Real Estate - MAY 9, 2017

Karten family to sell Midtown Manhattan asset for $400m

by Andrea Waitrovich

The owners of a mixed-use apartment and office tower on W. 36th St. in Midtown Manhattan is on the market with an asking price of $400 million, Crain’s reported.

The Karten family is looking to sell the 25-story, 400,000-square-foot building known as the Vogue at 990 Sixth Ave. The property includes 320 rental apartments and approximately 65,000 square feet of office space.

Cushman & Wakefield has been hired to market the asset.

The property was finished in 1987 by Isidore Karten.

Office market conditions remained largely stable in Midtown during the first quarter of 2017, according to CBRE. The Midtown market remains highly segmented, as demand appears increasingly focused on product rather than location. Sales professionals report high levels of interest from prospective tenants, especially for new construction, renovated properties and higher quality buildings, as tenants look to upgrade their workplace.

First quarter leasing in Midtown was stronger than in any quarter in the past two years, according to Colliers. Quarterly asking rents were higher, availability tightened and absorption was slightly positive.

At 4.82 million square feet, Midtown leasing activity was more than one-third above fourth quarter 2016 and 7.6 percent higher than this same point last year. Transactions totaling 1.22 million square feet by News Corp. and 21st Century Fox at 1211 Avenue of the Americas were Manhattan’s largest deals so far this year and Midtown’s biggest was TAMI (technology, advertising, media and information services) leases since Viacom’s 2012 renewal at 1515 Broadway for 1.6 million square feet.

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