Raff of Alpha Realty brokers $47.5 million; Anton of HFF assists

Manhattan, NY Alpha Realty has brokered the $47.5 million sale of 885 10^th Ave. (at West 58^th 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.