News

Crain's | February 18, 2016 | Joe Anuta

The long-vacant RKO Keith's Theatre in Flushing, Queens, is up for sale—again.

The 1920s-era cinema at 135-35 Northern Blvd. has been gathering dust for 30 years as a series of developers have bought and sold the property without completing plans to convert it to apartments or hotel rooms. On Feb. 17, the latest firm to take a crack at redeveloping the property, JK Equities, announced that it is putting the former movie house up for sale. RKO Keith's Theatre is being marketed by Cushman & Wakefield.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

February 1, 2016 | Commercial Real Estate Direct | Josh Mrozinski

Gershon & Co. is offering for sale 55 Hope St., a 117-unit upscale apartment building with 6,200 square feet of retail space in the Williamsburg neighborhood of Brooklyn, N.Y.

The New York company has hired Cushman & Wakefield to market the four-year-old building, which could sell for $95 million, or about $805,085/unit.

The building's apartment units are 97 percent leased, while its retail space is fully leased by restaurant Momofuku Milk Bar. Units include...

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Stephen Palmese

Cushman & Wakefield has been retained on an exclusive basis to sell the Mann Portfolio, consisting of five properties in Brooklyn’s Bedford-Stuyvesant neighborhood. The asking price is $21,500,000.

The properties are located at 257 Quincy Street, 570 Jefferson Avenue, 308 Stuyvesant Avenue, 788 Madison Street and 790 Madison Street. The five walk-up apartment buildings combine for approximately 45,462 square feet and 62 residential units. Of the 62, 31 are rent stabilized, 18 are free market, and 13 will be delivered vacant upon sale, allowing for immediate upside in gross income. The combined unit mix consists of eight studio, eight one-bedroom, 35 two-bedroom, eight three-bedroom, and three four-bedroom apartments.

257 Quincy Street, located between Nostrand and Marcy Avenues, contains approximately 17,650 square feet on a 50’ x 100’ lot and consists of 21 units. 570 Jefferson Avenue, located between Lewis and Stuyvesant Avenues, contains approximately 7,364 square feet on a 25' x 80' lot and consists of nine units. 308 Stuyvesant Avenue, located between Hancock and Halsey Streets, contains approximately 8,320 square feet on a 26’ x 100’ lot and consists of 16 units. 788 Madison Street and 790 Madison Street, located between Ralph and Patchen Avenues, are two neighboring buildings that each consist of 8 units, contain approximately 6,064 square feet and sit on 27.5’ x 100’ lots. One of the two buildings will be delivered entirely vacant.

In an area with both established and up-and-coming attractions, featuring global cuisine, Off-Broadway shows, and a considerable number of nightlife options, this portfolio presents a rare opportunity to make an overnight footprint one of Brooklyn’s most dynamic and evolving neighborhoods. The properties are conveniently situated in and around Stuyvesant Heights Historic District which provides access to Manhattan via the A, C, G, J and Z subway lines.

“This is one of the best located portfolios we have seen come to market in Central Brooklyn. This opportunity offers a unique balance of scale, architectural significance, strong in-place income and legitimate upside,” said Cushman & Wakefield’s Michael Amirkhanian who is exclusively marketing this portfolio. 

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Neighborhoods: Bedford Stuyvesant

December 31, 2015 | Real Estate Weekly | Dan Orlando

Cushman & Wakefield has been retained on an exclusive basis to sell an apartment building at 10 West 65th Street, located between Columbus Avenue and Central Park West, on Manhattan’s Upper West Side. The asking price for the property, which has “tremendous upside,” is $115,000,000.

John Ciraulo Vice Chairman in the capital markets group of Cushman & Wakefield told Real Estate Weekly that the considerable price point is a result of both the property’s location and “the potential of converting this building to a condo now or in the future.”

The six story pre-war elevator building also comes with more than 50,000 s/f of air rights which gives the future buyer options to expand...

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Neighborhoods: Upper West Side/ Agents: John Ciraulo

Cushman & Wakefield has been retained on an exclusive basis to sell a building at 371-373 East 10th Street. The property is located between Avenues B and C in Manhattan’s East Village neighborhood. The asking price is $15,000,000.

The walk-up building contains approximately 20,688 square feet and sits on a 40’ x 94.79’ lot. It consists of six floors, featuring excellent ceiling heights, multiple air shafts, and a large open stairwell.
Additionally, it contains a 40’ x 80’ usable garden level space and a 15’ rear yard. The building is situated within an R8B zoning district, allowing for residential use, and will be delivered vacant upon sale.

The property is conveniently located steps away from Tompkins Square Park and a vibrant array of dining, shopping, and nightlife options. Delivered vacant, it presents a rare opportunity for a value-add redevelopment project in one of New York City’s most sought-after neighborhoods.

“This property offers a developer the possibility of building free market apartment rentals or condominiums a half block from Tompkins Square Park,” said Cushman & Wakefield’s Michael DeCheser who is exclusively marketing this property with Darragh Clarke.

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Neighborhoods: East Village/ Agents: Michael DeCheser

Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 23-35 29th Avenue, located on the corner of 29th Avenue and Crescent Street in the Astoria neighborhood of Queens. The asking price is $8,000,000.

The four-story building contains approximately 11,250 square feet and sits on a 50’ x 100’ lot. It consists of 19 residential units, of which three are free market and 16 are rent stabilized, and one commercial ground unit. The residential unit mix consists of eight one-bedroom, four two-bedroom, and seven three-bedroom units.

The property is located near Mount-Sinai Hospital and is conveniently accessible via the 30th Avenue N and Q train lines. Situated in the heart of Astoria, the building presents a great opportunity for investors looking to capitalize on one of Queens’ most attractive and growing neighborhoods.

“This property presents a very unique owner/investor opportunity in a prime part of Astoria. This type of asset will draw tremendous activity from both local and national investors,” said Cushman and Wakefield’s David Chkheidze, who is exclusively marketing this property with Conrad Martin.

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Neighborhoods: Astoria

Cushman & Wakefield has been retained on an exclusive basis to sell Harrison Plaza, a newly renovated office complex, located at 450 Mamaroneck Avenue in the heart of the Mamaroneck Avenue office corridor in Harrison, New York. The asking price for the plaza is $39,500,000.

Harrison Plaza is a 4-story, 177,630 square foot office building located on over 18 acres of land. There are 673 parking spaces including 40 covered executive spots. Over the last several years the property has undergone a complete gut renovation and features a mixture of full floor configurations as well as several smaller office suites.

In recent years, the medical sector has been one of the fastest growing segments within the Westchester office market. 450 Mamaroneck Avenue has been at the forefront of this trend as the building is 90% occupied and includes a variety of medical office and educational tenants, all of which are in place on a long term basis.

Positioned in the center of Westchester County the property is situated between downtown Mamaroneck and the rapidly expanding city of White Plains. The property’s ideal location features direct access to major highway systems including the Hutchinson River and Merritt Parkways, Interstate 287 and Interstate 95 as well as close proximity to the Metro North train line.

As demand for medical office space expands even further and companies continue relocation initiatives to major suburban markets 450 Mamaroneck Avenue represents a stable investment with significant in-place income and additional upside in the long term.

Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield is exclusively marketing this property with Andrew Merin, Gary Gabriel and Bill Eisenhut.

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Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 41-50 21st Street. The property is located between Queens Plaza and 41st Avenue in the Long Island City neighborhood of Queens. The asking price is $65,000,000.

The site contains approximately 43,699 square feet and sits on a 284’ x 211’ irregular lot. Situated within a M1-5 zoning district, the site holds a buildable square footage of approximately 218,496 at a 5.0 FAR for commercial use. Additionally, it has a buildable square footage of approximately 284,045 at a 6.50 FAR for community facility.

The property is in close proximity to the F subway line, allowing for easy access to Manhattan.

“This site holds immediate value with its prime location in Queens Plaza. The influx of residents in Long Island City is driving the value of not only residential development but commercial demand for retail and mixed-use development,” said Cushman & Wakefield’s Stephen R. Preuss, who is marketing the property with David Chkheidze. “This lot lies within the NYC Department of Planning core area study for rezoning, which would exponentially increase the buildable square footage of this property, inclusive of residential zoning,” added David Chkheidze.

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Neighborhoods: Long Island City/ Agents: Stephen Preuss

December 1, 2015 | Commercial Observer | Lauren Elkies Schram

The site that is home to 6 Columbus Circle has hit the market, according to marketing materials from Cushman & Wakefield. The 12-story, 88-key boutique hotel allows for a development of up to 63,510 buildable square feet. One source with knowledge of the property, who spoke on the condition of anonymity, said it would likely go for $1,400 per buildable square foot, or $88.9 million.

“This is the most spectacular site that we have brought to the market recently in Manhattan because of the views of Central Park,” Robert Knakal, the chairman of New York investment sales at C&W who is marketing the property, told Commercial Observer...

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Neighborhoods: Upper West Side

Cushman & Wakefield has been retained on an exclusive basis to sell a prime corner portfolio of mixed-use properties located on the northwest corner of Tenth Avenue and West 22nd Street and adjacent to the High Line in Manhattan’s Chelsea neighborhood. Ownership is requesting proposals for this sale.

The properties, located at 505 West 22nd Street and 203, 205, and 207 Tenth Avenue, are being offered for sale for the first time in over 30 years.  They feature protected rooftop views of the Chelsea Historic District to the east and the High Line running north and south. The buildings boast 162’ of frontage, affording the site prominent exposure for retail tenants in a rapidly developing part of the city. The properties total 26 apartments and four ground floor retail spaces, all along the avenue. Additionally, the site benefits from approximately 7,185 square feet of air rights that may be used for development in a neighborhood that commands condominium sell out values of over $3,000 per square foot.

“The High Line Portfolio presents a rare opportunity to purchase one of the last prime corners in West Chelsea left undeveloped. Being adjacent to the High Line to the west and having light and air preserved by the Chelsea Historic District to the east also makes it one of the best corners,” said Cushman & Wakefield’s Brock Emmetsberger, who is exclusively marketing this property along with Winfield Clifford. “From location and in-place income to retail frontage, development rights, and flexible zoning, the High Line Portfolio is one of Manhattan’s premier investment properties,” added Winfield Clifford.

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Neighborhoods: Chelsea/ Agents: Winfield Clifford

Bloomberg Business | November 11, 2015 | Oshrat Carmiel

On the eastern fringe of New York’s Long Island City, far from the apartment towers that are remaking the skyline, one real estate owner wants to know how much investors might pay for office space.

In the past 18 months, Manhattan landlords Vornado Realty Trust and RXR Realty LLC bought office properties in the same area of the Queens neighborhood for $325 and $346 a square foot, respectively. Now, a smaller listing nearby will seek to top those deals. The package of two adjoining buildings is going on the market Wednesday for $29 million, or $375 a square foot...

Neighborhoods: Long Island City

Cushman & Wakefield has been retained on an exclusive basis to sell two buildings at 45-01 Northern Boulevard and 34-08 46th Street in the Long Island City neighborhood of Queens. The asking price is $29,000,000.

45-01 Northern Boulevard, located between 45th and 46th Streets, is a retail/office building that has approximately 283’ of frontage on the northeast corner of Northern Boulevard. It benefits from two billboards on the roof facing Northern Boulevard and 45th Street. Currently overbuilt, this property poses a great opportunity for an investor or user looking for a property with upside potential.

34-08 46th Street, located between 34th Avenue and Northern Boulevard, is a two-story mixed-use building that consists of two commercial units and one residential unit with available parking for up to six cars. Situated within a C2-4/R6B zoning district, it currently allows for an FAR of 2.0 and approximately 12,000 buildable square feet.

“Both properties present a truly unique owner/investor opportunity along the busy Northern Boulevard corridor in Long Island City,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing these properties along with Conrad Martin. “The properties offer a tremendous footprint in Long Island City and potential buyers will benefit greatly from both the accessibility and visibility of this site,” he continued.

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Neighborhoods: Long Island City

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 78-06 Queens Boulevard. The property is located on the southeast corner of Queens Boulevard and Hillyer Street in the Elmhurst neighborhood of Queens. The asking price is $8,500,000.

Located within a C4-2 zoning district, the site holds approximately 49,335 buildable square feet and sits on a 80’ x 123’ irregular lot. The site has approved plans for a mixed-use hotel building to include 94 hotel rooms, 21 residential units, commercial space, and on-site parking.

This property is being exclusively marketed by Cushman & Wakefield’s Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa.

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Neighborhoods: Elmhurst

Cushman & Wakefield has been retained on an exclusive basis to sell a development opportunity at 19-21 Beekman Street. The property is located between Nassau and William Streets in Manhattan’s Financial District. The asking price is $40,000,000.

The site contains approximately 44.25’ of frontage along Beekman Street and extends approximately 102.67’ deep. Situated within a C6-4 zoning district, it has a base residential FAR of 10.0, with a commercial FAR of 10.0. Additionally, ownership has purchased approximately 18,000 square feet of additional development rights from 47 Ann Street, allowing for the ability to build an approximately 64,000 square foot mixed-use development on the south side of Beekman Street.

“In a market where some Manhattan land prices have soared above $1,000 per buildable square foot, we’re excited to offer a site at $625 per buildable square foot, where a developer can deliver condos at a high demand price point,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property along with Will Suarez and Matt Nickerson.

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Neighborhoods: Financial District/ Agents: Guillermo Suarez

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 30-05 Whitestone Expressway.  The property is located between Linden Place and Farrington Street in the Flushing neighborhood of Queens.  The asking price is $60,000,000, which equates to approximately $160 per buildable square foot.

The rare development opportunity consists of an approximately 80,510 square foot lot.  There has been a proposed zoning change to C2-2/R6 or C4-3, which would allow up to approximately 386,448 buildable square feet.  This development site features a prime location right off the Whitestone Expressway and in proximity to Downtown Flushing, providing access to MTA buses, #7 subway line, and the Long Island Rail-Road.

“This is an extremely favorable opportunity for a developer to take advantage of the desirable Flushing marketplace at a reasonable price per square foot,” said Cushman & Wakefield’s Stephen R. Preuss, who is exclusively marketing this property.  “The site will yield a large mixed-use development which will be ideal for either condos or apartment rentals along with large box commercial, perfect for national and credit retailers looking for the density and visibility this site has to offer,” he continued.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Cushman & Wakefield has been retained on an exclusive basis to sell a retail condominium located in The Downtown Club at 20 West Street. The property is located between Morris and Battery Streets in Manhattan’s Financial District. The asking price is $6,250,000.

The condominium contains approximately 10,538 square feet and features a private outdoor space. It benefits from frontage on West and Washington Streets. The condominium is currently leased to national tenant, The Learning Experience, who has over 200 locations nationwide and was recently named the fastest growing childcare center franchise and a Top 500 franchise by Entrepreneur Magazine.

The property is centrally located four blocks from Brookfield Place, two blocks from the 4 and 5 train stop at Bowling Green, and four blocks from the 1 and R stops at Rector Street. Additionally, it is in close proximity to Battery Park City, South Street Seaport, and the Staten Island Ferry.

“It’s rare to find a 5.5% cap rate anywhere in Manhattan today, let alone one with a well-known, national credit tenant in place providing much needed educational services to families in Lower Manhattan’s TriBeCa and Financial District neighborhoods,” said Cushman & Wakefield’s Will Suarez, who is exclusively marketing this property with James Nelson.  “As the downtown market continues to grow and thrive, retail spaces like 20 West Street are only going to increase in value,” added Nelson.

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Neighborhoods: Financial District/ Agents: Guillermo Suarez

October 28, 2015 | Real Estate Weekly

Cushman & Wakefield has been retained on an exclusive basis to sell a package of condominium units located in BridgeView Tower at 189 Bridge Street.

The property is located between Nassau and Concord Streets on the border of Downtown Brooklyn and DUMBO. The asking price is $32 million...

Neighborhoods: DUMBO, Downtown Brooklyn/ Agents: Stephen Palmese

Cushman & Wakefield has been retained on an exclusive basis to sell a retail cooperative leasehold at 143 West 19th Street. The property is located between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood. The asking price is $11,350,000.

The 62-year leasehold is for three ground floor units measuring approximately 8,500 square feet. The units benefit from approximately 12’ high ceilings and 120’ of frontage on West 19th Street. Additionally, there is basement storage space.

“This retail property presents an opportunity that is unheard of in this market – a potential 5.5% cap rate once leased out at market rate,” said Cushman & Wakefield’s Brock Emmetsberger, who is exclusively marketing this property.

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Neighborhoods: Chelsea

Cushman & Wakefield has been retained on exclusive basis to sell a development site at 67-02 Queens Boulevard. The property is located on the southeast corner of Queens Boulevard and 67th Street in the Woodside neighborhood of Queens. Ownership is requesting proposals.

The site consists of an approximately 87’ x 112’ irregular lot. Situated within an R7X/C2-3 zoning district, it holds approximately 54,075 buildable square feet as of right. The site currently consists of an approximately 1,800 square foot garage building.

“With its proximity to Manhattan, along with existing short-term tenancy, this site provides an ideal cash flowing development opportunity in an emerging submarket,” said Cushman & Wakefield’s Thomas A. Donovan, who is exclusively marketing this property with Tommy Lin, Eugene Kim, and Robert Rappa.

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Neighborhoods: Woodside

Cushman & Wakefield has been retained on an exclusive basis to sell a package of condominium units located in BridgeView Tower at 189 Bridge Street. The property is located between Nassau and Concord Streets on the border of Downtown Brooklyn and DUMBO. The asking price is $32,000,000.

Built in 2008, the 18-story, 58-unit luxury building features a 24-hour doorman, a lobby with approximately 20’ ceilings, a fitness center, and two private outdoor areas with tables and grills. The package consists of one retail unit, a two-level parking garage with 30 spaces, and 29 residential units, of which one is an expansive two-story penthouse. The retail unit is leased to Amarachi Lounge, a popular restaurant and bar, until March 2026. All of the residential units are leased and feature approximately 10’ ceilings, stainless steel and glass kitchen cabinetry, and granite countertops. Additionally, they benefit from in-unit washer and dryers, built-in wine coolers, maple hardwood floors, and private terraces.

“This offering presents a rare opportunity to acquire a low-maintenance, high cash flowing asset with tremendous upside,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Stephen Palmese.  “The asset is ideally located in the center of the thriving Brooklyn Tech Triangle, straddling Downtown Brooklyn and DUMBO,” added Palmese.

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Neighborhoods: DUMBO, Downtown Brooklyn/ Agents: Stephen Palmese