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Tuesday July 16, 2013
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| Lower East Side Commercial Asset Asks $32 M. |
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BY AL BARBARINO
Massey Knakal has been retained on an exclusive basis to sell a commercial building at 314-320 Grand Street for an asking price of $32 million.
The property occupies the entire block front between Allen and Orchard Streets on Manhattan’s Lower East Side.
To read the full story, click here.
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| Suit Says FCRC Modular Project Violates Code |
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BY GUS DELAPORTE
An Article 78 litigation proceeding filed last week against the New York City Department of Buildings by the Plumbing Foundation and the Mechanical Contractors of New York alleges the DOB ignored city plumbing and fire code requirements when it approved the Forest City Ratner Companies' plan for the developer’s Atlantic Yards modular project.
According to the lawsuit, filed in the State Supreme Court, the DOB violated the code by approving FCRC’s plan to construct the modular residential building without the supervision of licensed master plumbers and licensed master fire suppression contractors.
To read the full story, click here.
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| Healthy Food Chain to Return After Sandy |
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BY BILLY GRAY
A healthy food chain dealt a mortal blow by Superstorm Sandy will reopen near its original location, The Commercial Observer has learned.
Muscle Maker Grill signed a 10-year, 1,000-square-foot lease at 114 Seventh Avenue nearly nine months after Sandy memorably led to the collapse of its former home’s facade at 92 Eighth Avenue.
The chain, with 200 locations nationwide, has been on the hunt for a new address ever since its prior building fell apart.
To read the full story, click here.
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| If You Are Selling, Retain an Exclusive Agent |
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BY ROBERT KNAKAL
Many years ago, I was exclusively retained to sell a 55-unit, rent-stabilized apartment building.
The building was in a great location, had generous-sized apartments and had very low rents due to the rent regulation. From any perspective, this was a wonderful opportunity for any multifamily investor. I called a very active buyer of properties like that, and while he thought the $12.5 million price tag was a “reasonable” amount, he said he couldn’t possibly purchase the property because he was a previous owner of this very building. About 15 years earlier, he had sold the property for $2.5 million. He said to me, “Bob, even though the $2.5 million was a good price at the time I sold the building, I just can’t bring myself to pay $12.5 million today.”
He passed on this opportunity, and the property was sold for something very close to that price. Today, the property is probably worth about $50 million.
To read the full story, click here.
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| Manhattan Real Estate's All-Star Lineup |
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BY RICHARD PERSICHETTI
As we get into the dog days of summer, and as the city gets ready to host the All-Star Game, we have seen several all-star performances from the office market already in 2013.
Several Class A buildings have sold for over $1,000 per square foot; batting cleanup, 767 Fifth Avenue traded for $1,870 per square foot, with the sale of 30 Rockefeller Plaza and 550 Madison Avenue not too far behind at $1,382 and $1,290, respectively. The dollar volume through the first half of 2013 is 83 percent higher than where we were this time last year.
To read the full story, click here.
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