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On the market: Commercial.

Byline: Linden Lim

Lower Manhattan development site for sale

A 9,317-square-foot lot at 21 Ann Street and 109, 111 and 113 Nassau Street is on the market with an asking price of $42.35 million. The development site has 35.5 feet of frontage on Ann Street, 75 feet on Nassau Street and 122 feet on Theatre Alley. The lot allows for a floor area ratio of 15, plus some additional air rights acquired by the seller. Under a C5-5 zoning, the site permits a hotel, office or retail development with 154,000 buildable square feet above grade. An optional 99-year ground lease is also available. Marcus & Millichap is handling the sale.

Queens medical building on the market

A fully leased medical and office building at 163-01/19 Horace Harding Expressway in the Flushing section of Queens is on the market with an asking price of $24 million. The five-story, block-front property, located between 163rd and 164th streets, is anchored by New York Hospital of Queens, which occupies about 35 percent of the building, with a lease in place until 2018. The remaining space is occupied by medical professionals and other office tenants. The average price per square foot for gross rent amounts to about $38. Stephen Preuss of Massey Knakal is marketing the property.

Mortgage on East Village lot asking $21M

A defaulted commercial mortgage secured by the property at 75 First Avenue is being marketed with an asking price of $21 million. The property is a vacant lot, located on the west side of First Avenue between East 4th and 5th streets, with a total site area of 2,400 square feet. The site is located in an R7A zoning district with a C2-5 commercial overlay, which has a floor area ratio that allows a maximum of four times the lot size. The total as-of-right zoning floor area is 31,230 square feet. Ety Lee and David Schechtman of Eastern Consolidated are handling the assignment.

Soho mixed-use building on the block

A four-story property at 70-72 Wooster Street is on the market with an asking price of $13 million, or around $456 per square foot. The 28,500-square-foot building consists of vacant retail space that includes basement and mezzanine levels and five apartments above. The residential units are occupied by interim multiple dwelling tenants that are on month-to-month leases. Located between Spring and Broome streets, the property has an additional 10,000 square feet of available air rights. Marcus & Millichap is marketing the building.

Gramercy mixed-use property asking $12M

A five-story mixed-use building at the corner of Irving Place and 18th Street is on the market with an asking price of $12 million. The 7,236-square-foot property at 65 Irving Place has two floors of commercial space and three floors of residential space, with two planted and decked terraces. Built around 1900, the building is located in an R8B zoning district and sits on a lot measuring 25 feet by 90 feet. The property will be delivered vacant. Brian Ezratty of Eastern Consolidated is handling the assignment.

Dumbo block-through lot on the market

A 21,700-square-foot development site at 205 Water Street in Brooklyn is on the market with an asking price of $10 million. Also known as 188 Plymouth Street, the block-through lot is situated between Hay and Bridge streets. Part of the lot is zoned R8-A, with the balance in R7-A. As of right, a residential development of 88,000 square feet is allowed; a residential development of 115,000 square feet is permitted with inclusionary housing. Developers may get a bonus of 0.5 to the floor area ratio for a community facility component. Carol Ann Flint of Besen & Associates is marketing the property.

Greenwich Village multifamily building for sale

A five-story apartment building at 283 West 11th Street is on the market with an asking price of $8.45 million. The 11,260-square-foot property contains 10 apartments plus one commercial space. The commercial unit was formerly residential and can be delivered vacant. The existing residential units are a combination of one- and two-bedrooms. All but one of the residential units are free-market. James Nelson, Brendan Gotch, Billy Simons and Mitchell Levine of Massey Knakal are handling the assignment.
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Author:Lim, Linden
Publication:The Real Deal
Date:Nov 1, 2009
Words:705
Previous Article:National market report.
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