JLL sells 10,560 s/f for $10.85 million on behalf of GAK Properties LLC

Manhattan, NY JLL Capital Markets completed the sale of 219-221 East 59^th St., two contiguous, mixed-use properties in the Midtown East submarket, for GAK Properties LLC. Cofinance Inc., the U.S. subsidiary of Cofinance Group SA, acquired the 10,560 s/f asset for $10.85 million.

The JLL professionals overseeing the sale include managing directors Tom Gammino and Clint Olsen; and directors Albert Mamiye, Connor Murphy, Jeremy Simon and Chris Skitch. The buyer was represented by Jeffrey Znaty, director of multifamily, with Kassin Sabbagh Realty.

The properties at 219-221 East 59^th St. are both three-story, fully free-market buildings that span 10,560 s/f of residential and retail space, and each has nearly identical floorplates. The second and third floors each contain full-floor apartments, with the second-floor units featuring 660 s/f balconies. The properties also each have a 1,400 s/f rooftop space for tenant use. Both buildings include 3,960 s/f of ground-floor retail space currently occupied by separate retail tenants.

The property is across the street from the Decoration & Design Building and a block away from Bloomingdale’s world-renowned flagship, as well as a surplus of designer, gallery and boutique tenants. 219-221 East 59th Street is accessible via the 4, 5, 6, N, Q, R, W, F, M and E subway trains, as well as the Queensboro Bridge and the Roosevelt Island Tram.

“The building presents a unique chance for Cofinance, led by Mark Winter-Gitelson, to reconfigure the vacant free-market residential units, and potentially add bulk to 219-221 East 59^th St.,” Gammino said.

“219-221 East 59^th St. is ideally located in the heart of Midtown East, benefiting from countless retailers, amenities and public transportation options,” Olsen said. “This is an excellent investment, as the buildings offer a combined 7,114 s/f of air rights, offering the opportunity to add additional floors to each property.”