Mammoth Uptown Portfolio Up for Sale
Laura Kusisto April 11, 2011, 9:29 p.m.
Massey Knakal is marketing one of the largest investment-sales portfolios in recent years in New York City.
The more than 200,000-square-foot bouquet includes six development sites and income-producing properties in northern Manhattan. “We expect tremendous interest in this portfolio, which would take years to put together individually,” firm chairman Robert Knakal, who is leading the assignment (and who writes the Concrete Thoughts column for The Commercial Observer), said in a statement. “These properties present a fantastic value-added opportunity for a developer/investor to create additional value.”
Industry sources say the portfolio could sell for around $100 million, making it one of the biggest such deals since the collapse of Lehman Brothers in September 2008 set off the Great Recession. In the spring of 2007, a British real estate firm made its city debut with a $225 million buy of 47 buildings in East Harlem and seven condo units in the East Village, but little of that size—or near it—has traded since.
The properties being sold include a 5,000-square-foot retail building across from the Apollo Theater, on 125th Street, currently subleased by the Children’s Place and Gold City of Harlem. Also included are two buildings on Broadway near 146th Street totaling 41,600 square feet, one of which still has architectural touches from its former days as a vaudeville theater (pictured).
In addition, the portfolio includes a full block of retail space on Broadway, between 138th and 139th streets, with a combined area of 37,000 square feet; a six-story, 85,176-square-foot parking garage in Washington Heights; a 125-car parking lot located at 141-149 Dyckman Street in Inwood; and a 26,000-square-foot, two-story retail building at 177-183 Dyckman, also in Inwood.