Stacom, Gillen and Garrish of CBRE rep Jenel Management in $34 million sale of 145 East 57th St.

CB Richard Ellis Group (CBRE) has completed the disposition of the commercial property located at 145 East 57th St. This retail and office property, known as the Hammacher Schlemmer Building, was acquired by a Brazilian real estate developer for $34 million. Hammacher Schlemmer's flagship, constructed for the retailer in 1926, was sold by Jenel Management Corp., citing robust demand as motivation for selling. Darcy Stacom and Paul Gillen of CBRE's Investment Properties Group, along with Robert Garrish of CBRE'S Private Client Group, represented Jenel. The entire 62,500 s/f building is net-leased by the Hammacher Schlemmer catalogue company. That lease will expire later in the year, along with the remaining office subleases. "With a price per s/f of approximately $550, the sale of 145 East 57th St. underscores the continued value of midtown Manhattan commercial real estate for investors around the world," said Garrish.