Midtown East office tower on the market
A 49 percent stake in the 22-story office building at 340 Madison Avenue is for sale and is expected to fetch $310 million, the New York Post reported. The 738,686-square-foot tower is located one block from Grand Central Station and spans the blockfront between 43rd and 44th streets. The property has about 400 feet of retail frontage. Owner Broadway Partners purchased the property in 2006 for $550 million from Macklowe Properties, which had completely redeveloped the building before selling it. A $310 million sale would recapitalize the building at $630 million, or $842 per square foot. Cushman & Wakefield is handling the assignment.
Two Post Properties rental buildings for sale
Atlanta-based Post Properties has put its two luxury rental buildings in the city on the market with an expected sales price of $250 million, the Post reported. The Post Toscana at 389 East 89th Street is a 31-story, 209,930-square-foot tower with 199 units; the 150,800-square-foot Post Luminaria stands at 20 stories and has 138 units. A few units are renting at market rate, but the majority is rent regulated through 2013 as part of the 421-a tax abatement program. Douglas Harmon of Eastdil Secured is handling the sale.
Whitney Museum townhouses on the block
Five townhouses owned by the Whitney Museum of American Art on the Upper East Side are reportedly on the market with an asking price of $60 million, according to Crain’s. The properties are located on Madison Avenue between East 74th and East 75th streets, next to the Whitney Museum. Two retail tenants occupy the otherwise empty townhouses. The museum had planned a controversial expansion on the site but scrapped the idea in 2006 in favor of building on a Meatpacking District lot. CB Richard Ellis is marketing the properties.
Harlem development site asking $58 million
A development site spanning an entire blockfront at 1428 Fifth Avenue is on the market with an asking price of $58 million. Known as the Fifth Between the Park Portfolio, the property includes a six-story postwar building with 120 residential units. The buyer will be able to develop the remaining air rights on the site’s vacant parcel, which currently operates as a parking lot. The site has about 150 feet of buildable frontage on West 116th Street and 180 feet of buildable frontage on West 117th Street; a total of 260,000 square feet could be built assuming the passage of a pending zoning change. Shimon Shkury, Thomas Donovan and Michael Tortorici of Massey Knakal are handling the sale.
UES development site on the market
A 11,557-square-foot development site at 1133 York Avenue is on the market with an asking price of $52 million. The parcel occupies the northwest corner of 61st Street and York Avenue, and allows for 154,000 square feet of residential and commercial development. The property has been rezoned to a C1-9 district, and a special permit will enable the buyer to develop a 100-space public parking garage on the cellar and subcellar levels. Brian Ezratty and Scott Ellard of Eastern Consolidated are handling the assignment.
East Village walk-up buildings for sale
Two six-story apartment buildings at 410-414 and 416-418 East 13th streets are on the market with an asking price of $33 million. The properties, located between First Avenue and Avenue A, combine for 80 feet of frontage and have 71 residential units. The building at 410-414 East 13th Street has 18,674 square feet above grade and is comprised of 36 units, including 24 two-bedrooms and 12 three-bedrooms; 416-418 East 13th Street has 16,224 square feet above grade and consists of 35 units, including 23 one-bedrooms, six two-bedrooms and six three-bedrooms. The units are free market with the exception of one rent-controlled tenant and seven rent-stabilized tenants. John Ciraulo, Joseph Sitt and Craig Waggner of Massey Knakal are marketing the properties.
Washington Heights buildings on the block
Two adjacent walk-up properties at 135 and 139 Haven Avenue are on the market with an asking price of $20.5 million. Located on the east side of Haven Avenue between West 172nd and West 173rd streets, the buildings combine for 22,678 square feet of space and have 260 feet of street frontage. Together, the buildings have 130 residential units, of which 122 are rent stabilized, four are rent controlled and four are free market; the average rent per apartment is $986. The properties also have four commercial units, including ground-floor medical space. Robert Shapiro, Christopher Phillips, Robert Knakal and Thomas Donovan of Massey Knakal are handling the assignment.
Compiled by Linden Lim