Gramercy multifamily portfolio asking $44M
Three adjacent apartment buildings at 336-348 East 18th Street are on the market with an asking price of $44 million. All three walk-up buildings have six stories, and combine for about 52,944 square feet above grade. The 76 units include two one-bedroom apartments, 18 two-bedrooms and 56 three-bedrooms. Seven of the units are rent stabilized, 10 are rent controlled and the remaining apartments are free-market. The rent-regulated units have average monthly rents of $673, while the free-market two- and three-bedrooms average $3,291 and $4,129 per month, respectively. All 59 free-market apartments have been renovated. Massey Knakal's John Ciraulo, Craig Waggner and Michael Azarian are marketing the property.
Flatiron conversion site on the block
A triangular block-front lot at 846-850 Sixth Avenue and 1227 Broadway is on the market as a possible development or conversion, with an asking price of $42.75 million. The site is currently divided into three: a one-story retail building with parking above it on Sixth Avenue; a four-story office and retail building on the corner of Broadway and West 30th Street; and another parking lot on West 30th Street between Broadway and Sixth Avenue. Of the full 12,260-square-foot lot, 5,060 square feet lie in an M1-6 zoning district, which would allow for 50,600 buildable square feet of office, hotel, manufacturing or community facility uses. The remaining portion of the lot lies in a C6-4X zoning district, which would allow for 72,000 buildable square feet of residential, office and retail uses. Robert Knakal, John Ciraulo, Craig Waggner and Jonathan Hageman of Massey Knakal are handling the sale.
Soho hotel development asking $30M
A planned 12-story luxury hotel at 163 Orchard Street is on the market with an asking price of $30 million. The 13,387-square-foot-hotel, which is under construction and is scheduled for an early 2013 delivery, is slated to have 52 rooms. A sale at the asking price would break out to a price per room of $576,923. The planned hotel has a projected gross room revenue of $4.75 million, a projected net operating income of $1.66 million and a projected capitalization rate of 7 percent. An-Chi Miau of Sierra Realty Corporation is marketing the property.
LES residential complex asking $15.9M
A three-building complex at 144-150 Ludlow Street is on the market with an asking price of $15.9 million. The package includes adjacent five- and six-story buildings, along with a four-story walk-up. Together the buildings surround a private interior courtyard. The 52 units at the three recently upgraded, rent-regulated buildings include five studios, seven two-bedrooms and 40 one-bedrooms. Eastern Consolidated's Brian Ezratty, Aliza Avital, Nancy Tran and Scott Ellard are handling the assignment.