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On the Market

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

On the Market

Chelsea Arts Tower Developer Taps Lee & Associates for New Office Condo

Chelsea Development Group

Luxury commercial condo developer Jack Guttman is working through the design stages of an office condo in a Far West Side lot that’s at 630 West 52nd Street and 700 12th Avenue, the property’s leasing agents, Lee & Associates, announced today.

The eight-floor, 200,000-square-foot structure by the Chelsea Arts Tower owner and Kossar + Garry Architects will feature ground-floor retail, space for television studios on the second and third floor and offices up to a terraced seventh floor, which will be topped off with an event space, said Lee & Associates‘ exclusive broker for the site, Alan Weisman. Read More

On the Market

Marcus & Millichap Lists $14.5M East Williamsburg Loft Apartment Building

60 Stagg Street

Marcus & Millichap is asking $14.5 million, or $450 per square foot, for a 25-unit, 32,228-square-foot converted loft rental apartment building at a former factory at 60 Stagg Street in East Williamsburg, Brooklyn, Commercial Observer has learned.

Shaun Riney, James Saros, and Michael Salvatico of Marcus & Millichap’s Brooklyn office are marketing the 1950 structure near that changed into residential units of 710 to 1400 square feet roughly ten years ago. Read More

On the Market

Brodsky Organization Announces Retail Space Availability at 1156 Madison Avenue

Venture Stationary at 1156 Madison Avenue. (PropertyShark)

The Brodsky Organization has announced the availability of 3,000 square feet of ground-level retail space at 1156 Madison Avenue, between 85th and 86th Streets, Commercial Observer has learned.

Asking rent for the space, which includes an additional 1,300-square-foot cellar is $450 per square foot, according to Alexander Brodsky, a principal of the Brodsky Organization, who is handling the leasing assignment. The space will be available October 1. Read More

On the Market

Boerum Hill Condo Property on the Market for $7.5M

401 State Street

A seven unit, 16,250-square-foot condominium development at 401 State Street in Brooklyn’s leafy Boerum Hill neighborhood has hit the market with an asking price of $7.5 million, Commercial Observer has learned.

Brooklyn developer Martin Handler plans to convert the existing three-story, residential-zoned building that once housed a substance abuse home into luxury apartments with a possible daycare facility or other community use in the basement, said TerraCRG partner Melissa DiBella. Read More

On the Market

Colliers Fielding Suitors for Grand Central Plaza

622 Third Avenue.

The Cohen Brothers Realty Corporation tapped Colliers International to fill 200,000 square feet of space at Grand Central Plaza at 622 Third Avenue, Commercial Observer has learned.

The vacant space on floors seven through 11 and in the former Blue Cross building’s tower already attracted interest from a fashion company, a publishing company, an accounting firm, a consulting firm and two software companies, said Robert Tunis, the Colliers broker who is marketing the space along with colleagues Alex Jinishian, Seth Hecht and Eric Ferriello. Read More

On the Market

Eagle Provisions Company Building Listed for $9M in Slope South [Updated]

626-630 Fifth Avenue

Park South Slope beer and foods favorite Eagle Provisions Company’s building at 626-630 Fifth Avenue is available fully vacant to any buyers willing to pony up $9 million for the potential development site, Commercial Observer has learned.

Marcus & Millichap is marketing the three-floor, 17,000-square-foot retail and residential building that can expand its current 9,500 square feet of residential space by 5,500 square feet under current zoning rules, said Jakub Nowak of Marcus & Millichap. Read More

On the Market

LargaVista and Related Seek ‘Gateway to Soho’ Tenants

300 Lafayette

LargaVista Companies and Related Companies showed off the green-laden and glassy designs for their planned seven-story, 83,000-square-foot retail and office building coming to 300 Lafayette Street in Soho at a party for brokers on the site last night.

Architect Rick Cook of Cook + Fox Architects presented his Landmarks Preservation Commmision-approved plans which will incorporate a three-floor prime retail space and 11,500-square-feet of outdoor garden terraces at the event sponsored by CBRE, the building’s leasing agent. Read More

On the Market

Eastern Consolidated Markets LIC Properties for $10.35M

Rendering of potential development at 37-29 31st Street and 37-26 32nd Street.

Eastern Consolidated will market the sale of a block-through, Long Island City development site at 37-29 31st Street and 37-26 32nd Street, Commercial Observer has learned. Asking price for the separate, contiguous properties is $10.35 million.

The site is zoned for a mixed-use, seven-story residential apartment building with ground floor retail, Eastern Consolidated told CO. Read More

On the Market

Soho Co-op Seeks Retail Tenant

307 West Broadway

A co-op blocks away from Soho’s ritziest stores is offering cheap rents to attract a new retail tenant in its 3,300-square-foot storefront at 307 West BroadwayCommercial Observer has learned.

Broker Lisa Rosenthal of the Lansco Corporation is representing Jacob Cram Cooperative in its effort to flip the ground floor space currently occupied by the Soho Garden deli in the location one block north of the Canal Street subway station, four blocks west of Broadway retailers like Bloomingdale’s, Prada and Banana Republic and four blocks south of Apple, Louis Vuitton and Barneys New York. Read More

On the Market

Brownsville Commercial Building on the Market for $6.5M

50-54 Belmont Avenue in Brownsville prior to renovations. (PropertyShark)

Eastern Consolidated is marketing a 22,500-square-foot commercial building at 50-54 Belmont Avenue in the Brownsville section of Brooklyn, Commercial Observer has learned. The asking price for the property is $6.5 million.

The two-story building is fully occupied by two tenants on long-term leases. Brightside Academy, a child care and early education center, shares the building with Fiesta Adult Daycare Center. Read More

On the Market

Bushwick Development Site on the Market for $2.1M

25 Fayette Street. (PropertyShark)

A vacant lot at 25 Fayette Street in Bushwick could soon be home to a new mixed-use or boutique hotel development. The 12,818-square-foot site, currently being used for temporary storage, is on the market  for $2.1 million.

The 38-foot wide site is located between Beaver Street and Broadway and is zoned for a mixed use, boutique hotel or commercial development. Read More

On the Market

Embattled Landlord Seeks $36M for LES Former Day Care Site

255 E. Houston St.

A controversial landlord has put a former day care center and its old schoolyard on the Lower East Side back on the market for $36 million.

Samy Mahfar, whose rent-stabilized tenants at another building have alleged he forced them out for luxury tenants, bought the crumbling four-story, 10,840-square-foot lot at 255-259 East Houston Street. and 171-173 Suffolk Street for $7.7 million in 2004, according to city property records. Read More

On the Market

Former Ring Portfolio Property Now Leasing

119-125 West 24th Street. (PropertyShark)

Space at The Kaufman Organization’s 119-125 West 24th Street, formerly part of the Ring portfolio, is now available for lease, Commercial Observer has learned. Average asking rent for space in the vacant 12-story building is $67 per square foot.

For tenants occupying 40,000 square feet or more, the landlord will offer naming rights, complete with a separate lobby. A former freight elevator lobby has been converted into a second lobby for that purpose. Read More

On the Market

Retail Space on 57th Street Hits the Market

225 East 57th Street retail. (Eastern Consolidated)

Eastern Consolidated is marketing a 7,500-square-foot ground-floor retail space at 225 East 57th Street, Commercial Observer has learned. Located between Second and Third Avenues, the commercial condo unit also sits directly across from Whole Foods.

“There have been a lot of big-name national brands opening up here,” said James Famularo of Eastern Consolidated, who is marketing the space. “This corridor was great and it’s getting a lot better.” Read More