Ferrara and Stenson of Brax Realty sell 3-building package for $13.5m

 

 

Manhattan, NY Michael Ferrara and Alan Stenson of investment sales brokerage firm Brax Realty completed the sale of a three-building package located in the East Village and Hell’s Kitchen neighborhoods.

 

 

 

The properties, 14 1^st Ave., 445 West 46^th St. and 215 East 5^th St. sold for $13.5 million. Brax Realty exclusively represented the seller, Nesor Associates, and also procured the buyer, a private investor. This was the first time these buildings have traded hands in over 45 years.

The three-building portfolio consisted of 50 apartments and two retail units with a total of 33,490 s/f. All three buildings were walk-up properties and the package had an additional 15,309 s/f of available air rights. The properties were 94% occupied at the time of the sale.