Bronx development site on the market
A 440,000-square-foot plot of vacant land at 825 Bronx River Avenue in the Soundview section of the Bronx is on the market with an asking price of $50 million, or $113 per square foot, according to published reports. The 10-acre site is the former Loral Electronics defense contractor plant and is currently zoned for industrial or retail use. Around 90 percent of the land is vacant, and an 80,000-square-foot building will be demolished. The seller is Long Island-based Lighthouse Real Estate Ventures. Bill Jordan and John Reinertsen of CB Richard Ellis are marketing the property.
Greenwich Village buildings on the block
Two apartment buildings at 201-211 West 11th Street are on the market with an asking price of $47.5 million. There are five stores and 67 apartments, 40 of which are free market and 24 of which are rent-regulated; three units are currently vacant. The properties have 29 one-bedrooms, 26 two-bedrooms, 10 junior-four units and two studios. The average monthly rent is $2,717, or $54 per net square foot. The rents for the retail spaces average $181 per square foot. James Nelson of Massey Knakal is handling the assignment.
Five Manhattan mixed-use properties for sale
A mix of five buildings in Tribeca and Lower Manhattan are on the market with an expected sales price of $34 million. The three-story, 12,500-square-foot mixed-use building at 35 Walker Street is vacant and has additional air rights for development. The five-story loft building at 73 Leonard Street has 12,500 square feet of space, which is 100 percent occupied. The Chapel Moran Inn at 103 Washington Street has a restaurant on the ground floor and seven stories of apartments above, all of which are vacant. The five-story loft property at 10-12 Maiden Lane has 13,709 square feet of space but can be built out to contain an additional 34,900 square feet. The final property is a four-story commercial townhouse with 10,309 rentable square feet at 67 Greenwich Street. Peter DeCheser of Jones Lang LaSalle is handling the sale.
Chelsea development site asking $20 million
A three-story, 27,600-square-foot commercial building at 537-543 West 20th Street is on the market with an asking price of $20 million. The site, located between 10th and 11th avenues, has 100 feet of frontage and lies in a split zoning of M1-5 and C6-3. This allows for a 46,000-square-foot office, hotel or gallery development. Bermuda Limousine Corporation occupies the space but will relocate, and the building will be delivered vacant. Eastern Consolidated brokers Anna Maria Ronquillo, Peter Hauspurg, Alan Miller, David Schechtman and David Lever are marketing the property.
UES retail co-op on the block
A 6,886-square-foot retail co-op with 5,375 square feet of basement space at 1235 Lexington Avenue is on the market with an asking price of $20 million. The space, located at the corner of East 84th Street, is on the ground floor of a 14-story residential building and is occupied by a Duane Reade. The drugstore is on a 20-year lease at the site with rent increases of 12 percent every five years. The new owner would be acquiring 5,107 shares out of a total of 39,575 shares in the building. Eric Anton, Ronald Solarz and David Schechtman of Eastern Consolidated are handling the assignment.
Manhattan portfolio on the market
Three Manhattan properties located at 90 Water Street, 79 Mott Street and 519 Second Avenue are on the market with an aggregate asking price of $19.85 million. The 979-square-foot development site at 90 Water Street can be built out to 14,685 square feet, with a maximum floor-to-area ratio of 15 in a C5-5 zone. The five-story apartment building at 79 Mott Street has two ground-level stores and 16 one-bedrooms above; two units are rent-controlled, seven are rent-stabilized, six are free market and one is vacant. The apartment building at 519 Second Avenue has a bar on the ground floor that can be delivered vacant and eight residential units, five of which are vacant. The 7,350-square-foot property has an additional 7,080 square feet of air rights. Nik Petkoff of Massey Knakal is handling the assignment.
Washington Heights building for sale
A six-story, 54,000-square-foot multifamily property with 74 units at 4321 Broadway is on the market with an asking price of $12.9 million, or $239 per square foot. The building, located between 184th and 185th streets, has an average monthly rent of $1,035. The property sits on a corner lot measuring 103 feet by 120 feet and is located in a C8-3 zone. The asking price represents a per-unit price of $174,000 and a capitalization rate of 4.4 percent. Marcus & Millichap is marketing the property.
Compiled by Linden Lim