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Current auctions
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Newmark Knight Frank Capital Group is offering for sale 15 surplus properties in 10 states at auction in connection with a post bankruptcy liquidation of commercial, industrial, warehouse and building lots owned by a major national building supply company.
Upcoming auctions will be on March 23 and 24.
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For further information contact:
Randall Liberman rliberman@newmarkkf.com 212.850.5429
Kenneth L. Zakin kzakin@newmarkkf.com 212.372.2054
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new york
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45 East 33rd Street, New York, NY
45 East 33rd Street, New York, New York is on the north side of 33rd Street, between Park Avenue and Madison Avenue. It is a six-story, 41,785 sf, brick building that will be delivered vacant.
As a development site, the Property has a total FAR of approximately 93,318 sf, of which 83,443 sf can be residential.
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160-162 Lexington Avenue, New York, NY (aka 129 East 30th Street)
160 Lexington Avenue is a unique architecturally prominent building, located on the corner of East 30th Street in the residential neighborhood known as Murray Hill. The seven-story elevator property has 39.5' of frontage on Lexington Avenue, and is 80' wide. It has excellent air and light, and is zoned to allow a variety of different users, including school, not-for-profit headquarters, creative industries (advertisers, PR, architecture, publishing, foundations or museums), foreign consulate and medical. The Property's proximity to transportation and cultural activities further enhances its value.
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For further information contact:
Howard J. Kesseler hkesseler@newmarkkf.com 212.372.2110
Barry Berkowitz bberkowitz@newmarkkf.com 212.372.2010
Jordan A. Gosin jgosin2@newmarkkf.com 212.372.2289
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435 West 50th Street, New York, NY
Newmark Knight Frank Capital Group has been retained as the exclusive broker for the sale of a condominium interest (the “Investor Unit”) at 435 West 50th Street, New York, New York (the “Property”). The Investor Unit is approximately 101,000 gross square feet of the 299,534 gross-square-foot building. The Investor Unit is anticipated to include floors 10-16 and portions of the ground floor and lower level. Verizon will retain floors 2-9 and portions of the ground floor and lower level (the “Verizon Unit”). The Verizon Unit contains primarily switching equipment. Verizon intends to complete the sale of the Investor Unit by year-end 2009, and will require a short-term leaseback. The sale is subject to Public Service Commission approval.
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525 West 52nd Street, New York, NY
525 West 52nd Street, New York, New York is a 7-story, 214,887 rentable square foot brick building with a lower level. It is on a 30,125 sf lot on West 52nd Street that is through the block to West 53rd Street between Tenth and Eleventh Avenues.
The Investor Unit is approximately 194,082 rentable square feet of the 214,887 rentable square-foot building. The building has eight condominium units, the Investor Unit is seven units, which is the entire building except a portion of the ground floor. The Investor Unit will be delivered vacant.
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122 East 76th Street, New York, NY
122 East 76th Street is a 10-story, 70,036 sf residential apartment building on Manhattan's Upper East Side. It is on the south side of the street between Park Avenue and Lexington Avenue. The Property has 87' of frontage on East 76th Street and is 102' deep.
Built in 1915, the Property has a brick façade and restored lobby with marble floors. The lower floors are used as office space by Lenox Hill Hospital and will be delivered vacant. The upper floors are mostly residential. Floors 1-9 are 7,276 sf each and the tenth floor is 4,552 sf.
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50 Varick Street, New York, NY
The Investor Unit at 50 Varick Street is approximately 123,983 gross square feet out of the approximately 241,266 gross square foot (above grade) building (the "Building"). The Investor Unit is anticipated to include floors 5-7 and 75% of the ground floor of the Building.
Verizon will retain floors 2 - 4 and portions of the ground floor and the lower level (the "Verizon Unit") of the Building. The Verizon Unit contains primarily switching equipment. Verizon will condominiumize the Building prior to closing and sell the Investor Unit as a single condominium unit. Verizon intends the closing of the sale of the Investor Unit by year end 2008, and such sale will be subject to a 12 - 18 month lease back after closing, the approval of the New York Public Service Commission, Verizon's Board of Directors and/or senior management, and the issuance of a no action letter by the New York Attorney General's office.
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1775 Grand Concourse, Bronx, NY
Newmark Knight Frank Capital Group has been retained by Verizon New York Inc. as exclusive broker for the sale of a condominium interest (the “Investor Unit”) at 1775 Grand Concourse, Bronx, New York (the “Property”). The Investor Unit is approximately 247,175 square feet of the 346,130-square-foot building. The Investor Unit is anticipated to include the entire ground floor, floors 4-8, partial basement, partial roof and side yard. The entire 7th floor and part of the 8th floor is currently occupied by the New York City Human Resources Administration. The remainder of the Investor Unit, approximately 195,000 sf, will be delivered vacant. Verizon will retain floors two and three and partial basement and roof space (the “Verizon Unit”). The Verizon Unit contains primarily switching equipment.
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The Vista at Fleetwood, Mount Vernon, NY - IN CONTRACT
The Vista at Fleetwood is a largely completed 11-story residential development project with 71 rentable/saleable residential unites and 92 covered parking spaces on approximately 0.46 acres or 20,000 square feet of land area. The Property is located in the Fleetwood section of Mount Vernon, strategically positioned less than two blocks from the Fleetwood Metro North Rail Station. The sale is pursuant to Section 363 of the United States Bankruptcy Code and is subject to bankruptcy court approval in the Chapter 11 reorganization case of the owner.
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MASSACHUSETTS
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175 Adams Street, Boston, MA
Newmark Knight Frank Capital Group has been retained as the exclusive broker for the sale of a condominium interest (the “Investor Unit”) at 175 Adams Street, Boston, MA (the “Property”). The Investor Unit is approximately 50,360 gross square feet of the 104,335 gross-square-foot building. The Investor Unit is anticipated to include floors 2, 3, 4 and a portion of 5. Verizon will retain the ground floor and lower level (the “Verizon Unit”). The Verizon Unit contains primarily switching equipment.
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3 Old Concord Road, Burlington, MA - IN CONTRACT
The Property is a newly renovated Super H Mart with a brand new 15 year NNN lease commencing in June 2009. Located on 7.5 acres in one of the premier retail markets in all of Massachusetts, this pure destination site with incredible demographics is a perfect site for a grocery store. Currently being offered at an 8% CAP ($12,750,000), Super H Mart is a $600 million dollar high-end Korean grocer concept with 32 locations nationwide and growing. Located just off the Middlesex Turnpike in Burlington, just 15 miles North of Boston, this location was carefully chosen by H Mart's corporate offices. The lease has a 5% increase every 5 years. The 5 mile radius has a population of 72,012 and a household income of $107,214.
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244 Vanderbilt Avenue, Norwood, MA
The property is a single story, 100% leased office/warehouse building that is 85% air-conditioned and consists of 44,406 square feet on three acres. The property is conveniently located just off US Route 1 and is less than two miles from two Interstate 95 exits and less then four miles from Route 128.
For further information contact:
Doug Jacoby djacoby@newmarkkf.com 617.449.5959
Jim Thomson jthomson@newmarkkf.com 617.449.5969
Scott Dragos sdragos@newmarkkf.com 617.449.5954
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1 Kellaway Drive, Randolph, MA - IN CONTRACT
This Property is the largest customs bonded storage yard in New England, located in Randolph MA. The tenant signed a new 5 year lease extension with annual CPI bumps from 2.5% - 5% on 10/18/08. Situated on 28.88 acres of land with roughly 17 acres being improved upland the office/warehouse is 38,920 square feet (31,480 ground floor and 7,440 mezzanine) 13,580 office & 25,340 warehouse. The FAR is .28 so there is great potential for future development. The majority of the site has been graded to level to support the improvements and the $3.5+ infrastructure. This is a very unique site with 1,200 linear feet of active CSX rail in back, no spur.
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415 Boston Turnpike, Shrewsbury, MA
The property is a three-story, multi-tenanted office building containing 36,087 square feet on 1.72 acres. The property is conveniently located on Route 9 in Shrewsbury, just 8.8 miles from Interstate 495 and 2.5 miles from Interstate 290.
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For further information contact:
Doug Jacoby djacoby@newmarkkf.com 617.449.5959
Jim Thomson jthomson@newmarkkf.com 617.449.5969
Scott Dragos sdragos@newmarkkf.com 617.449.5954
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new jersey
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101 Boardwalk, Atlantic City, NJ
101 Boardwalk is a 365-unit boardwalk and oceanfront apartment complex located at 101 Boardwalk, Atlantic City, Atlantic County, New Jersey. The Property has the prime position in Atlantic City bordered by beachfront on two sides at the confluence of the Atlantic Ocean and Absecon Inlet. The acquisition offers an investor a reposition opportunity through capital improvements to create an institutional quality premier luxury residential rental asset. Existing cash flow will assist in securing interim development financing and provide income while the reposition plans and approvals are secured.
For further information contact:
Matthew Schnurr mschnurr@newmarkkf.com
John Hoffman jhoffman@newmarkkf.com
Lisa Adubato ladubato@newmarkkf.com
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540 Broad Street, Newark, NJ
The Offering represents a unique opportunity to acquire a 427,720-square-foot historic office tower in the Washington Park area of the Central Business District. The Property is currently the headquarters for Verizon New Jersey and offers the investor an opportunity to re-position the Property to take advantage of the continued growth and improvement within the market. The 20-story office tower is situated directly across from Washington Park, with immediate access to the new NJ Transit Light Rail with connections to Broad Street Station and Penn Station. 540 Broad Street, which was built in 1928, underwent a major renovation program over the past five years totaling over $55 million.
For further information contact:
Matthew Schnurr mschnurr@newmarkkf.com
John Hoffman jhoffman@newmarkkf.com
Lisa Adubato ladubato@newmarkkf.com
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999 Broad Street, Newark, NJ
999 Broad Street is a luxury mixed-use development project that will be developed on 2.016 acres. It will be comprised of 275 residential units totaling 275,000 rentable square feet, 12,500 square feet of retail space and 275 parking spaces, which amounts to 115,901 square feet. The entire Project consists of a total of 453,401 gross square feet. Approvals from the City of Newark have been issued for this development project. The Property is strategically located near the Central Business District of Newark. It's located on a commercial street dominated by mixed-use development with retail on the ground floor and residential improvements on the higher floors. Predominant retail uses in the area are for neighborhood businesses and include restaurants, cafes and other small stores and services.
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Allwood Brighton Office Center, 2, 4 & 6 Brighton Road, Clifton, NJ
The REO sale of 2, 4, & 6 Brighton Road offers a unique opportunity to acquire a 163,000 SF, Class B multi-building office complex. The Property was named "Building of the Year" for suburban office parks in 1995. In recent years it was the Corporate Headquarters for Linens-N-Things and is currently unoccupied. The asset is superior to competitive projects within the Wayne/West Paterson submarket and will attract tenants based upon quality and price. Peer market office buildings maintain a 3.5% vacancy rate. The Property is positioned near a multitude of retail, dining, hotels and entertaining options, including a 10 minute drive to the Giants/Jets Football Stadium, Izod Arena and the Meadowlands Racetrack. The Property is surrounded by a dense residential community that will enable employers to access a large, capable labor pool. The Property is located 9 miles west of New York City via the Lincoln Tunnel and is easily accessible to the NJ Turnpike, Garden State Parkway and Routes 3, 21, 23 and 46.
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Monroe Center, Hoboken, NJ
Monroe Center is a luxury mixed-use development project with 435 residential units, 208,053 square feet of retail and office space and 1,120 parking spaces located throughout all phases of the Monroe Center Complex. The Property is comprised of five phases. Phase I consists of two existing five story retail and office buildings. These buildings have been renovated and are now rented on a multi-tenant basis to various commercial and artistic tenants. Phase II will consist of 123 luxury residential units, 17,000 square feet of retail space and 365 covered parking spaces. Phase III will consist of 237 luxury residential units, 15,550 square feet of retail space and 755 covered parking spaces. Phase IV is dedicated to open space. Phase V will consist of 75 luxury residential units, and 21,000 square feet of retail space. Approvals from the city have been issued for all the phases of this development.
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Princeton Park Corporate Center, Monmouth Junction, NJ
The Property is located at 1100 Cornwall Road, Monmouth Junction, Middlesex County, New Jersey. The offering represents a unique opportunity to acquire an institutionally owned 176,348-rentable-square-foot office property with excellent upside potential. Princeton Park Corporate Center is located in the Princeton submarket, one of the most prestigious office markets in Central New Jersey. The Property is currently 64% leased, thus providing secure cash flow plus increased returns through additional leasing.
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Somerset Grove, 290 Davidson Avenue, Somerset, NJ
Somerset Grove is a Class A, BOMA award winning multi-tenant office building, developed on a campus setting, replete with dramatic two story atrium, full service cafeteria, fitness and conference centers. The asset was fully net leased by AT&T until May 2009. Currently unoccupied, the asset is superior to competitive Class A product and will attract tenants based upon quality and price. Peer market Class A office buildings maintain an 87% occupancy rate. The REO sale offers a unique opportunity to acquire an award winning 420,000 SF, Class A office building and ancillary 12,000 AF single story building located in prestigious Somerset County. The Property may be purchased with assumable financing.
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The View, Jersey City, NJ
Located adjacent to Liberty State Park along the Gold Coast of New Jersey, the Property offers magnificent unobstructed views of downtown Manhattan. The Property consists of 5.75 acres of vacant land with approvals to construct three connected high rise towers with 575 residential units, 22,000 square feet of restaurant space, 10,000 square feet of retail space and a three story parking structure with 988 parking spaces.
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Pennsylvania
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381 Brooks Road, King of Prussia, PA
381 Brooks Road, King of Prussia, PA is a 9.2 acre Property with approximately 40,000 square feet of office space and approximately 85,000 square feet of warehouse and manufacturing space. It is well located, directly off the Schuylkill Expressway. It features parking for 200 cars and has 9 tailgate docks with 2 drive-in doors. The Property, formerly the Headquarters for MAACO Franchising Inc., is ideal for a corporate user with a King of Prussia address, and is well suited for retail or office re-development.
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For further information contact:
Jeff Mack jmack@NewmarkKFSM.com 610.755.6960
Neil Shupak nshupak@NewmarkKFSM.com 610.755.6977
Reid Blynn rblynn@NewmarkKFSM.com
Tyler Vandegrift tvandegrift@NewmarkKFSM.com
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tennessee
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Horizon Park Apartments
1601 Packard Drive, Nashville TN 37211
- For Sale for $10,000,000
- 222 Units in 12 Buildings
- 10% Cap Rate
- Price per Unit is $45,045
- Price per SF is $56.00
- Built in 1977 but recently renovated in 2009
- Occupancy 92%
- Total Square Footage 177,178
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Maple Ridge Apartments, Memphis TN
3373 Regal Plaza Drive, Memphis, TN 38116
Note for Sale: $1,500,000
Distressed investment opportunity
120-unit garden-style apartment complex comprised of 30 buildings for a total of 123,996 sf
51% occupied
Located on 8 acres of land in the southern area of Memphis
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For further information contact:
Cheri Thomas crthomas@newmarkkf.com
Rob Mullice rmullice@newmarkkf.com
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all other locations
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The Errol Flynn Estate, Port Antonio, Jamaica
The Errol Flynn Estate, a 1600+ acre prime waterfront development site is located adjacent to Port Antonio, Jamaica (the "Errol Flynn Estate" or the "Property").
The Property includes 3 ½ miles of dramatic coastline leading up to the foothills of the Blue Mountains. The Errol Flynn Estate offers sprawling pasture land overlooking intimate cove beaches, untouched coral caves and magnificent bluffs. The Property is further enhanced by breathtaking panoramic views of the mountains and the Caribbean Sea. The Errol Flynn Estate constitutes an extraordinary resort development site in a region specifically targeted by the Jamaican government as the "logical and ideal place of future growth, given the area's reputation for exclusivity, natural beauty and an unspoiled character."
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