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Brokerage
Posted: June 21, 2016
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 10th Ave. (at West 58th 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
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