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Brokerage
Posted: January 28, 2013
Ferrara and Chang of Highcap broker $6.35 million sale of 710 Third Avenue; Represented buyer, McSam Hotel Group, and seller
Michael Ferrara and Charles Chang of Highcap Group have brokered the sale of 710 Third Ave. located between East 44th and East 45th Sts. which sold for $6.35 million. Ferrara and Chang represented the buyer, McSam Hotel Group, and the seller, a private investor.
Situated in Midtown East, near Grand Central Station, this five-story walk-up consists of eight apartments and one retail store. The property is 8,000 s/f and has three rent stabilized and five free market tenants. Zoned C5-3 with a maximum FAR of 15 and 27,000 s/f of air rights, according to Ferrara and Chang, The property lends itself well to future development potential due to its prime central location and easy access to transportation."
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