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On the Market

On the Market

NGKF Wins Grand Central Retail Listing

Grand Central Terminal

The Metropolitan Transportation Authority has tapped Newmark Grubb Knight Frank for the exclusive marketing of its roughly 150,000 square feet of Grand Central Terminal retail spaces, The Wall Street Journal reported this morning.

NGKF beat out seven other competitors with an agreement that will cost the MTA a broker fee of up to $3.1 million over the deal that could last as long as 10 years, according to the publication. The agency, which operates the 1913 Warren & Wetmore masterpiece’s retail spaces through a leasing arrangement with a landlord partnership that includes Andrew Penson‘s Argent Ventures, chose NGKF to take advantage of the firm’s expertise, said Nancy Marshall, MTA’s director of Grand Central Terminal Development.   Read More

On the Market

ABS Partners Showcases Flatiron District Flagship

ABS Partners

ABS Partners Real Estate showed off an 11,800-square-foot Flatiron District retail space at 915 Broadway between East 20th and East 21st Streets in a party for brokers last night.

The available space, in a building owned by ABS Partners and a group of investors, offers 8,000 square feet of ground-floor space with 19-foot ceilings and 3,800 square feet on the mezzanine level. Read More

On the Market

Home to The Paris Cafe, Other Seaport Building Hit Market

116-119 South Street.

Two mixed-use buildings, including one that is home to The Paris Cafe, have hit the market for $25.8 million, Commercial Observer has learned.

The buildings are the five-story 116-119 South Street, historically known as the Meyer’s Hotel and Paris Cafe, and at 108 South Street, which is a vacant 5.5-story, mixed-use building. The two properties are being offered for sale individually, or as a portfolio for $25.75 million with Eastern Consolidated‘s Adelaide Polsinelli and James Famularo. Read More

On the Market

Boymelgreen Windsor Terrace Complex Hits Market for $90M

33 Caton Place

Developer Sam Boymelgreen has placed The Kestrel, a recently-completed 126-unit luxury residential complex at 33 Caton Place in Windsor Terrace, Brooklyn, on the market for $90 million.

The eight-story building one block from the Prospect Park Parade Grounds with studio through three-bedroom rentals represents a sentimental favorite that the son of Brooklyn developer Shaya Boymelgreen built independently of his father on the site over the past two years and named for a species of falcon that’s “the most beautiful bird in Prospect Park,” Mr. Boymelgreen says. Read More

On the Market

NGKF Shows Off 1251 Avenue of the Americas

Christopher Perez and David Falk

Fresh off of closing on a law firm lease at the Rockefeller Center area building once known as the headquarters of Exxon, Newmark Grubb Knight Frank and Mitsui Fudosan invited brokers to view 1251 Avenue of the Americas and visualize filling the five available floors with new tenants.

The Japan-based landlord and its longtime representatives from NGKF showcased the 100-yard-long, column-free space available on the 51st floor of the 2.3-million-square-foot structure with breathtaking views in order to woo prospective tenants. Read More

On the Market

Development Opportunity Knocks in Heart of Harlem

256-258 West 125 Street.

In a city perpetually deprived of usable space, there is over 100,000 buildable square feet available for development in the epicenter of historic Harlem.

Ariel Property Advisors has been tapped to market a long-term ground lease development opportunity on the site, which includes 256-258 West 125th Street and 243-249 West 124th Street, Commercial Observer has learned. A private New York family is looking to monetize the property, which sits between Frederick Douglass and Adam Clayton Powell Jr. Boulevards, while retaining ownership. Read More

On the Market

Co-op Asking Combined $5.2M for UES Retail Spaces

Madison Avenue frontage

Carlyle House, an Upper East Side Co-op, has tapped Massey Knakal Realty Services to find new tenants or a new master lease starting in May 2016 for the co-op’s 6,956-square-foot retail spaces that front Madison Avenue between East 76th and East 77th Streets, Commercial Observer has learned.

The co-op, which sits next to the Carlyle hotel, will deliver the spaces on the basement, first and second floor of the building fully vacant with a total asking price of $5.2 million per year when the hotel’s lease on the currently-divided stores expires on April 30, 2016 in the locations on the bustling street, said Massey Knakal broker Jill Lovatt. Read More

On the Market

Bay Ridge Medical Office Building Asking $8.1M

9020 Fifth Avenue (Brooklyn)

Marcus & Millichap has placed a 24,829-square-foot medical office building in the Bay Ridge section of Brooklyn at 9020-9024 5th Avenue on the market with an asking price of $8.1 million, or $326 per square foot, Commercial Observer has learned.

The building includes a parking garage, an anchor tenant in Mount Sinai Hospital’s New York Eye & Ear Infirmary and 16,265 square feet of unused space, and it sits five blocks from the 86th street retail corridor. Read More

On the Market

Former Bank Building in W’burg Asks $35M

525 Broadway.

The owner of the former Lincoln Savings Bank branch in Williamsburg has put the property on the market for $35 million, Commercial Observer has learned.

The building, at 525 Broadway on the northeast corner of Boerum Street and Broadway, is comprised of a 60,300-square-foot office building with an additional 13,000 square feet of parking. It can accommodate approximately 189,150 buildable square feet. The private owner purchased the building, which has 400 square feet of frontage wrapping around Broadway and Boerum Street, for $13.4 million in 2007, property records indicate. Read More

On the Market

The Marble Beauty: Inside a Renovated Midtown East Gem

4 East 43rd Street.

As the crowds surged between Bryant Park and Grand Central Terminal just before the evening rush hour yesterday, officials with Mr. Von Pok Inc. invited Commercial Observer on an exclusive tour of the eight-floor marble building at 4 East 43rd Street that sticks out in this area of skyscrapers.

VPC Tower owner Omega Chang showed off the renovation that’s turned a once-neglected gem set off by cherubim, crests and columns into a prime retail and office opportunity in one of the city’s most bustling neighborhoods. Read More

On the Market

South Williamsburg Property Asking $7.25M

340 Wythe Ave

TerraCRG is marketing an L-shaped parcel at 340 Wythe Avenue that’s one block from the 2,200-unit former Domino sugar factory development site and on the same block as the new Vice Media headquarters, Commercial Observer has learned.

The warehouse boasts 17,200 buildable square feet in a neighborhood that’s added over 10,000 luxury units since the 2005 rezoning of the area and has over 5,800 more high-priced apartments in the works, said TerraCRG Senior Vice President Melissa DiBella Warren. Read More

On the Market

Eastern Consolidated to Lease Marble Beauty in Midtown East

4 East 43rd Street.

Eastern Consolidated has been tapped to lease out a six-floor marble building just a block east of Bryant Park at 4 East 43rd Street, Commercial Observer has learned.

The landlord recently completed a multi-year renovation on the building near Grand Central Terminal that offers a prime retail opportunity, said Alexander Hill, the Eastern Consolidated broker with the exclusive listing. Read More

On the Market

Penthouse Office at 277 Park Ave Hits the Market

277 Park Avenue.

For the first time in half a century, the 50,000-square-foot duplex penthouse office at 277 Park Avenue is available for lease, Commercial Observer has learned.

The space, located on the 49th and 50th floors of the building, has been occupied by Continental Grain Company, which is consolidating operations and moving to the General Motors Building. Asking rent for the space is $125 per square foot and occupancy is expected for the first quarter of next year. Read More