Nelson continues that Cofinance sold the Gateway School's 117,357-sf commercial condominium at 211 W. 61st St., last year for $20.6 million. "Simultaneously, Cofinance purchased their previous school building—236 Second Ave.--and a vacant townhouse—306 E. 15th St.--that the school had contemplated expanding into, but never did," he says. "Reselling the properties was always part of Cofinance's investment strategy, by repositioning them and then offering them to the end user marketplace."
[IMGCAP(2)]Nelson tells GlobeSt.com that offers are currently being taken, but notes that it is difficult to speculate where 236 Second Ave. will trade—as far as pricing—as "the product is unique." Rather than go out with an asking price on it, Nelson says Massey Knakal has asked buyers to make proposals. The property at 236 Second Ave. is a 25-foot-wide property with seven levels--including a basement, sub-basement and a mezzanine--with approximately 12,366 usable sf. Since September 2001, the property was occupied by the Gateway School, a non-profit institution that serves students between the ages of five and 13. The building has been completely renovated. The layout consists of nine classrooms--divided amongst all floors--a 45-foot-deep gymnasium with high ceilings, a multi-purpose grandstand room, an art room, library and numerous faculty offices. There is a 20-foot by 25-foot rear courtyard in addition to an outdoor recreational area on the rooftop.
As far as 306 E. 15th St., "we're asking $5.9 million," Nelson says. "At under $800 per foot, I see this as a tremendous opportunity to restore a townhouse with direct park frontage." The property is a 22-foot-wide, five-story building with approximately 7,425 sf of interior space with direct frontage on Stuyvesant Park.
"On Second Avenue, the opportunity for an organization to occupy an architectural award winning space is unprecedented," Nelson says. "Moreover, the properties could be combined and expanded as additional air rights are available."
Ciraulo adds in a prepared statement that "the views of the park are unsurpassed, and given the existing structure, the building could be spectacular once restored. The property benefits from soaring ceiling heights throughout and original detail." Ciraulo says that the unused air rights measure approximately 8,656 sf.
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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.
