On the market
Commercial properties recently placed on the market
Vornado Broadway office tower for sale
Vornado Realty Trust has put the full-block office tower at 1740 Broadway up for sale. The 590,000-square-foot property, which rises 26 stories between West 55th and 56th streets, could go for $600 million, Crain’s reported. The structure was built in 1950 and went through a full-building modernization including a new lobby in 2007, according to Vornado’s website. The building’s largest tenant is L Brands, which operates the Victoria’s Secret and Bath and Body Works chains. Darcy Stacom and Bill Shanahan of CBRE Group are handling the sale.
Laurel’s mixed-use space could fetch $70M
A nearly 59,000-square-foot commercial condominium unit at the Laurel on the Upper East Side hit the market, and is expected to fetch as much as $70 million. An undisclosed institutional seller hired Savills Studley brokers Daniel Parker, Will Silverman, Eric Negrin and Woody Heller to market the space at the 31-story condo tower at 400 East 67th Street, near First Avenue. The fully leased unit holds office, retail and garage space. TD Bank occupies the 3,000-square-foot retail space; Cornell University has a four-story, 29,000-square-foot office space and a Quik Park parking garage fits 142 cars into 26,000 square feet. They are each on 10-year leases.
Two Bedford Avenue sites on the market
Two Williamsburg properties near the Bedford Avenue L train are up for grabs for a combined $42.5 million. The first site, located at 184-186 Bedford Avenue between North Sixth and North Seventh streets, is currently home to bar and music venue Spike Hill Music, and is asking $19.5 million. A second property, a block south, at 204-206 Bedford Avenue, home to a Thai restaurant, deli and women’s clothing store, has a price tag of $23 million. The two properties are being marketed by Massey Knakal’s Mark Lively, who told Crain’s that the shops feature unusually wide frontage. The spot at 184-186 Bedford has a 40-foot frontage, while the second site has 50 feet. Locations along the avenue more commonly have 25 feet of frontage.
Fort Greene office site seeks over $25M
Foster-care nonprofit SCO Family of Services listed a three-story office property in Fort Greene in the hope of fetching up to $25 million. Brooklyn brokerage TerraCRG is marketing it as a development site. SCO bought the building at 570 Fulton Street for roughly $500,000 in 1985. The site is situated near the Carlyle Group’s 1 Flatbush rental project and the Dermot Organization’s 66 Rockwell Place project. A Buddy Lee clothing factory occupied the building for years. It now houses a foster care office that serves about 250 children, according to Crain’s. Ofer Cohen of TerraCRG said he expected any residential development on the site to sell for $1,300 per square foot.
Lenox Hill development lot on market
Midtown-based investment firm Minuit Partners is looking to sell off a parking lot at 321 East 60th Street for $14.6 million. What the development site lacks in charm, it makes up for with the potential to generate bonus air rights that could be worth tens of millions of dollars, according to the broker marketing the property. Minuit has acquired a variance for the site, which sits in a commercial district, allowing for the development of a 28-unit residential building. Eastern Consolidated broker David Schechtman, who is marketing the property with colleague Lipa Lieberman, said that should a developer opt in to the city’s Inclusionary Housing Program, the site will generate 80,000 square feet of bonus air rights that can be used on the Upper East Side.