On the Market: Commercial

1177 Sixth Avenue for sale
The Paramount Group is selling 1177 Sixth Avenue and expects it to fetch at least $1 billion, the New York Observer reported. In 2002, Paramount bought the 47-story, 1-million-square-foot building for $409 million. It sold 32 Old Slip for $750 million two months ago, and purchased 60 Wall Street for $1.18 billion last May in a sale lease-back deal. Eastdil Secured will market 1177 Sixth, where tenants include law firms Dickstein Shapiro Morin & Oshinsky and Kramer Levin Naftalis & Frankel.

Midtown South building could fetch $200M
SL Green has put a Class B office building at 440 Ninth Avenue on the market with an asking price of $200 million, the New York Post reported. The 18-story, 370,000-square-foot prewar building is occupied by the offices of Duane Reade and B & H Photo, as well as Uncle Jack’s Steakhouse. Rent rollovers begin in 2012, and the property could be converted to hotel rooms or condos. Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan of Cushman & Wakefield are handling the sale.

UES mixed-use building asking $130M
The Easton, a 21-story, 158-unit mixed-use building at 360 East 65th Street, is on the market and is expected to fetch around $130 million, GlobeSt.com reported. About 60 percent of the building’s units are free-market, with an average rent of $47 per square foot; the other 40 percent are rent-stabilized, with an average rent of $17 per square foot. The property includes 9,700 square feet of retail space, which is 100 percent occupied with leases expiring between 2011 and 2014. Brian Ezratty of Eastern Consolidated is handling the sale.

Leasehold interest in UES retail space for sale
Bids were due last month for the 40-year leasehold interest in 40,000 square feet of retail space at 201-203 East 86th Street, which is expected to fetch a price in the $50 million range. The property, which comprises the base of the 35-story residential tower known as the Colorado, comprises 16,744 square feet on the first and second floors of 201 East 86th Street and 23,251 square feet on the three lower-level floors of 203 East 86th Street. Brian Ezratty of Eastern Consolidated is handling the assignment.

Tribeca parking lot on the market
A parking lot at 48-52 Franklin Place is on the market for sale with an asking price of $30 million, the New York Sun reported. The site, which will be delivered vacant, can support 75,000 square feet as of right. This can be increased to 94,000 square feet with certain bonuses. Besen & Associates is handling the sale. The site traded last winter for $25 million.

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Soho garage on the block
A one-story garage at 523-525 Greenwich Street is on the market with an asking price in the $20 million to $25 million range, the Sun reported. Situated between Spring and Vandam streets, the site can support a 50,000-square-foot building. The buyer can purchase neighboring air rights to increase the size of the development.

Chelsea loft building asking $17M
A seven-story, 27,970-square-foot loft building at 154 West 27th Street is on the market for sale with an asking price of $17 million. The property has approximately 15,809 square feet of additional air rights. All except two residential units are free-market, and there are two ground-floor retail units with leases that average $24 per square foot. Brock Emmetsberger, Brendan Gotch, James Nelson and William Simons of Massey Knakal are handling the assignment.

Lower Manhattan mixed-use building for sale
A six-story, 26,800-square-foot mixed-use building at 157-159 Suffolk Street is on the market for sale with an asking price of $15 million, or $560 per square foot, GlobeSt.com reported. The residential component consists of 33 apartments, which comprise 11 one-bedrooms, 17 two-bedrooms and five three-bedrooms. The retail component features four spaces totaling 2,000 square feet. Deanne Draeger of Marcus & Millichap is marketing the property.

Flatiron loft building for sale
A five-story, 8,125-square-foot mixed-use loft building at 9 West 19th Street is on the market for sale with an asking price of $8.4 million, the Post reported. The prewar townhouse, which features a terra-cotta facade with wood-framed glazing and pressed-tin ceilings, can be used as commercial space or converted to residential use as of right. Peter Comitini of Corcoran is handling the assignment.

Jamaica mixed-use building on the market
A 10-story, 60,000-square-foot mixed-use building at 160-16 Jamaica Avenue in Queens is on the market for sale. The prewar property, which will be delivered vacant, offers 6,500 square feet of ground-floor retail space with 25-foot ceilings. Floors two through 10 may be used as office space or as residential lofts, and two passenger elevators serve floors one through 10. Ronda Rogovin of Eastern Consolidated is handling the sale.