April 2008: New York City Retail, Office and Industrial Market Report

New York City Market Overview:

The office and retail markets are starting to cool from all time highs, as Banks and Investment Banks continue layoffs, 34,400 layoffs in the last six months. These financial firms are now releasing unused and expansion back to the market which total more than 2.5 million square feet with more to follow. There are still a number of large users looking for space, but now there is more of a selection and as a result pricing and terms will improve.

Developer Larry Silverstein seeks $12.3 billion in damages from the destruction of the World Trade Center. The $12.3 billion amount of the lawsuit had not been known until now and is by far the biggest of any litigant. The claims total about $23 billion. Silverstein is seeking $8.4 billion for the destroyed buildings, $100 million a year in rent to the Port Authority and $300 million a year in lost rental income, along with the cost of marketing and leasing the new buildings.

April 2008 Manhattan Office Market Vacancies

New York City Class A Office vacancies decreased from 5.3 % to 5.2 % vacant.
New York City Office vacancy decreased from 5.4 % vacant to 5.3 % vacant.

April 2008 New York Retail Market Vacancies

Total available New York City Retail Space decreased from 1.07 million RSF to 1.12 million RSF.

New Developments

The City Council approved the rezoning for Sheldon Solow's $4 billion development on the East River, making the way for seven towers to rise on nine acres of First Avenue from East 35th Street to East 41st Street. The project will create about 3,000 apartments, 1 million square feet of commercial and 69,000 square feet of retail. The development will include affordable housing, a public school and five acres of public space.

Gov. David Paterson and Mayor Michael Bloomberg have hailed Tishman Speyer's plan for developing the MTA's 26-acre Hudson Yards. Tishman Speyer owns Rockefeller Center, a fact that was probably not lost on the MTA as it considered which of the five developers could pull off one of the city's biggest projects. Tishman has cut its planned office from 10 million to 8 million square feet. The project will create 12 million square feet of office, residential, retail and community space.

The Department of Buildings, said new building permits issued in January and February were 40 percent down compared to the same period last year. The department granted 451 permits in the first two months of this year, compared to 764 last year and 859 in 2006.

Manhattan's real estate market has managed to ward off the turmoil caused by the credit crunch, a series of condos and office expected to hit the market in 2010 may cause a surplus that could aggravate any economic downturn. Several large-scale real estate deals have already slowed, including Harry Macklowe's inability to sell the GM Building after several months and delays at Bruce Ratner's Atlantic Yards project. However, despite the danger of flooding the market, several big projects are still in the works, which include Sheldon Solow's development on First Avenue and Larry Silverstein's World Trade Center.

Subway riders will be upset that the MTA must delay $30 million in planned improvements because real estate tax revenues were lower than expected, but the larger implications are the troubling signs for the city's real estate market. The MTA's revenue from mortgage and transfer taxes this year is $306 million, $21 million below its prediction. Revenues from Februaryâ€™s transactions were half of their year-ago level. All four taxes on sales of commercial property and residential and commercial mortgages drew lower revenues last month, which the MTA called unusual. The tax on residential mortgages fell the most, dropping to its lowest one-month level since January 2002.

Williamsburg property owners are upset about a plan to rezone 13 blocks and 254 properties around Grand Street. Some property owners say they did not know about the plan and want a seven-story limit. The City Council is to vote on the rezoning. A proposed 14-story project at the Karl Fischer-designed 227 Grand Street prompted demands for rezoning in the neighborhood, which are mostly three- and four-story buildings.

Indefinite delays at the Atlantic Yards project mark the latest sign of trouble for Downtown Brooklyn and its surrounding neighborhoods, as the weakening economy and the credit crisis threaten to derail Brooklyn's biggest mixed-use development. The project promised to deliver more than 1.6 million square feet of office and 6,000 apartments, but developer Bruce Ratner now says the Brooklyn office tower will not be built until an anchor tenant is found and financial problems could delay the residential development. Atlantic Yards' ardent supporters remain optimistic that it will be fully built at some point.

Reportedly, the Yankees and Mets are in negotiations with the city to buy their old stadiums before they are torn down, so they can sell seats, bricks and other scraps to fans. Shea Stadium's 55,000 orange seats could sell for $500 each. Bricks from Yankee Stadium could bring in $100 to $300 each. Those prices could appreciate over time: a brick from Ebbets Field, the Brooklyn Dodgers' stadium demolished in 1960, sells for $1,000 and a seat can go for as much as $5,000.

New York City is bracing for more job cuts at Wall Street firms, following the collapse of Bear Stearns and the credit crunch. While economic slumps are nothing new, the city is more reliant than ever on the financial service sector: the industry accounted for almost a third of all wages earned in the city last year. Following the sale of Bear Stearns to JP Morgan Chase, many of the firm's 14,000 workers could be cut. Big banks have already cut 5 to 10 percent of their staff, and could make similar-sized cuts again over the next few months.

JP Morgan Chase plan to develop the 5 World Trade Center site, the former Deutsche Bank building, despite its new plan of moving its investment banking business to the Bear Stearns building, which it acquired when it bought the firm. JP Morgan Chase, which scrapped plans to relocate its investment banking headquarters to Lower Manhattan earlier this week, might still acquire the former Deutsche Bank building site at 5 World Trade Center and flip the property. JP Morgan Chase might either acquire the development rights for 130 Liberty Street and possibly sell them, or even proceed with a scaled-down office building on the site and then sell it for a profit. JP Morgan entered an agreement in June 2007 to relocate its investment banking headquarters to the former Deutsche Bank site and develop a 1.3-million-square-foot tower that would hold 7,000 employees.

The seven Manhattan office towers that developer Harry Macklowe bought for $7 billion could soon be up for sale, as a deal with his creditors is almost being hammered out. Macklowe bought the buildings last year in a highly-leveraged deal, and the short-term debt on them is overdue, forcing him to sell the General Motors Building.

Major Financial Firms giving up space:

Goldman Sachs is busy refining its real estate needs based on the opening of its new 2 million-foot tower in 2010. The investment bank will give up about 3 million feet of in at least five buildings - more than its new headquarters. Goldman will vacate from 1.1 million-foot at 85 Broad Street and 800,000 feet at 180 Maiden Lane. Goldman will also vacate 546,000 feet at One New York Plaza and another 200,000 feet at One Liberty Plaza. Goldman has already listed places for sublet the entire 561,549-foot at 77 Water Street where they have a net lease through June 2021.
Nomura gives up 100,000 feet at 2 World Financial Center.
American Express is giving up 70,000 feet at 2 World Financial Center.
Royal Bank of Scotland is giving up 140,000 feet at 7 World Trade Center from its purchase of ABN, Amro.
Lehman Brothers, recently rented 400,000 feet at the Time-Life Building at 1251 Sixth Avenue may no longer want it.
Bank of America, which will move into One Bryant Park Tower, will also be giving up around town.
Deutsche Bank gave a broker a 500,000-foot assignment. The firm has offices in a few Park Avenue locations and must determine if they will renew or consolidate elsewhere.

JP Morgan Chase & Co bought Bear Stearns at a $10.00/share/rescue deal. They may occupy Bear Sterns headquarters for its investment banking department. JP Morgan Chase is expected to cut at least one-third of Bear Stearns' employees once it completes the deal.

Mr. Silverstein has one anchor tenant for the Port Authority, which has signed a lease to occupy 600,000 square feet in Tower 4. The city also has agreed to lease 600,000 square feet in the tower if Mr. Silverstein cannot find a private tenant to occupy the space.

Mr. Silverstein was not worried about lining up tenants and speculated that the project's completion date would be December 2012.

Federal officials have approved plans to decontaminate and demolish CUNY's Fitterman Hall at Ground Zero. The Environmental Protection Agency's approval clears the way for the New York State Dormitory Authority to replace the former building at 30 West Broadway, after two years of delays. Once the site is cleared, it will take over two years to build a new Manhattan Community College academic building. The site has drawn the ire of developer Larry Silverstein, whose newly built 7 World Trade Center is across the street.

The Helmsley Park Lane Hotel, where the late Leona Helmsley lived, may reportedly go up for sale. The Central Park South tower, built in 1971, could go for nearly $1 billion. The hotel needs a renovation.

The contentious rezoning of Harlem's 125th Street cleared its first hurdle, as the New York City Planning Commission approved by an 11-2 margin, a plan that could transform the historic commercial corridor. The vote had been expected, and the City Council must now approve the plan. City Planning Commissioner hailed the vote. Some residents fear that the rezoning will displace them and small businesses, Burden said the plan will preserve the community's brownstone residences, while encouraging affordable housing, commercial office space, entertainment venues and retail outlets.

According to the Lower Manhattan Development Corp., more than 25 retailers will open in Lower Manhattan and over 8,000 new homes will be occupied by year's end.

The credit crunch may have an affect on several big projects pushed by city and state politicians that are still being planned, from Moynihan Station to Hudson Yards to the Fulton Street Transit Center. Lending restrictions have tightened, construction costs keep increasing and tax revenues are dropping.

New York Office Leases:

Total Manhattan Office Class A vacancies decreased from 11.52 million RSF to 11.44 million RSF.
Total Manhattan Office Market vacancies decreased from 21.4 million RSF to 21.02 million RSF.
Total Manhattan Office direct lease vacancy decreased from 18.22 million RSF to 18.04 million RSF.
Manhattan Office Sublease vacancy dropped from 3.18 million RSF to 2.98 million RSF.
Total Manhattan Office Market vacancies decreased from 21.4 million RSF to 21.02 million RSF.
Total Midtown South Office vacancy decreased from 4.04 million RSF to 3.9 million RSF.
Total Midtown Office vacancy decreased from 11.66 million RSF to 11.6 million RSF.
Total Downtown Office vacancy dropped from 5.7 million RSF to 5.52 million RSF.
Total vacant Office Sublease Space in Midtown Manhattan decreased from 2.06 million RSF to 1.88 million RSF.
Total vacant Office Direct Space in Midtown Manhattan rose from 9.6 million RSF to 9.72 million RSF.
Total vacant Office Direct Space in Midtown South Manhattan increased from 3.75 million RSF to 3.6 million RSF.
Midtown South Manhattan Sublease vacancies dropped from 0.28 million RSF to 0.3 million RSF.
Total Downtown Manhattan Office Direct Lease Space decreased from 4.86 million RSF to 4.72 million RSF.
Total Downtown Manhattan Office Sublease Vacancies dropped from 0.84 million RSF to 0.8 million RSF.

NYC Retail Leases:

Total Available Manhattan Retail Space increased from 1.07 million RSF to 1.12 million RSF.
Midtown South Retail vacancies increased from 0.72 million RSF to 0.76 million RSF.
Midtown vacancy stayed at 0.25 million RSF.
In Downtown, Retail vacancy increased from 0.10 million RSF to 0.11 million RSF.

New York Industrial Leases:

Total Vacant Manhattan Industrial Space decreased from 0.33 million RSF to 0.32 million RSF.
Midtown South Industrial vacancies stayed at 0.15 million RSF.
Midtown Industrial Space vacancy stayed at 0.18 million RSF.

Manhattan Office Rentals:

Goldman Sachs Group leases 517,000 sf at One New York Plaza.
The global investment banking, securities and investment management firm signed a 15-month lease renewal while awaiting completion of its new Battery Park City headquarters. The company?s lease is now set to expire in December 2010. Goldman occupies floors 21 and 39 through 50. The reported asking rent was in the $50 to $65 per-square-foot range.
AXA Financial leases 450,000 sf at 1290 Sixth Avenue.
The insurance company inked a 13-year lease renewal. The reported asking rent was $85 per square foot. The firm plans to relocate up to 850 employees to 525 Washington Street in Jersey City next year.
SunGard leases 120,000 sf at 340 Madison Avenue.
The technology company signed an 11-year lease. The reported asking rent at the property is $80 per square foot. The building is now nearly 80 percent occupied.
Crowell & Moring LLP leases 100,000 sf at 590 Madison Avenue.
The Washington, D.C.-based law firm inked a relocation and expansion lease. The firm currently occupies approximately 60,000 square feet at 153 East 53rd Street.
Scripps Networks leases 76,801 sf at 1180 Sixth Avenue.
The lifestyle media company signed a new 10-year lease. The tenant terminated its existing contract three years early and took additional space on a different floor.
Prudential Douglas Elliman leases 58,524 sf at 205 East 42nd Street.
The residential real estate company inked a 15-year lease renewal.
Kaufman BorgeeSt & Ryan LLP leases 48,161 sf at 120 Broadway.
The law firm signed a 15-year lease.
Converse leases 46,400 sf at 28 West 23rd Street.
The athletic apparel maker signed a 10-year lease renewal for its 23,200-square-foot full-floor space and doubled its occupancy with another full-floor space at the property. The company has also taken an option on a third floor.
Columbia University leases 35,127 sf at 490 Riverside Drive.
The university signed a five-year lease.
Silver Lake Partners leases 31,800 sf at 9 West 57th Street.
The private equity firm signed a 10-year lease.
Jacob Perlow Hospice leases 25,000 sf at 39 Broadway.
The medical offices signed a 10-year lease for the entire second floor and part of the fifth floor. The new space will serve as the group?s executive offices.
Bonhams & Butterfields leases 23,400 sf at 580 Madison Avenue.
The auction house signed a sublease. The space has a remaining term of four years. The sublessor is now seeking a new home for its art collection.
John V. Lindsay Wildcat Academy leases 23,050 sf at 17 Battery Place.
The charter school for students in grades 8 through 12 inked a lease renewal.
Kirby McInerney & Squire LLP leases 20,556 sf at 825 Third Avenue.
The law firm inked a lease for the entire 15th and 16th floors. The company plans to relocate its offices from 830 Third Avenue.
Castle Hill Apparel leases 20,354 sf at 1400 Broadway.
The supplier of women?s apparel inked a long-term lease for the entire 25th floor.
Principal Financial Group leases 19,000 sf at 888 Seventh Avenue.
The financial services firm inked a lease for the entire 25th floor. The company is moving from a 10,000-square-foot space on the 11th floor of the tower.
Prudential Douglas Elliman leases 17,855 sf at 675 Third Avenue.
The residential real estate company inked a 15-year lease renewal.
The New York Review of Books leases 15,049 sf at 435 Hudson Street.
The publisher of literary and film criticism signed a lease for third-floor space. The company is relocating from 1755 Broadway.
China Merchants Bank leases 14,000 sf at 535 Madison Avenue.
The Chinese bank inked a 10-year lease for the entire 18th floor. The reported asking rent was $110 per square foot. It will be the first branch of a Chinese bank to open in the U.S. in 20 years.
Lower Manhattan Dialysis Center leases 13,000 sf at 202 Centre Street.
The medical office and dialysis facility inked a 15-year lease with a five-year option for the entire second and third floors.
MM&R leases 12,607 sf at 512 Seventh Avenue.
The tenant signed a 10-year lease.
Goldin Associates leases 10,577 sf at 350 Fifth Avenue (Empire State Building).
The financial advisory firm inked a lease for space on the 18th floor. The reported asking rent in the building was in the mid-$50s.
DelGreco & Company leases 10,000 sf at 242 East 58th Street.
The high-end outdoor furnishings showroom inked a lease for the entire seven-story building.
Weisscomm Partners leases 10,000 sf at 1251 Sixth Avenue.
The health care public relations firm inked a short-term sublease.
Padone & Partners leases 8,711 sf at 48 West 27th Street.
The advertising agency inked a 10-year lease.
Richard Chai leases 8,600 sf at 107 Grand Street.
The fashion designer inked a 10-year lease.
Perkins & Eastman leases 8,400 sf at 1140 Broadway.
The architectural firm inked an expansion lease. The reported asking rent was close to $45 per square foot.
Rachel Roy leases 7,200 sf at 148 West 37th Street (The Lefcourt Central Building).
The fashion company signed a five-year lease for showroom and headquarters space. The reported asking rent was $36 per square foot.
The Standard Life Insurance Company of New York leases 6,509 sf at 420 Lexington Avenue.
The financial security products provider signed a five-year lease renewal.
Valcon Construction Consultants leases 6,154 sf at 317 Madison Avenue.
The construction and real estate consultancy signed a four-year lease renewal.
Artist Group International leases 6,000 sf at 150 East 58th Street.
The booking agency for performing artists signed a five-year, seven-month lease renewal for part of the 19th floor. The reported asking rent was $75 per square foot.

New York Retail Leases:

Circuit City leases 31,000 sf at 1961 Broadway.
The electronics retailer inked a lease for 6,000 square feet of ground-floor space and 25,000 square feet of second-floor space. Asking retail rents in the area are reportedly $350 per square foot for street-level space and $100 per square foot for upper-
Joyce Leslie leases 21,250 sf at 670 Broadway.
The apparel retailer inked a five-year lease.
Duane Reade leases 17,300 sf at 1657 Broadway.
The drugstore signed a 20-year lease for another location.
Duane Reade leases 9,886 sf at 1235 Lexington Avenue.
The drugstore signed a 20-year lease for another location.
Duane Reade leases 9,100 sf at 152-154 Second Avenue.
The drugstore signed a 20-year lease for another location.
Duane Reade leases 9,000 sf at 459 Broadway.
The drugstore signed a 20-year lease for another location.
Duane Reade leases 6,000 sf at 184 Fifth Avenue.
The drugstore signed a 20-year lease for another location.
Duane Reade leases 6,000 sf at 350 Greenwich Street.
The drugstore signed a 20-year lease for another location.
Montenapo by Bice leases 5,274 sf at 620 Eighth Avenue.
The Italian restaurant signed a lease for street-level space.
John Varvatos leases 4,300 sf at 315 Bowery.
The men?s luxury apparel and accessories retailer signed a lease for space at the former site of legendary music club CBGB. This will be its second Manhattan location. The new store is slated for a spring 2008 opening.
Andrew and Jonathan Schnipper lease 3,200 sf at 620 Eighth Avenue. leases
The founders of the Hale and Hearty Soup chain inked a 20-year lease for the last available retail space at the New York Times Building. The brothers plan to open an updated version of a classic roadside eatery.
North Fork Bank leases 3,000 sf at 123 Third Avenue.
The bank inked a 15-year lease for space at the base of a new residential development.
Moschino leases 2,700 sf at 401 West 14th Street.
The Italian fashion designer inked a lease for its first freestanding boutique in Manhattan. The reported asking rent was $500 per square foot.
383 Third Avenue Corporation leases 2,700 sf at 383 Third Avenue.
The tenant signed a 15-year lease to open a new restaurant and bar. The space includes 1,400 square feet on the ground floor, 400 square feet on the mezzanine and 900 square feet in the basement.
317 Madison Avenue Bake leases 2,585 sf at 317 Madison Avenue.
The tenant signed a new 12-year lease.
AT&T leases 2,373 sf at 532 Broadway.
The mobile phone company inked a 10-year lease for another branch.
Y-3 leases 2,200 sf at 317 West 13th Street.
The Japanese fashion designer signed a 10-year lease for its first Manhattan location. The reported asking rent was $125 per square foot.
Paramount Electronics leases 2,100 sf at 1657 Broadway.
The electronics retailer signed a lease for ground-floor space.
The Sun Lounge leases 1,700 sf at 265 West 72nd Street.
The tanning salon signed a 10-year lease with a five-year option.
Breil leases 1,600 sf at 148 Spring Street.
The Italian watchmaker signed a lease to open its flagship U.S. store.
The Rani Company leases 1,500 sf at 587 Tenth Avenue.
The ayurvedic health and beauty spa inked a 15-year lease for 1,000 square feet of ground-floor space and 500 square feet of mezzanine space. This will be its 18th location.
Dolce Vita leases 1,100 sf at 181 Grand Street.
The Italian restaurant signed a 10-year lease.
Pita Joe leases 1,050 sf at 2 West 14th Street.
The Mediterranean eatery inked a 10-year lease for its first American location.

New York City Buildings Sold:

Manhattan Queens and Bronx portfolio 9 apartment buildings was sold to Northbrook Partners for $300 million.
The portfolio sold for more than $300 million. The properties include 98 Riverside Drive, 340 East 52nd Street, 56 Seventh Avenue and some condos at 172 West 79th Street. Also included in the deal were 185 Claremont Avenue in the Bronx and 105-05 69th Avenue in Queens.
450 West 16th Street an 8-story 286,000 sf industrial building was sold to Stellar Management for $161 million.
The property sold for $161 million. The building is home to Milk Studios.
180 Madison Avenue 275,000 sf office building was sold to The Claret Group; Prudential for $150 million.
The property sold for $150 million, or $540 per square foot. The seller acquired the building four years ago for $91.5 million.
1199 First Avenue 21-story 195,000 sf apartment building was sold to Stonehenge Partners for $126 million.
The property sold for $126 million. The building has 159 residential units and 13,500 square feet of retail space. Stores include LensCrafters, Duane Reade, Ricky?s and Maya Restaurant. The buyer will rename the tower Stonehenge 65th and renovate its lobby and hallways.
511-519 521-539 and 541-543 West 25th Street 3 mixed-use buildings was sold to Halcyon Real Estate Investors; Cardinal Real Estate Investment for $97 million.
The package of offices, storage and galleries sold for $97.5 million.
600 Broadway 6-story office building was sold to Alex Adjimi for $71 million.
The commercial property closed for $71 million, or more than $1,000 per square foot. The ground-floor retail space is occupied by Pottery Barn.
156 William Street 250,000 sf office building was sold to Capstone Equities for $60 million.
The property sold for $60 million, or $240 per square foot. The seller acquired the building more than two years ago for $40.75 million.
16 West 57th Street 5-story office building was sold for $60 million.
The property sold for $60 million. The building has additional air rights and could accommodate a boutique hotel development.
318 East 15th Street (Booth House) 130,000 sf apartment building 148 units total was sold to Arun Bhatia Development Corp. for $56 million.
The property sold for $56 million.
5 Beekman Street 10-story 128,220 sf office building was sold to Bonjour Capital; Joseph Chetrit for $50 million.
The landmarked prewar building reportedly went into contract for upwards of $50 million. The buyer plans to convert the property into a hotel.
155 Fifth Avenue 7-story 32,500 sf office building was sold to The Eretz Group for $38 million.
The building sold for $38 million. The seller purchased the property in July 2007 from the United Synagogue of Conservative Judaism for $26.5 million.
Lafayette Avenue and Tiffany Street (The Bronx) a 400,000 sf industrial complex was sold to Taconic Investment Partners; Denham Wolf Real Estate; Credit Suisse for $32 million.
The former American Bank Note Building sold for $32 million, or $70 per square foot. The joint venture plans to convert the 96-year-old, three-building complex into an office center for arts organizations, design firms and nonprofits. A retail food market is also planned. The New York City Investment Fund and i-Star Financial provided financing. The Landmarks Preservation Commission recently designated the property a landmark.
325 West 33rd Street a Development site was sold to a Hotel developer for $31 million.
The three-story church property sold for $31 million. A 95,000-square-foot, 250-room hotel is planned for the site. The owner was able to secure an additional 20,000 square feet of air rights through a city-operated District Improvement Fund Bonus.
530-542 West 27th Street a 6-story commercial building was sold to Centaur Properties for $29.4 million.
The former home of the nightclub BED sold for $29.4 million. The club closed in February 2007.
1343-1347 Second Avenue and 242 East 71st Street a Four 5-story mixed-use buildings was sold for $27 million.
The residential package of 50 apartments and eight stores sold for $27.5 million. The average rent at the properties is $1,237, or $34 per square foot. The property sold with 48,975 square feet of additional air rights, which can support an 82,120-square-foot development with 16,424 square feet of commercial space.
113 Jane Street (Hotel Riverview) 5-story 43618 sf hotel was sold to Sean MacPherson; Eric Goode for $27 million.
The hotel sold for $27 million. The buyers plan to restore and revamp the landmark hotel with a first-floor bar, second-floor restaurant and a rooftop bar terrace.
553 11th Avenue a Vacant lot was sold to The Moinian Group for $24 million.
The former site of a gas station sold for $24.5 million. The property is next door to the buyer?s 46-story, 478-unit Atelier condominium at 627 West 42nd Street.
435 West 33rd Street a Development site was sold to a Long Island hotelier for $24 million.
The property sold for $24 million, or $324 per buildable square foot. The site can support 96,281 buildable square feet if the developer purchases an additional 22,219 square feet of air rights from the city.
340 East 23rd Street (Gramercy by Starck) 13,850 sf retail condo was sold to Omnispective Management Corp. for $22 million.
The commercial unit at the Philippe Starck-designed tower sold for $22.2 million. The retail space is triple-net leased to CVS Pharmacy for 25 years plus options. Sales at the 207-unit residential tower launched in May 2007, and the building is nearly complete.
8 Stone Street a Development site was sold to Sam Chang for $17 million.
The parking facility sold for $17 million.
49-53 Ann Street a Development site was sold to The Lam Group for $13 million.
The 15,500-square-foot vacant property sold for $13.15 million. The buyer is planning a hotel for the site, which has a maximum buildable area of 45,800 square feet.
330 East 73rd Street and 309 East 93rd Street a Two 5-story apartment buildings was sold to Carlton Management for $10 million.
The two properties sold for $10 million, or $530 per square foot. The price represents a capitalization rate of 4 percent and a gross rent multiple of 15. The average rent at the buildings is approximately $1,700 per month.
62 Thomas Street a 12,000 sf retail condo was sold to Zar Property NY.
The site of Japanese eatery Megu sold for an undisclosed price.
442 West 36th Street a 15-story 20,344 sf hotel was sold to Gemini Real Estate Advisors.
The 56-room hotel sold for an undisclosed price.