Jones Lang LaSalle
BETWEEN THE BRICKS
March 8, 2006
A pre-assembled vacant site in the fashion swath of Fifth Avenue is hitting the market through Darcy Stacom and her CB Richard Ellis team.
The 400 Fifth Ave. site on the northwest corner of 36th Street is being sold by the joint venture of Lehman Bros. and Yitzak Tessler.
It's also ready to plunge skyward to 550,000 gross feet and down two levels for a garage.
"You have a clean slate and it's ready to roll," said Stacom.
It can support 190,000 feet of hotel uses, along with residential or even offices.
Because the venture already includes air rights from 404 Fifth Ave., the landmarked Tiffany Building across the street, and the sloping land, its view corridor stretches to the Atlantic Ocean, Stacom told us.
Pricing may approach $400 a foot - which is what Stacom obtained from Madison Equities for the Hearst hotel site at 55th and Eighth Avenue - another busy developer believes it will go for more and could hit $500 a foot.
"There's not a lot out there for land," he advised.
Stacom and Bill Shanahan have also added Jeff Dauray from the D.C. hospitality company Molinaro Koger as a full partner to their team.
*
Brokers say Citigroup continues to be the gorilla in the market.
The firm, which bulked up last year by 550,000 feet, continues exploring for several hundred thousand square feet both downtown and in New Jersey with Neil Goldmacher of Newmark Knight Frank.
*
Bruiser Bear Stearns has been out and about toying with expansion space from its cave at 383 Madison.
But we understand it's nowhere near the 500,000 feet the industry believed they were seeking at 522 Fifth, 380 Madison and even downtown.
The investment house has offices at 320 Park Ave., too, and it may simply expand there.
Meanwhile, they have been getting the lay of the land from buddies David Levinson and David Berkey of L&L Acquisitions.
*
Did we ever mention that the LeFraks have a piece of 50 W. 57th St. that was sold by the Macklowes for $51.7 million to Vornado Realty Trust?
Of course, the real target is the small building and vacant lot next door, not to mention the ability to knock down and combine the whole megillah into a towering edifice.
The lot is owned by the same folks who sold the Mayflower and other long-vacant lots to the Zeckendorfs for 15 Central Park West.
lois.weiss@nypost.com
BETWEEN THE BRICKS
March 8, 2006
A pre-assembled vacant site in the fashion swath of Fifth Avenue is hitting the market through Darcy Stacom and her CB Richard Ellis team.
The 400 Fifth Ave. site on the northwest corner of 36th Street is being sold by the joint venture of Lehman Bros. and Yitzak Tessler.
It's also ready to plunge skyward to 550,000 gross feet and down two levels for a garage.
"You have a clean slate and it's ready to roll," said Stacom.
It can support 190,000 feet of hotel uses, along with residential or even offices.
Because the venture already includes air rights from 404 Fifth Ave., the landmarked Tiffany Building across the street, and the sloping land, its view corridor stretches to the Atlantic Ocean, Stacom told us.
Pricing may approach $400 a foot - which is what Stacom obtained from Madison Equities for the Hearst hotel site at 55th and Eighth Avenue - another busy developer believes it will go for more and could hit $500 a foot.
"There's not a lot out there for land," he advised.
Stacom and Bill Shanahan have also added Jeff Dauray from the D.C. hospitality company Molinaro Koger as a full partner to their team.
*
Brokers say Citigroup continues to be the gorilla in the market.
The firm, which bulked up last year by 550,000 feet, continues exploring for several hundred thousand square feet both downtown and in New Jersey with Neil Goldmacher of Newmark Knight Frank.
*
Bruiser Bear Stearns has been out and about toying with expansion space from its cave at 383 Madison.
But we understand it's nowhere near the 500,000 feet the industry believed they were seeking at 522 Fifth, 380 Madison and even downtown.
The investment house has offices at 320 Park Ave., too, and it may simply expand there.
Meanwhile, they have been getting the lay of the land from buddies David Levinson and David Berkey of L&L Acquisitions.
*
Did we ever mention that the LeFraks have a piece of 50 W. 57th St. that was sold by the Macklowes for $51.7 million to Vornado Realty Trust?
Of course, the real target is the small building and vacant lot next door, not to mention the ability to knock down and combine the whole megillah into a towering edifice.
The lot is owned by the same folks who sold the Mayflower and other long-vacant lots to the Zeckendorfs for 15 Central Park West.
lois.weiss@nypost.com
posted by Jones Lang LaSalle NJ News Blog at 10:27 AM
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