Jacobov and Paneth of GFI with Carlos and Schuman of Savills close $35.25 million sale of 3060 Broadway

Barak Jacobov, GFI Realty Services

3060 Broadway - Manhattan, NY

Shulem Paneth, GFI Realty Services

Manhattan, NY GFI Realty Services, LLC has completed the $35.25-million sale of 3060 Broadway, a mixed-use multifamily and retail building located in the boroughs’ Morningside Heights neighborhood.

Barak Jacobov and Shulem Paneth of GFI represented the buyer, a joint-venture partnership of Coltown Properties, Esplanade Partners and Avenue Realty Capital. The Savills Studley team of David Carlos and Ira Schuman represented the seller, The Jewish Theological Seminary.

 The 48,000 s/f building is located near Columbia University’s Teachers College, Union Theological Seminary and The Jewish Theological Seminary. The six-story elevator building contains 36 apartments and five commercial units. All of the commercial units are occupied by retail tenants with short-term leases.

“The demand for New York City real estate remains red hot and the Jewish Theological Seminary chose an excellent time to sell this building,” said Paneth. “Its prime location in this reinvigorated neighborhood made the asset very attractive to a host of potential buyers.”

The recently revitalized Morningside Heights neighborhood is marked by its numerous educational institutions and cultural attractions. The area is served by the 1, A, B, C and D trains as well as several bus lines.

“There is a limited amount of quality product available in this neighborhood, and the Seminary was able to capitalize on market conditions and redirect capital to other institutional needs,” said Jacobov.

GFI Realty is active in arranging real estate investment sales across the city. Recent area transactions include the $98-million trade of a multifamily portfolio in Upper Manhattan; the $27-million sale of a five-story apartment building on East 82nd St.; and the $20-million acquisition of 259 W. 34th St. in Midtown, a restaurant that will be converted to hospitality use.

GFI Realty Services, LLC imparts strategic and comprehensive solutions to maximize the value of real estate assets. Offering a wide array of brokerage services including investment sales, commercial real estate financing and retail leasing, GFI Realty Services, LLC utilizes its affiliate companies’ fully-integrated platform to provide owners, buyers, landlords and tenants nationwide with the market knowledge and due diligence required to consummate multifaceted transactions.

The company’s extensive knowledge of the commercial real estate industry, advanced analytical capabilities and incomparable client services position its executives as masters at executing off market and complex deals that require the most innovative solutions.