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On the Market

On the Market

Controversial Bushwick Rental Building Hits the Market for $81.5M

Colony 1209. (Spruce Capital's website)

Colony 1209, an 127-unit Bushwick rental apartment building that opened earlier this year at 1209 Dekalb Avenue, has hit the market for $81.5 million, according to marketing materials from Massey Knakal Realty Services.

The five-story building, which is between Bushwick and Evergreen Avenues and was bought by Spruce Capital Partners for $58 million in April, has been dubbed the “most controversial building in Bushwick,” according to Bushwick Daily. Read More

On the Market

NYC REIT Closes on 570 Seventh Avenue, Renames Building

A rendering of the lobby at the renamed 200 West 41st Street. (Neoscape)

American Realty Capital New York City REIT, a public non-traded real estate investment trust, recently closed on the $170.3 million purchase of 570 Seventh Avenue from Carlyle Investment Management and Capstone Equities. Now the office building is eschewing its Garment Center history with a new address: 200 West 41st Street.

Along with a new address comes a new identity including an entrance on West 41st Street and a multimillion-dollar repositioning including prebuilts to attract TAMI, or technology, advertising, media and information technology, companies, Commercial Observer has learned. Read More

On the Market

Thor, Taconic Put Samsung-Leased Building on Sales Block

837 Washington Street

Thor Equities and Taconic Investment Partners are marketing the brand new six-story, 63,131-square-foot building leased to Samsung Electronics North America in the Meatpacking District, according to an email flyer that brokers from Eastdil Secured circulated yesterday.

The building at 837 Washington Street next to the High Line and near Google and Apple will boast a Samsung office and marketing hub through September 2025, the flyer says. Read More

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

David Falk and Christopher Perez

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