Properties located in East Harlem and the East Village traded for $17 million
The New York office for Avison Young announced the sale of two Manhattan properties that the Tri-State Investment Sales team marketed and put into contract in less than 90 days. The package sold for $17 million.
Avison Young’s Tri-State Investment Sales team led by James Nelson, Principal, along with Brandon Polakoff, Director, and Toku Saito, Associate, represented the owner in a bankruptcy proceeding and procured the buyers.
A joint venture between The Hakimian Organization & Certes Partners, along with investment partner Red Pine Capital Partners, purchased a four-story, 15,450-square-foot, commercial building at 212-216 East 125th Street between Second and Third Avenues in East Harlem for $10 million.
Adam Hakimian from The Hakimian Organization stated that "This acquisition is an opportunity to redevelop a property within the rapidly-evolving landscape on East 125th Street in Harlem.”
"Our venture is well poised to unlock the value from this long under-utilized asset," added Red Pine's Michael Federman.
Elan Hakimian of Certes Partners concluded “We were pleased to work with James (Nelson) and Brandon (Polakoff) from Avison Young once again. From the beginning of the process through closing, they were critical in bringing this complex bankruptcy acquisition to the finish line."
“This property is in a terrific location in a vibrant area that is attracting residents seeking an affordable neighborhood in Manhattan,” Nelson said. “The area continues to be revitalized with over 4 million square feet of new residential, hotel, office and retail projects under development.”
The 4, 5 and 6 subways are accessible one block west and the second phase of the Second Avenue subway will one day connect to 125th on the block, cementing the desirability of the location in the future. The Metro-North train station two blocks west provides regional commuter access.
In the second transaction, developer Station Companies purchased a vacant development site at 14 Second Avenue between Houston and First Streets in the East Village. The site, which affronts a city park, sold for $7 million and offers 15,042 buildable square feet as of right.
Daniel Vislocky of Station Companies said his firm plans to build a 10-story residential building with full-floor luxury condominium units on the property.
“We look for investment opportunities in prime New York City locations and this property at 14 Second Avenue fit our firm’s business model perfectly,” Vislocky said. “The site is located in a thriving neighborhood across from Whole Foods and the subway and is surrounded by quality restaurants, hotels and night life.”
Polakoff added, “The East Village and Lower East Side are home to many successful condominium developments, with units selling above $2,000 per square foot. This site was particularly desirable because it provides for light on the three sides and views to the south and west.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial multi-family and hospitality properties.
