Petkoff tells GlobeSt.com that the sellers are "three individual owners, all of them local owners-users who have owned the properties from 10 to 30-plus years." As for reasons for selling, Petkoff says that the owner of 519 Second Ave. plans to move; the 90 Water St. owner has retired form his business; and the 20 Mott St. owner "just wants to sell."
[IMGCAP(3)]Petkoff further notes that there has been interested buyers for the properties. "Hotel developers have shown interest in 90 Water St., we have multiple offers also for 20 Mott St., and 519 Second St. has been on the market only four to five days and is already generating interest." No bid deadlines have been set thus far.
Located on the west side of Water Street between Wall Street and Old Slip in Manhattan's Financial District, 90 Water St. is a 14,685-buildable-sf development site. The property has open views in two directions and faces the tree-lined plazas of 75 Wall St. to the north and 77 Water St. to the east. The lot size is approximately 979 sf. The property will be delivered vacant at closing. The asking price is $6.6 million.
[IMGCAP(2)]79 Mott St. is located on the west side of Mott Street between Canal and Bayard. There are two ground floor commercial spaces--a tea house and a souvenir store, each of which take up half the basement. The rest of the five-story property contains 16 apartments, all of which are one-bedrooms. Two are rent controlled, seven are rent stabilized, six are free market and one is vacant. The building contains approximately 11,275 sf, and an additional 3,875 sf of air rights. The asking price is $6.3 million.
Also for sale in Manhattan is 519 Second Ave.--a mixed-use building at the southwest corner of East 29th Street and 2nd Avenue in Murray Hill. Paddy Reilly's bar is on the ground floor and can be delivered vacant. The upper four floors contain eight apartments, five of which are vacant. The units are a mix of one studio, five one-bedrooms and two two-bedrooms. Two of the occupied units are rent controlled and the third is rent stabilized. The property contains approximately 7,350 sf, and an additional 7,080 sf of air rights. The asking price is nearly $7 million.
"The Financial District is experiencing a hotel and condo development renaissance," says Petkoff, in a prepared statement. "90 Water St. is perfect for a boutique hotel, mixed-use project or office to utilize the excellent zoning, open views and signage opportunities. 79 Mott St. is located on one of the liveliest and most desired streets in Chinatown. And 519 2nd Ave. offers great upside in Midtown. Each is considered a solid investment."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
