There’s a rumbling in the asphalt jungle as new offerings start coming out of the ledgers.
The 21-story luxury residential rental at 88 Leonard St. is being offered through the Cushman & Wakefield capital markets group and is expected to fetch over $200 million.
The 352-unit TriBeCa project was developed by Africa-Israel USA in 2007 along with then-partner Shaya Boymelgreen on the site of an Edison parking lot.
The Edison’s Gottesman family still runs a 249-space garage under the building, whose amenities include a whirlpool tub, party room, concierge, gardens and roof decks that will be sprouting greenery — once, or if, the snow melts.
The building was designed by Costas Kondylis.
A 421a tax abatement keeps taxes down, Liberty Bond financing keeps financing low, and 5 percent of the units are set aside for moderate-income housing, with the rest filled at market.
Helen Hwang, Nat Rockett, Karen Wiedenmann and Steven Kohn of Cushman & Wakefield are now starting to market the building, which has 11,365 square feet of retail space.
The pharmacy Prime Essentials is the anchor tenant, and some of the retail is vacant. Other upside will come as current promotional leases roll over.
“We are expecting to see huge demand,” said Rockett.
“This is a brand-new example of the most desirable product type in Manhattan, with very desirable financing, abated taxes and located in one of its most desirable neighborhoods.”
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Eastdil Secured is quietly shopping two city office buildings for recapitalizations. This means the owners would be willing to sell a non-operating share of the property in return for equity, or get additional or replacement debt and remain in place as managers of the property.
The larger is the 2.2 million square foot Starrett-Lehigh Building at 601 W. 26th St., which, with fresh capital, could be revalued at $1 billion.
Shorenstein is part of the ownership group that also includes Mark Karasick and other locals trying to take advantage of the debt and capital markets.
Known for hosting a slew of trendy companies, including Martha Stewart, Hugo Boss and Ralph Lauren, the 1932-era former industrial building has Hudson River views and generous amounts of light and air through its eight miles of ribbon windows.
“Our debt on the property expires in three years and we are extremely under-leveraged,” Karasick said.
They would like to tap the available debt and capital markets and perhaps offer a preferred equity position.
“Both partners love the building and we’re not looking to run anywhere but would be crazy, with debt expiring in three years, not to explore our options.”
The other property is the 1.05-million-square-foot building at 195 Broadway that sits across from the new Fulton Transit Center. It is known for its multi-columned lobby modeled after a Greek and Egyptian temple.
Its creative L&L Holdings ownership has brought in hipper companies such as Omnicom to the Downtown mix.
Landmarks just approved a plan to add 22,000 square feet of re tail on two levels. According to its Web site, 178,552 square feet are available.
Sources say a recap could bring a revaluation of $275 million to $300 million.
Calls to L&L Holdings and Eastdil Secured’s investment deal maestro Douglas Harmon and colleague Adam Spies were not returned by presstime.
