News:
Brokerage
Posted: June 21, 2016
Raff of Alpha Realty brokers $47.5 million; Anton of HFF assists
Glenn Raff, Alpha Realty
Eric Anton, HFF
Manhattan, NY Alpha Realty has brokered the $47.5 million sale of 885 10th Ave. (at West 58th St.). The 1945 mixed-use six-story corner elevator apartment building sold for 20.7 times the rent roll in Hell’s Kitchen. The recently renovated 37,000 s/f building has 37 apartments–29 rented at market rates and eight that are rent-stabilized–with rents averaging $3,300. The Greek Kitchen and Boston Market occupy the retail spaces. The property offers a cap rate of 3.85%, as well as 20,000 s/f in air rights.
Glenn Raff of Alpha Realty acted for the buyer, Rich International.
Eric Anton of HFF represented the seller, Benchmark Real Estate Group.
885 10th Ave. (at West 58th St.) - Manhattan, NY
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
Columns and Thought Leadership
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
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.
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
.gif)
September Promotion
