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BY BILLY GRAY

A 10,106-square-foot corner lot that has long provoked speculation about the development potential of East 14th Street is being exclusively marketed for sale by Avison Young, The Commercial Observer has learned. And a near-absence of height restrictions has brokers dangling the possibility of a tower on a site with 65,689 square feet of development rights.

Neil Helman and Charles Kingsley of Avison Young’s capital markets group are the sales agents for 644 East 14th Street, which is currently occupied by a vacant one-story building. The site could hold a 65,689-square-foot as-of-right mixed-use development. There are an additional 70,000 square feet worth of unused development rights from properties to the west of the parcel.

Back in early 2008, a few months before the bottom fell out of the economy, Massey Knakal began to quietly market the building–then home to a R&S Strauss auto parts shop–for $13 million. Curbed, noting the “storefront ghost town” that East 14th Street had become at the time, breathlessly speculated that the sale of the building would determine the future of the entire strip and might, somehow, turn it into a sort of Meatpacking District East.

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BY AL BARBARINO

Toll Brothers has appointed Massey Knakal to exclusively market a retail condominium at its 21-story luxury condo development at 160 East 22nd Street in Gramercy, The Commercial Observer has learned. The asking price for the 2,560-square-foot ground floor corner condo unit is $8.5 million and will be delivered for occupancy in the summer of 2014.

“Toll Brothers has already gotten a tremendous amount of unsolicited activity and they hired us to streamline the process,” said Massey Knakal’s John Ciraulo, who is handling the sale with Craig Waggner. “It’s something they want to get off their plates now rather than have to deal with five or six months down the road.”

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BY GUS DELAPORTE

Woodbolt International, the developer and marketer of nutritional products including Cellucor, has signed a five-year, 3,433-square-foot lease at 37 West 20th Street, The Commercial Observer has learned. Asking rent was in the mid-$60s per square foot.

“They had an economic model in mind that this made sense for,” said Scott Galin, principal at Handler Real Estate, which represented the tenant. “The search was very efficient, I would say within a month to six weeks they identified the space through our office.”

Woodbolt, which was included on the 2012 Inc. 5000 list, is expected to occupy the Flatiron property by early July following a buildout being handled jointly by the landlord, Olmstead Properties, and the tenant.

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BY MICHAEL EWING

New York Times real estate reporter Charles Bagli will discuss his new book on Stuyvesant Town: Other People’s Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made. The book chronicles how the massive real estate development went from a $5.4 billion sale in 2006 to stunning default in 2010.
Charles Bagli: Other People’s Money, Cornell Club Ivy Room, 6 East 44th Street, 12pm; contact Aracelis Kuilan at (212) 885-7239 for more information.