On the market
Two midtown buildings ripe for conversion come online
Marcus & Millichap nabbed exclusive marketing rights for two 12-story office properties on 33rd Street, GlobeSt.com reported last month. The buildings — which are located at 10 and 12 East 33rd Street between Madison and Fifth avenues — total 56,274 square feet and have a combined asking price of $35 million. They can be converted into residential towers or hotels. “They are currently 100 percent leased to a diverse group of tenants at below-market rates,” Brian Hosey, a Marcus & Millichap associate who’s marketing the properties, told GlobeSt.com, “but one or both of them could be converted into condominiums, high-end apartments or a boutique hotel.” Public records show that the owner is Adee Associates.
Kips Bay redevelopment site for sale
A 77,000-square-foot building and adjacent lot at 407 First Avenue are on the market and expected to sell for upwards of $30 million, the New York Post reported. The building, located on the southwest corner of East 24th Street, is owned by the International Center for the Disabled, a nonprofit organization with offices on site. It is being marketed by a Jones Lang LaSalle team consisting of Glenn Tolchin, Jon Caplan and Yoav Oelsner. Together with the 4,200-square-foot lot, the building can support a new residential development of about 110,000 square feet, according to the Post, or can be left as is and occupied by a medical tenant or institutional user.
Harlem residential portfolio on the market
A package of eight multifamily buildings in East and Central Harlem is on the market with an expected sales price of about $29 million, according to Ariel Property Advisors, which is marketing the properties. Ariel brokers Shimon Shkury, Victor Sozio and Michael Tortorici are handling the portfolio sale. The five- and six-story buildings are located at 88 East 111th Street, 1661 Park Avenue, 524 East 119th Street and 265-73 West 146th Street. With approximately 110,920 gross square feet, the portfolio includes 197 apartments — most of which are rent stabilized — consisting of 142 one-bedrooms, 37 two-bedrooms, 16 three-bedrooms and two studios. In addition to the apartments, the properties have three retail units.
No. 22 Renwick hits the block
The final chapter of a long saga at No. 22 Renwick — a boutique condominium developed by Orange Management and Helix Partners at 22 Renwick Street in Manhattan’s Hudson Square neighborhood — seems finally to be coming to a close. The developers’ interest in the embattled project, where buyers sued after construction stalled, will be sold by Eastern Consolidated brokers David Schechtman and Alan Miller following a foreclosure judgment against the developers for nearly $25 million, Eastern told The Real Deal last month. Construction at the 19-unit condo project was put on hold during the recession, and the condo is now about 80 percent built. The foreclosure judgment and lender’s related right, title and interest are now being marketed by Schechtman and Miller for $24.76 million, the pair said.
Trevor Day lists UES townhouse for $22.5M
The Trevor Day School is selling the Upper East Side townhouse where its childhood education program is currently located. This move is part of Trevor Day’s effort to consolidate its properties, according to Matthew Pravda of Leslie J. Garfield & Co., who is a listing broker, along with Jed Garfield. Originally built in 1912, the six-story, 25-foot-wide mansion at 11 East 89th Street is currently configured as classrooms and offices and has two outdoor playgrounds. The asking price is $22.5 million. While the building, which will be delivered vacant, lends itself to a more institutional use — a school or foundation, perhaps — Pravda noted that the 13,770-square-foot property could also be converted into a single-family home.
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