Corbin and Kline of The Corbin Group at Besen & Associates sell the Galleum building for $8.8 million

 

 

Manhattan, NY The Corbin Group at Besen & Associates has completed the sale of 229 East 60th St. Located in the Lenox Hill neighborhood; The Galleum is a newly re-constructed, 5,540 s/f five-story, mixed-use elevator building.  The property features a private garden, rear veranda, and a roof deck that provides 360? views. The Galleum is located on the north side of 60th St. between Third and Second Aves. in the Midtown East Decoration & Design District.

The property was sold for $8.8 million by Greg Corbin and Aaron Kline of The Corbin Group at Besen & Associates.  The sale price equates to $1,588 per s/f, $1.467 million per unit, a 22.35 GRM and a 2.7% cap rate. 

“Although the property was spectacularly renovated, I thought we’d be hard-pressed to sell the property within 1% of our asking price which was the number the owner was looking to achieve. Comps in the area topped out at around $1,100 per foot and around 18 times rent.  We were able to sell this at close to $1,600 per foot and over 22 times rent, an incredible premium over market.” said Corbin. 

The property is close to public transportation, neighborhood attractions, restaurants, retail, and local amenities. Within one block is the Lexington Ave./59th St. subway station servicing the 4, 5, 6 and N, R and W trains, and three blocks north is the entrance to the subway servicing the F and new Second Ave. Q train. 

Nearby attractions include the Bloomingdale’s Flagship Store, Central Park, the Decoration & Design Building, The Church of Our Lady Peace, Trinity Baptist Church, Roosevelt Island Tramway and the headquarters to the United Nations.

Kline said, “A top competitor attempted to achieve this kind of pricing before us but fell significantly short. However, through our extensive marketing campaign and negotiations we were able to find an exceptional buyer who closed all cash in under 30 days.”

The Galleum was taken down to the studs and underwent a no expense spared, three-year rebuild that was completed in June 2016. The 

Lenox Hill is located near Central Park, and has characteristics of the Upper East Side and Midtown East. Apartment buildings and townhouses, mixing old and new, offering views of the East River. The area is filled with college students from Hunter College, Rockefeller University, and professionals from one of the country’s best medical institutions, Lenox Hill Hospital. The demand for real estate in this area led to the building of new developments and high-rises.

Lenox Hill offers access to the Upper East Side to the north and Midtown East to the south. Restaurants, boutiques, hotels, and art galleries offer a wide range of options for residents, continuing its status as a top east side location.

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 deep knowledge and sophisticated 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.