CBRE is gearing up to market the Helmsley Park Lane Hotel towards developers of high-end condominiums, according to published reports.
The 370,000-square-foot property, being sold by the estate of Leona Helmsley, has received at least two separate offers of more than $600 million, including one from industry scions Harry Macklowe and Steven Witkoff, The Wall Street Read More
Telecommunications company Verizon plans to market 18 floors at its building at 140 West Street for sale or lease in an effort to consolidate its operations, it was announced today. As part of the plan, Verizon will boost its presence in Downtown Brooklyn where the company will move approximately 1,100 employees to 395 Flatbush Avenue.
Verizon will invite real estate investors to assess the value of the West Street space and submit plans for its use this week. Anticipated uses include both residential and hotel space, according to a statement. Read More
Commercial real estate brokerage Ripco has listed two Avenue A properties with nearly 27,000 square feet of retail space between them.
The listing for 181 Avenue A follows news reported by EV Grieve last week that developer Douglas Steiner had filed permits to demolish a church, school and rectory on a parcel it bought for $41 million from the Archdiocese of New York last fall. Mary Help of Christians church was forced to evacuate its home last September when a neighboring building was in danger of collapse. Read More
A development site that grazes the High Line at 239 Tenth Avenue in West Chelsea is on the market for $19 million, standing like a mirage in a part of town where such opportunities are sparse, if not non-existent.
The great success of the High Line has created an influx of galleries and residential development to keep pace, but the problem today is a lack of space, brokers marketing the site said.
“It’s one of the last sites in West Chelsea that’s available,” said James Nelson, a partner at Massey Knakal who is exclusively handling the sale with Brock Emmetsberger. “There’s virtually no condo product left in the area.” Read More
130 years after the historic Chelsea Hotel was marketed for $300,000, Massey Knakal is marketing a nearby hotel/commercial real estate development site at 113-117 West 24th Street for $79 million.
A lot has changed since 1883, the same year the Brooklyn Bridge was completed.
It was well before New York City eclipsed London as the most populous urban area in the world. Modern soda pop was being developed in a lab somewhere, and Coca-Cola wouldn’t hit shelves – with its two key ingredients, cocaine and caffeine – until 1886. It would take a man named Bloomberg — Mayor Michael Bloomberg – 127 years to restrict abundant consumption of the potent elixir and similar tonics. Read More
Amid an increasingly difficult economic climate for non-profit organizations, the Funding Exchange (FEX) is closing the doors it opened at 666 Broadway in 1986, listing its office condo for sale through Rudder Property Group for just under $6.5 million, The Commercial Observer has learned.
The 8,621-square-foot condo makes up the entire fifth floor in the 13-story, 100,000-square-foot corner building in the NoHo area of Lower Manhattan. FEX purchased the condo in 1986 for $850,000, when the neighborhood was little more than a shadow of what it is today.
“Times are changing… new buyers are building this B-class nonprofit into a first-class Midtown South office building,” said Michael Rudder of Rudder Property Group, who sealed the exclusive marketing opportunity last week.
The building was converted to an office condo in 1985 and was designed to be purchased by non-profits. Since then the area has experienced explosive growth, fueled in part by New York University’s stronghold in the neighborhood and the rise of nearby Midtown South as a tech mainstay. But constrained funding in the post-recession climate has led to the downfall of many of the city’s non-profit groups, including at least two others in the building. Read More
A 105,000-square-foot development site surrounding the Weirfield Coal Company site at 386 Weirfield Street in East Bushwick is on the market for $8.5 million, creating an opportunity for a huge residential development in a neighborhood that is evidently next in line for the gentrification pushing south through northern Brooklyn along the L subway line.
It started with the Bedford stop in Williamsburg. More recently it took hold along the Jefferson and Morgan Avenue stops in northern Bushwick. Now “it’s just a matter of time” before changes grip the area surrounding the Halsey Street subway stop, said Massey Knakal Director of Sales Michael Amirkhanian, who is exclusively marketing the site.
“It doesn’t take a rocket scientist to see that this is moving further south,” he said. Read More
About 6,300 square feet of retail space just popped onto the market in Soho Thursday, featuring two levels and an interior elevator.
80 Wooster Street, between Spring and Broome Streets, is looking for a tenant and is being marketed by exclusive leasing agents, Douglas Elliman’s retail Chairman Faith Hope Consolo and Executive Read More
It’s no tropical paradise, but it’s indisputable that South Brooklyn’s beachfront community has plenty of character — and loads of upside, exemplified by a nine-building portfolio that just hit the market for $124 million.
The buildings, along a three-mile stretch of the Brighton Beach, Sheepshead Bay, and Gravesend neighborhoods, house a total of 652 rent-stabilized units and roughly 580,000 square feet.
“It isn’t often that a product with 652 units comes online… and the rents are currently below market so there is an upside,” said Massey Knakal’s Jeffrey Shalom, who is exclusively marketing the property with Brian Hanson and Robert Knakal, adding that the owner is keen on selling the buildings as a single portfolio. Read More
If the location of the six-story, elevatored office building at 4 East 46th Street wasn’t enough to pique the interest of a developer on the prowl for Midtown property, the fact that it will be delivered to a buyer vacant (save for grade restaurant space) might. Should that fail, the possibility of controlling over 30,000 Read More
Massey Knakal is marketing a massive lot for long-term net lease at 39-19 21st Street for $1.5 million, hoping to capitalize on the rapid development occurring in western Queens.
Neatly tucked between a number of strategic roadways and two rapidly changing neighborhoods, the 100,000-square-foot lot on the corner of 39th Avenue and 21st Street sits between Long Island City and Astoria, Queens.
“It’s rare to come up with this large a footprint along a main drag,” said Benjamin Fox, executive vice president of retail leasing with the firm, who is exclusively marketing the property. Read More
Related is selling The Monterey, a posh Upper East Side luxury apartment building at 175 East 96th Street, The Commercial Observer has learned.
Sources familiar with the offering said the company hopes to score bids in the $250 to $300 million range for the 29-story tower, which means the firm could snag nearly $575,000 for each of its 522 units.
The announcement came as a surprise to some, as Related built the building in 1993 and has a reputation for hanging on to things.
“I think everybody is surprised when related sells something… they are predominately long-term holders,” the source said. “But I always say that even the best gardens need pruning once in a while, and once every couple of years they sell an asset.” Read More
Hidrock Realty is selling an office building at 240 West 35th Street and expects to pull in upwards of $75 million for the 162,044-square-foot property with the help of a team at Jones Lang LaSalle, The Commercial Observer has learned.
City records show that Hidrock paid $58 million for the property in 2008, a 200 foot, 18-story building constructed in 1925. The firm infused $6 million into a capital improvement program that included renovations to the lobby, new elevators and updated HVAC systems. An affiliate of Meritage Properties reportedly provided $14 million in joint venture equity at the time of the purchase. Read More
Two floors encompassing 92,000 square feet of retail space at the luxury residential conversion 185 Wythe Avenue in Williamsburg are on the market.
The leasing agency, TerraCRG, claims in the listing that this is the largest contiguous available retail block in the north Brooklyn neighborhood. Asking rents are at $50 per square foot for minimal divisible lot sizes of 5,000 square feet. Read More
A 15,000-square-foot mixed-use building at 647 Bryant Avenue in the Bronx – located roughly half a mile from The BankNote building in one direction and the same distance from the Hunts Point Terminal Market in the other direction – is on the market for $1.5 million.
The property features an 8,500-square-foot ground floor commercial space with 75 feet of frontage, currently occupied by job placement and training non-profit FEDCAP, and a second floor featuring three market rate apartments that could be converted to office or additional commercial space. Read More
