Tuesday, January 14, 2014

$12 Million Buys Five-Story Elevator Building in Flatiron District of Manhattan, NY



7 East 19th Street, Flatiron District, Manhattan, NY


Scott Edelstein
NEW YORK, NY– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 7 East 19th St., a five-story loft-style elevator building in the Flatiron district of Manhattan. The $12 million sales price equates to $960,000 per unit.

            Peter Von Der Ahe, Scott Edelstein and Seth Glasser, all in Marcus & Millichap’s Manhattan office, represented the seller, a New York-based private investor.

Seth Glasser
            Edelstein, Von Der Ahe and Glasser, along with Sean Beuche and Christopher Sjurset, the latter two also in the firm’s Manhattan office, advised the buyer, another New York-based private investor.

            “With floors two through five delivered vacant upon sale, the property gives the new owner many options, including occupying a portion of the building and leasing the remaining space in a live-plus-income scenario or converting the apartments on floors two through five into luxury rentals,” says Edelstein.

Sean Beuche
            “This beautiful cast-iron building was for two decades home to the work of acclaimed cybernetic sculptor and kinetic artist Wen-Ying Tsai,” adds Von Der Ahe.

            The property is located on East 19th Street between Broadway and 5th Avenue blocks from Union Square and the N, Q, R, L, 4, 5 and 6 subway lines. The approximate gross size is 10,144 square feet and there is 1,356 square feet of additional air rights.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716


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