Friedman and Chhabra of Besen secure $6.25 million sale on behalf of seller, TMK Realty 1 and buyer, Kahen Properties

Manhattan, NY Besen & Associates arranged the sale of 377 First Ave., located in Gramercy Park on the northwest corner of 22nd St. and 1st Ave. next to Peter Cooper Village. Besen & Associates brokers Joseph Friedman and Ishan Chhabra represented the buyer, Kahen Properties and the seller, was TMK Realty 1 LLC. The property sold for $6.25 million. The seller had owned the property for 40 years. Constructed in 1910, this five-story mixed-use corner walk-up building is comprised of 8 apartments and 2 stores. This property has 6,750 s/f built on a 24.67’ x 74.5’ lot. There is 1,500 s/f of retail space and 4,683 s/f of residential space. The apartments include eight-three and a half units, of which half are free market. The sale price of $6.25 million equates to a 2.8% capitalization rate, gross rent multiplier (GRM) of 22, $520,833 per unit and $925 per s/f. Retail tenants include Lucky Chicken and Green Café. This Gramercy Park property is walking distance to the First Ave. [L] and the 23rd St. [6] subway stations. Legal representation on the transaction was Nicholas Kordas of Kordas & Marinis, LLP for the seller and Jerry Lewis Esq. of Law Office of Jerry Lewis Esq. for the purchaser. “The value we achieved for the seller was nothing short of remarkable” said Friedman. “Low rents, avenue/corner location and market timing all added up to an excellent price,” he continued.