C&K Properties is close to deal on commercial space at River Terrace.

C&K Properties is close to selling the parking and commercial office portions of River Terrace, a 410-unit residential rental building the firm purchased last summer for $363 million from Macklowe Properties and which it plans to convert into condominiums.

Eastdil Secured broker Doug Harmon, who sold the building for Macklowe, is handling the sale, which a source indicated could fetch as much as $70 million.

Totaling 61,000 s/f and located in the base of the building, the office space is fully leased up to medical tenants. It is not yet clear whether it and the 35,000 s/f garage will be sold as a package to a single buyer or if it will be dealt in separate deals. Construction to begin converting the building from rental units into condos is scheduled to commence this summer and could be complete within two years.

C&K Properties meanwhile has also just sold another building in its portfolio, the 180,000 s/f 151 William Street for around $50 million sources report. Richard Cohen, part of the family that operates the Conway chain of clothing stores, was the buyer and is said to be eyeing a conversion of the property into condos. Conway, which has stores throughout Manhattan, is one of the building's retail tenants.

Last year C&K had put 132 West 31st Street, a building it purchased in a joint venture with Zamir Equities from Tribeca Associates, up for sale only to pull it off again in August of 2005. The firm recently recapitalized the property, which is almost entirely leased except for a 25,300 s/f block formerly occupied by the Jewish Association for Services for the Aged, which moved into space that was being sublet by former tenant HIP. A sublease of 50,000 s/f of the HIP space by research and engineering company, Scientific Application International Corporation in March, absorbed the final portion of the roughly 130,000 s/f HIP had available since it relocated to 55 Water Street nearly two years ago. The 25,300 s/f is being marketed by the building's agents, Cushman & Wakefield.