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Brokerage
Posted: June 30, 2008
Fridman of The Barcel Group handles sale of 38,000 s/f 202 West 40th St.: $22.8 million
The Barcel Group has sold 202 West 40th St. Located 100 ft. from 7th Ave. and one block from Time Sq., the property sold for $22.8 million ($600 per s/f). The sale price represents a projected capitalization rate of 5.5%.
The 15-story office building is 38,000 s/f and recently underwent renovations including new marble halls and elevators. The buildings located on either side of the property have sold their air rights guaranteeing uninterrupted views from all sides of the building.
The retail space is occupied by the Fashion 40 Lounge. The low rents in the building provide potential for upside.
Marcel Fridman, vice president and co-founder of the Barcel Group represented all parties involved. Joseph Taub of Meridian Capital arranged financing for the buyer.
The Barcel Group is a licensed real estate brokerage that specializes in investment and commercial sales throughout the New York City area.
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