News:
Brokerage
Posted: July 5, 2016
Cirolli-Quinones and Haas of Besen & Associates complete $9.25 million sale
Jesse Cirolli-Quinones, Bessen & Associates
316 and 318 East 81st Street - Manhattan, NY
Rolfe Haas, Besen & Associates
Manhattan, NY Besen & Associates has completed the sale of two contiguous 3-story residential buildings including 316 and 318 East 81st St. between First and Second Aves. on the Upper East Side. Acquisition of the two properties presents a rare redevelopment opportunity, with 30’ of frontage and a 102’ deep lot. The transaction was completed by Besen & Associates for $9.25 million. Jesse Cirolli-Quinones represented the buyer and Rolfe Haas represented the seller.
With a total of 12,232 buildable s/f, the purchaser of 316 and 318 East 81st St. plans to develop the properties into luxury residential housing.
316 is a single-family, while 318 is a multifamily walk-up building containing seven units. Each is built 15’ by 45’, on a 102’ lot. The properties fall within R8B zoning with an FAR of 4.0, and they are presently under built. The sale price of $9.25 million equates to $750 per buildable s/f. The sale was in contract for almost a year, and the buildings were delivered vacant. Cirolli-Quinones said, “One of the key components of the deal was that the owner allowed the purchaser to close after they got all their permits and plans approved.”
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers knowledge and analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.
Tags:
Brokerage
MORE FROM Brokerage
Investment Property Realty Group closes $2.175 million sale of 247 Leonard St.
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 247 Leonard St., a multi-family building located in the Williamsburg section of the city, for $2.175
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
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
