Developer Ian Bruce Eichner is selling his two-building, 600,000 square-foot, shovel-ready development site on East 125th Street and Park Avenue in a deal that could bring in $150 million.
Eichner said he decided to sell the 421-a-eligible mixed-use site in Harlem to focus on developing 45 E. 22nd Street and two other “terrific new projects” he declined to name.
“I have unbelievable success at 45 E. 22nd, which is now under construction,” he said. “This sale allows me to focus on the three concurrent projects. I can’t do five.”
Eichner, who heads The Continuum Co., has sold 45 percent of the more luxurious condominium units at the E. 22nd St. project in the $3,500 per-square-foot range.
Rents in Harlem will be decidedly less. Designed by ODA New York, the two modern buildings will rise to 32 stories — the highest in Harlem — and will encompass 673 apartments, of which 20 percent are slated to be affordable.
Some 80,000 square feet of retail will be tucked into the base of 1800 Park Ave. There will also be plenty of upscale amenities, including party and fitness spaces, a half basketball court and more than two dozen terraces.
Eichner has tapped investment broker Geoffrey Newman of Newmark Grubb Knight Frank to sell the site, which sits between E. 124th and 125th streets near MetroNorth.
“I love the site and as they say, it is ideally situated to benefit from all the retail on 125th Street and the rebirth in the area,” said Newman, who will have marketing materials ready later this week.
The vacant site was purchased in 2013 for $66 million from Vornado Realty Trust.
One Kings Lane has leased the 51,576 foot eighth floor at 315 Hudson St., bringing it to 100 percent occupancy.
The online home goods retailer, founded in 2009 by Susan Feldman and Alison Pincus, has over 350 employees in New York and San Francisco serving its 11 million members.
One Kings Lane will move in early 2016 from nearby 205 Hudson St., where it has 28,139 feet. It was represented by Peter Gross of Douglas Elliman Commercial.
Brett Greenberg and Dennis Brady represented the Jack Resnick & Sons ownership in-house. Asking rents are in the mid $70s a square foot for the Wired Certified Gold property.
Facing a 300,000 foot office availability when the lease for the non-profit NYSARC ends, Resnick will renovate the lobby, landscape the roof, install new windows and upgrade mechanicals. There will also be 25,000 feet for retail.
Two Federal-style cast-iron buildings with a long Soho history at 125 and 127 Grand Street are being brought to market. While only 15,000 feet and six loft apartments between them, the pricing, expected to be around $30 million, will be driven by the two retail stores, one of which is vacant.
“This is really a retail play and Broadway has become an outdoor mall,” said James Nelson of Cushman & Wakefield who has been given the listing along with colleagues Mitchell Levine, and Robert Burton by sellers Nathan Korn and Deborah Peacock.
No. 127 hails from the mid-1800s and as “Grand Street Hall” it was the scene of sword fights, rallies by African-American waiters for higher wages, the conscription of Civil War soldiers, meetings about the Irish riots and unions, and was visited by the 26th Vice President, Charles Fairbanks in 1908. Purchased by Dorothy and Emanuel Korn in 1961 the buildings were used for military surplus operations, but are now surplus themselves.
