Manhattan, NY 137 Second Ave., a 26,700 s/f office space located in the East Village, has been sold for $18.95 million.
The space has 11,664 s/f above grade and 15,052 s/f including the basement.
The deal was brokered by Paul Wolf, Christopher Turner and Kate Hrobsky of Denham Wolf Real Estate Services, who represented the buyer, and Hunter Moss, Bryan Hurley, and Michael DeCheser of Cushman & Wakefield, who represented the seller.
The seller is Cofinance (The Wing previously leased the space), and the buyer is 137 Second Avenue Holdings LLC.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,