News:
Brokerage
Posted: April 25, 2023
HKS Real Estate Advisors and Lee & Associates complete $15.488 million sale of development site
Manhattan, NY HKS Real Estate Advisors and Lee & Associates of NY have completed the $15.488 million sale of a prime development site at 354 West 52nd St. The block-thru parking lot has 75 feet of frontage and 40,000 s/f of intact air rights. The site is intended to be redeveloped into luxury condominiums due to its location near Times Square, the Theatre District, and Hudson Yards. The property has 75 feet of frontage, making it an ideal site for upscale residential development.
Peter Carillo, principal and senior managing director at HKS Real Estate Advisors, and Ben Tapper, senior managing director at Lee & Associates, represented the seller and procured the buyer in this transaction. The sale showcases their combined expertise in the New York City real estate market and highlights their ability to identify and secure prime investment opportunities.
Carillo shared his thoughts on the transaction, "Now is the ideal moment for acquiring property in sought-after locations, given the robust fundamentals of the condominium market and the limited number of new condo construction filings. This transaction situates the developer in a prime position to introduce their project in a 2026 market that will be characterized by a scarcity of new supply."
“The planned luxury condominiums will cater to the growing demand for high-end residential options in this desirable and culturally rich area of Manhattan. With easy access to world-class entertainment, dining, and shopping, the development is expected to attract a sophisticated clientele seeking an exceptional urban living experience”, said Tapper.
The transaction closed on April 18, 2023.
Tags:
Brokerage
MORE FROM Brokerage
Industrial Realty Group acquires 422,727 s/f distribution facility in south St. Paul
St. Paul, MN Industrial Realty Group, LLC (IRG) acquired a 422,727 s/f industrial distribution facility located at 411 Farwell Ave. in south St. Paul. The property was formerly the headquarters of The Sportsman’s Guide, an online and
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
