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

Glenn Raff, Alpha Realty

Eric Anton, HFF

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.

885 10th Ave. (at West 58th St.) - Manhattan, NY

Tags: Brokerage

Reprint

Previous Story Next Story

Investment Property Realty Group closes $2.175 million sale of 247 Leonard St.

Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 247 Leonard St., a multi-family building located in the Williamsburg section of the city, for $2.175

GFP Real Estate continues leasing momentum at 322 Eighth Ave. with 9,952 s/f of transactions

GFP continues leasing momentum at 322 Eighth Ave.

Zimmet Law Group signs 5,476 s/f lease at GFP Real Estate’s 515 Madison Ave.

Zimmet Law signs 5,476 s/f lease at GFP’s 515 Madison Ave.

1122 Madison Avenue inks $21.175 million contract

Rudin secures 55,335 s/f lease with JAMS at the top of 3 Times Square

Rudin secures lease with JAMS at the top of 3 Times Square

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

Investment Property Realty Group closes $1.7 million sale of 491 East 166th St.

Columns and Thought Leadership

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking