Krivine and Karr of NGKF broker $6.85 million sale of 781 Eighth Avenue; Assisted by Kerman of LK Allen; Eisenman of RKF reps buyer

Newmark Grubb Knight Frank (NGKF) has completed the sale of 781 Eighth Ave., a four-story commercial building with 9,000 s/f, formerly the home of Gotham Video. Located between 47th and 48th Sts. in the Theater District, the asset traded for $6.85 million. Jonathan Krivine, a director with NGKF Retail, and Dennis Karr, managing director, arranged the sale on behalf of the owner, principals of City Knickerbocker Lighting, which had previously occupied the building for 50 years. They were assisted by Lewis Kerman, president of LK Allen Inc. Brandon Eisenman of RKF represented the buyer, 781 Eighth Avenue Owner, LLC. "This transaction and the sale price signal a continued resurgence of real estate values in Manhattan's Midtown West market," said Krivine. "With its location in the middle of a busy 24/7 block with proximity to theaters, hotels, restaurants, shops and apartment buildings, the interest level in this availability was extremely high." "The building is currently vacant and is ideally situated for a restaurant or café on the ground floor with offices on top," he said. "While the buyer has not indicated their intentions, one would assume that this will be a high priority location for potential tenants." Originally constructed in 1920, the mixed-use building includes a full basement. The upper four floors feature a loft-style interior.