Raff and Cohen of Besen & Associates secure $20.6 million sale totaling 35,638 s/f

Besen & Associates secured the $20.6 million sale of the apartment buildings located at 243, 244, 247, 333 & 335 East 33rd St., in the Murray Hill neighborhood. The subject property includes two walk-up and three elevator buildings, containing a total of 63 apartments and two professional offices. The properties amount to 35,638 s/f in size, with approximately 16,000 s/f of air rights. The transaction was completed by Glenn Raff, managing director, and Ron Cohen, chief marketing officer of Besen & Associates. The property equates to a value of $317,000 per unit, $578 price per s/f, a capitalization rate of 4.7% and a Gross Rent Multiplier of 13.7. Glenn Raff, who had the listing with Ron Cohen and also procured the buyer said, "This portfolio was a solid acquisition for these guys. The properties were run extremely well, and will always be very rentable to young professionals due to the strong location, proximity to NYU Hospital and other local amenities." Raff specializes in multifamily and mixed use properties in prime Manhattan, and was awarded Broker of the Year for 2012 by Besen & Associates in light of his high transaction volume. Attorneys included Steven I. Holm, Esq. of Levy, Holm, Pellegrino and Drath LLP who represented the seller, and Isam Salah Esq. of King and Spalding represented the purchaser. ### Besen & Associates is a leading investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients. For more information, visit http://www.besenassociates.com.