Braus and Kave of Lee NYC arrange $7.25 million sale

Peter Braus, Lee NYC

Richard Kave, Lee NYC

New York, NY Peter Braus, managing principal, and Richard Kave, managing director of Lee & Associates NYC LLC (Lee NYC) have arranged the sale of 244 East 46^th St. for $7.25 million. Located between Second and Third Aves. in Turtle Bay, the five-story, 9,136 s/f mixed-use walk-up has a ground-level, Zagat-rated restaurant tenant, Grifone Restaurant, 15 residential units, and 15,694 s/f of unused air rights.

“This was a great investment opportunity in a well-positioned area, bordering both prominent residential and commercial districts,” said Peter Braus, who represented the seller, Plover Realty LLC, with Kave. “But the 16,000 s/f of unused air-rights undoubtedly secures an exceptional development value.”

In addition to being close to the United Nations, Grand Central Terminal and an affluent residential base, the building is surrounded by two significant retail corridors with such businesses as Health Harvest, Staples and Midtown Hardware; and restaurants that include Avra, Smith & Wollensky and Wolfgang’s Steakhouse. The buyer was self-represented. The original asking price was $8 million.