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	<title>The Commercial Observer &#187; CBRE Selling Midtown East Garage/Lot With Many Possibilities</title>
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		<title>The Commercial Observer &#187; CBRE Selling Midtown East Garage/Lot With Many Possibilities</title>
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		<title>CBRE Selling Midtown East Garage/Lot With Many Possibilities</title>

		<comments>http://commercialobserver.com/2012/05/cbre-selling-2-midtown-east-garages-with-many-possibilities/#comments</comments>
		<pubDate>Thu, 10 May 2012 08:30:43 -0400</pubDate>
					<link>http://commercialobserver.com/2012/05/cbre-selling-2-midtown-east-garages-with-many-possibilities/</link>
			<dc:creator>Daniel Edward Rosen</dc:creator>
				
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		<description><![CDATA[<p><strong>CBRE </strong>has been tapped to sell one Midtown East Garage and a lot for possible redevelopment, the firm announced earlier this week.</p>
<p><div id="attachment_231760" class="wp-caption alignleft" style="width: 410px"><a href="http://www.commercialobserver.com/2012/05/cbre-selling-2-midtown-east-garages-with-many-possibilities/54garage/" rel="attachment wp-att-231760"><img class="size-medium wp-image-231760" title="54garage" src="http://www.commercialobserver.com/files/2012/05/54garage-400x300.jpg" alt="" width="400" height="300" /></a><p class="wp-caption-text">240 E. 54th Street (image courtesy of Property Shark)</p></div></p>
<p>The properties, located on <strong>240 East 54th Street </strong>and <strong>245 East 53rd Street</strong>, have a total lot area of <strong>12,251 square feet</strong> with approximately <strong>39,000 square feet</strong> of buildable space.  Both properties are nestled between Midtown East's unique nexus of office properties, high-end residential buildings, and a collection of medical centers like <strong>Weil Cornell Medical Center </strong>and <strong>Memorial Sloan Kettering Cancer Center. </strong></p>
<p>Both spaces have been out on the market for three weeks and have already drawn interest from a mix of developers, including those with ties to the medical community, said <strong>CBRE.</strong></p>
<p>"There is interest in medical groups and institutions, and we've had some interest from hoteliers," said <strong>Tim Sheehan</strong>, who is handling the property alongside colleagues <strong>Dan Kaplan, Craig Reicher </strong>and <strong>Ned Midgley. </strong></p>
<p>"Obviously there is interest from parking operators, but the owners are not really looking to sell to a similar interest," added Mr. Sheehan.</p>
<p>The lot on 240 East 54th Street is in a C1-9 zoning district, which allows residential, commercial and facility uses. The other garage on 245 East 53rd is in an R8B zone which allows residential and community facility uses.</p>
<p>The property does not have the air rights to eventually build a high-rise development. The owner, <strong>Gould Investors LP</strong>, is open to either an outright sale, a joint venture with a potential user, or other possible types of transactions, said Mr. Kaplan.</p>
<p>"It's a pretty unusual opportunity," he added.</p>
<p>The Spence School, an all-girls private school located on the Upper East Side, <a href="http://www.observer.com/2011/09/spence-buys-mystery-east-90th-street-lot-for-26-1-m/">recently snapped up a lot</a> at <strong>412 East 90th Street </strong>from the Hertz Corporation for $26.1 million.</p>
<p>In 2008, <strong>The Convent of the Sacred Heart, </strong>another all-girls school in the Upper East Side, <a href="http://therealdeal.com/blog/2008/10/01/sacred-heart-buys-23m-ues-building-for-athletics/" target="_blank">paid $23 million</a> for a 12,500-square-foot lot at <strong>406 East 91st Street 12,500-square-foot lot </strong>previously owned by <strong>Verizon</strong>.</p>
<p><em>drosen@observer.com </em></p>
]]></description>
		<content:encoded><![CDATA[<p><strong>CBRE </strong>has been tapped to sell one Midtown East Garage and a lot for possible redevelopment, the firm announced earlier this week.</p>
<p><div id="attachment_231760" class="wp-caption alignleft" style="width: 410px"><a href="http://www.commercialobserver.com/2012/05/cbre-selling-2-midtown-east-garages-with-many-possibilities/54garage/" rel="attachment wp-att-231760"><img class="size-medium wp-image-231760" title="54garage" src="http://www.commercialobserver.com/files/2012/05/54garage-400x300.jpg" alt="" width="400" height="300" /></a><p class="wp-caption-text">240 E. 54th Street (image courtesy of Property Shark)</p></div></p>
<p>The properties, located on <strong>240 East 54th Street </strong>and <strong>245 East 53rd Street</strong>, have a total lot area of <strong>12,251 square feet</strong> with approximately <strong>39,000 square feet</strong> of buildable space.  Both properties are nestled between Midtown East's unique nexus of office properties, high-end residential buildings, and a collection of medical centers like <strong>Weil Cornell Medical Center </strong>and <strong>Memorial Sloan Kettering Cancer Center. </strong></p>
<p>Both spaces have been out on the market for three weeks and have already drawn interest from a mix of developers, including those with ties to the medical community, said <strong>CBRE.</strong></p>
<p>"There is interest in medical groups and institutions, and we've had some interest from hoteliers," said <strong>Tim Sheehan</strong>, who is handling the property alongside colleagues <strong>Dan Kaplan, Craig Reicher </strong>and <strong>Ned Midgley. </strong></p>
<p>"Obviously there is interest from parking operators, but the owners are not really looking to sell to a similar interest," added Mr. Sheehan.</p>
<p>The lot on 240 East 54th Street is in a C1-9 zoning district, which allows residential, commercial and facility uses. The other garage on 245 East 53rd is in an R8B zone which allows residential and community facility uses.</p>
<p>The property does not have the air rights to eventually build a high-rise development. The owner, <strong>Gould Investors LP</strong>, is open to either an outright sale, a joint venture with a potential user, or other possible types of transactions, said Mr. Kaplan.</p>
<p>"It's a pretty unusual opportunity," he added.</p>
<p>The Spence School, an all-girls private school located on the Upper East Side, <a href="http://www.observer.com/2011/09/spence-buys-mystery-east-90th-street-lot-for-26-1-m/">recently snapped up a lot</a> at <strong>412 East 90th Street </strong>from the Hertz Corporation for $26.1 million.</p>
<p>In 2008, <strong>The Convent of the Sacred Heart, </strong>another all-girls school in the Upper East Side, <a href="http://therealdeal.com/blog/2008/10/01/sacred-heart-buys-23m-ues-building-for-athletics/" target="_blank">paid $23 million</a> for a 12,500-square-foot lot at <strong>406 East 91st Street 12,500-square-foot lot </strong>previously owned by <strong>Verizon</strong>.</p>
<p><em>drosen@observer.com </em></p>
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