Cohen of Itzhaki Properties brokers $60 million sale of 16-18 West 57th St.

Itzhaki Properties has completed the sale of a building and for $60 million. The building is located at 16-18 West 57th St., located between Fifth and Sixth Avenues. Ofer Cohen of Itzhaki Properties represented the seller of the property which was sold for $60 million. Currently a 5 Story building with substantial amount of air rights, the property houses various retail establishments and office spaces. Represented by Ivan Hakimian, the purchaser B & B Investment Group plans to convert the prime property into a boutique luxury hotel. "There were a few complex elements that factored in while completing this venture," said Hakimian. When completed, the expected 100,000 s/f property will hold luxury rooms and prime retail spaces on the lower levels. Luxury rooms in the vicinity are already estimating to bring in $1,000 a night. The building is located in the heart of Madison Avenue's designer boutiques, theaters and steps away from Central Park.