties. The portfolio includes 474 prewar apartments in Washington Heights and Inwood, of which 116 are renovated. After acquiring the distressed loans last year, Lone Star Funds, the Dallas-based real estate firm, filed a $50 million-plus lawsuit against Vantage and its partner, Apollo Real Estate (now AREA Property Partners), who bought the property together in 2007. Lone Star alleged that the two failed to pay the interest on their loans since May 2011. The properties, which are only available as a group, range geographically from 248 Sherman Avenue near 207th Street on the northernmost end down to 961 St. Nicholas Avenue at 158th Street.
Astoria apartment building on the market
A four-story multi- family property at 27-37 27th Street in Queens is for sale with an asking price of $11.5 million. Located between 30th and Newtown avenues in the borough’s Astoria neighborhood, the 30,572-square-foot elevator building contains 40 residential units and 18 parking spaces. The buyer would have the opportunity to add a full-floor addition to the building. A sale at the asking price would represent a capitalization rate of 6.5 percent and a gross rent multiple of 11.1. Massey Knakal’s Evan Daniel, James Nelson and Mitchell Levine are marketing the property.
Penn Station–area development site for sale
A 2,940-square-foot development site at 138 West 32nd Street is for sale with an asking price of $10 million. Located half a block from Penn Station, the site is ideally suited for a hotel, condominium, apartment or office redevelopment, according to the listing. Under the current C6-6 zoning for high-bulk office districts, the property has a floor-area ratio of 15 and can accommodate a 15-story building totaling about 44,100 square feet. A building of about 6,000 square feet, which can be demolished, currently exists on the site. A Portland, Maine–based firm named Lux Realty Group is handling the assignment.
LIC commercial building on the block
A 14,000-square-foot commercial property at 35-11 Queens Boulevard in Long Island City is on the market with an asking price of $8.5 million. The single-story building sits on a corner lot measuring 100 by 140 feet and has 100 feet of frontage along Queens Boulevard. Several retail tenants occupy the property, including a Laundromat called Queens Cleaners Depot; Hanac NYC Taxi Academy, a test preparation center for taxicab driver’s licenses; D&D Restaurant Food Supply, a restaurant supply distributor; and an auto repair shop. Under the site’s current zoning, a commercial and industrial development of up to 28,000 square feet is allowed. Eran Elhanani of Keller Williams NYC is handling the sale.