Polsinelli and Siegel of Marcus & Millichap represent seller in $8.7 million sale

Marcus & Millichap Real Estate Investment Services has arranged the sale of 407 Park Ave., a retail building fully leased to Stefano Ricci, a men's clothing store. The property sold for $8.7 million. Adelaide Polsinelli, an associate VP investments, and Steve Siegel, a vice president investments in the Manhattan office of Marcus & Millichap, represented the seller, 407 Park LLC. Glen Kunofsky, a senior VP investments, and James Ventura a retail investment specialist of Marcus & Millichap, represented the buyer, Land Finance Corp. "We were able to close this transaction at a high price-per s/f, even as the market continues to face challenges," said Polsinelli. "The building is leased on a long-term basis to a strong tenant at below-market rents, with annual rent increases in place. In addition, the site includes 29,450 s/f of additional air rights. "For several years, this property and others along the block located between 54th and 55th Sts. on Park Ave. were rumored to be redeveloped by one of New York's famous developers," said Polsinelli. "Because of continued interest among developers and investors and a recovering real estate market its prime Midtown location, 407 Park Ave. will appreciate in value as we move out of the current downturn." "This sale demonstrates that quality net-leased properties in major MSAs like New York City remain in high demand among domestic and international buyers seeking trophy assets," said Kunofsky.