News:
Brokerage
Posted: December 6, 2016
Bogod of Broadway Realty and Kritsberg of Kritsberg Property Group complete 15,000 s/f sale
Elliot Bogod, Broadway RealtyManhattan, NY Broadway Realty completed the sale of a two-story garage building located at 607-611 West 47th St. The building was purchased by a national storage company. Elliot Bogod of Broadway Realty represented the seller and Rod Kritsberg of Kritsberg Property Group Inc. represented the buyer.
The sales price was not disclosed.
“This first offering in more than 25 years generated a lot of interest from local property owners as well as international investors.The property was sold for more then target price,” said Bogod. “Its not often that buildings of this size and in M2-4 zoning become available. The seller is now searching for a property to complete their 1031 exchange.”
The building is currently 15,000 s/f with the potential for up to 38,000 s/f of developable area. The property will be delivered vacant and holds tremendous potential for an owner-occupant in need of parking and distribution space.
Views from the roof include Midtown to the east and the Hudson River and the Intrepid, as well as the home of the Space Shuttle, to the West.
Neighboring buildings include Hudson Terrace bar, View Hotel, Kimpton Ink Hotel, Audi Dealership, Honda and Toyota.
Tags:
Brokerage
MORE FROM Brokerage
SoHo emerges as America’s most active trophy retail market as investors prioritize quality, Adirondack Capital Partners finds
Manhattan, NY Investors are increasingly concentrating capital in the country’s most coveted retail corridors, with SoHo emerging as the nation’s most active trophy retail market,
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
