Besen & Associates completes two sales totaling $12.3 million; includes $8 million for 436 and 438 West 52nd Street

Besen & Associates has brokered the sale of 436-438 West 52nd St., and 434 West 52nd St., located in the Clinton neighborhood. The sales total $12.3 million. Buildings number 436 and 438 are two five-story walk-up buildings comprised of 28 apartments, which sold for $8 million. Building number 434 is a five-story walk-up building comprised of 14 apartments and sold for $4.3 million. These three properties occupy 75 ft. of frontage along West 52nd St. Michael Besen along with Matthew Slonim of Besen exclusively represented the seller of 436-438 West 52nd St. and Glenn Raff of Besen represented the buyer. Raff represented both parties in an off-market transaction for 434 West 52nd St. The sale price of $8million for 436-438 West 52nd St. equates to a 15x gross rent multiplier and a 3.8% capitalization rate. The sale price of $4.3 million for 434 West 52nd St. equates to a 12 gross rent multiplier and a 4.5% capitalization rate. The properties were purchased by a local private investor with a substantial existing portfolio. The blocks of 52nd St. between Fifth and Seventh Aves. were renowned in the mid-20th century for the abundance of jazz clubs and lively street life. By the late 1940s the jazz scene began moving elsewhere around the city and urban renewal took hold of the street. By the 1960s, most of the legendary clubs were razed or fell into disrepair. The last club there closed its doors in 1968. Today, the street is full of banks, shops, and department stores and shows little trace of its jazz history. The block from 5th to 6th Aves. is formally co-named "Swing Street" and one block west is called "W.C.Handy's Place." These three properties were built between 1901 and 1910 in the popular neighborhood of Hell's Kitchen, now known as Clinton. They are conveniently located close to the 50th St. (C,E) subway train, as well as Columbus Circle and Times Sq. Fine dining and nightlife is found along Ninth Ave., with a wide array of diverse restaurants and nightlife.