THINK of it as either an albatross or a huge opportunity.
The giant St. John’s Center at 550 Washington St. has hit the market and will likely sell for over $600 million.
The property, which sprawls along the West Side Highway for 825 feet of Hudson River frontage between Clarkson and Charlton streets, has the largest floor plates in the city at an astonishing 250,000 feet each.
The four-story former New York Railroad terminal lies opposite and below Pier 40, and encompasses 4.2 acres inside. It has 18- to 25-foot ceiling heights with floor loads and power capabilities for nearly any use.
Yes, we told you it was for sale in March 2005 and that it was later taken off the market.
Since then, an earlier partner was bought out so longtime owner, “Gentleman” Eugene Grant and his new Westbrook Partners are ready to let the next generation of ownership take over.
Darcy Stacom’s group at CB Richard Ellis is marketing the building.
“The fact that it has the largest floor plates in Manhattan to the sheer volume of frontage equating to the size of the three football fields lying end to end, makes this a highly special acquisition opportunity,” Stacom said.
After 35 years, Merrill Lynch has just given up about 870,000 feet and though Bloomberg continues to occupy space, the redevelopment opportunities are boundless.
Among the most interesting is the ability to build a 275,000-foot tower on footings already in place on the north end of the site.
While office is as-of-right, any residential use would be limited to hotels.
A savvy operator might be able to negotiate a deal with local residents who hate the fact that the building soars over Houston Street ruining the view corridors.
Give up a piece here, get something there. We leave it in your capable hands.
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The Audubon Society will be moving to 28,000 feet in the Trinity Real Estate-owned building at 225 Varick St.
Last year the conservation organization sold its headquarters at 700 Broadway to Lincoln Properties, whose James Stein and James Kelly acted as brokers in finding the new space.
The Broadway building was one of the first in the nation to be renovated as a “green” office building and Audubon will be seeking LEED certification for its new nest, which is designed by FXFowle.
Trinity was represented by Jason Pizer and Peter Fontanetta and the Hudson Square area property has asking rents in the mid-$40s.
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NYU Hospitals Center added the entire sixth floor of 43,895 feet, plus 1,100 feet of ground floor storage space, to their occupancy at 333 E. 38th St.
The additions bring their total occupancy at the building to 159,611 feet.
The asking rent for the 425,000-foot, 12-story building was $48 a foot.
The 13-year lease was negotiated in house by NYU and for the SL Green Realty Corp. owners by Howard Tenenbaum and Gary Rosen.
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The former Sony Studios buildings off Tenth Ave. were just sold to Jamestown and Alchemy Properties’ Ken Horn for $44 million.
The studios, previously host to musicians like Bruce Springsteen, will be demolished and turned into a luxury condo designed by FXFowle. The properties include 447-453 W. 53rd St., 450 W. 54th and 452-460 W. 54th St.
The new eight-story building will have 96 residential units in 110,000 feet, along with 10,000 feet of retail space.
Jeffrey Schwartz, a partner with Wolf Haldenstein, who did the legal work for the buyers, noted, “To take advantage of the 421A benefits you have to get the footings in the ground by June 30th.”
Eastern Consolidated’s Brian Ezratty brought in the buyers, while a group led by GFI Realty Service’s Aaron Jungreis worked for the sellers which owned the original contract to buy the deal from Sony.
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Concept One Accessories, which handles licensed fashion, sports, and entertainment accessories, is relocating into 31,000 feet on the second and third floors at 119 W. 40th St.
Under a 10-year deal with an asking rent in the $50 a foot range, the company will be consolidating three offices.
Robert Kaplan of Hidrock Realty represented the tenant, while Matthew Coudert, of George Comfort & Sons, and Bruce Block, of LH Charney Associates, repped owner Charney-FPG.
